Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
While the broader Gulf Cooperation Council (GCC) sovereign landscape is typically dominated by highgrade, tightyielding credits, our current screening surfaces the highbeta pocket of the region, specifically highlighting yieldaccretive opportunities in Bahraini sovereign paper. Professional fixedincome allocators seeking enhanced emergingmarket dollardenominated yield within a politically stable peg framework will note that Bahraini sovereign issues currently offer substantial yieldtoworst figures spanning from the low8% range out to doubledigits. Notably, the shortend is anchored by the BHRAIN 6.5% 2028 printing an eyecatching 10.189% YTW at par, while longerduration instruments like the BHRAIN 7.5% 2047 and BHRAIN 6.25% 2051 provide attractive structural carry, trading at significant discounts with yields hovering around 8.64% and 8.49% respectively.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 99 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.64 | 89.04625 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.492 | 77.105 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.477 | 77.2292399 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …3123 | 6 | 8.461 | 77.511 | 2044-09-19 | B | USD | 1.25BN | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.421 | 90.4975 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.405 | 93.6883333 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.384 | 87.565 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.296 | 94.90375 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.256 | 92.59125 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.