Gulf / GCC — Sovereign

Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).

This theme covers ten USDdenominated government bonds from Bahrain, all rated B, with yields to worst running from 8.19% to 10.19%. The set gives a clear view of how sovereign Gulf credit compensates investors for subinvestmentgrade risk across the curve. The shortest bond stands out: BHRAIN 6.5% 2028 yields 10.189% at a price of 99.01, the highest yield in the group. Further out, BHRAIN 7.1% 2038 yields 8.376% and BHRAIN 6.625% 2037 yields 8.327%, offering intermediate duration at a lower yield. At the long end, BHRAIN 6.25% 2051 (XS2290957732) yields 8.437% at 77.57, and BHRAIN 6% 2044 yields 8.41% at 77.91. Both trade well below par, so they offer meaningful duration and price upside if spreads tighten, though they carry more interestrate sensitivity. Relative value therefore depends on whether investors prioritise carry, duration, or the yield pickup at the front end.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.