Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign theme screens ten USDdenominated Kingdom of Bahrain government bonds, all rated B, with maturities from 2028 to 2051. The single issuer and uniform rating make this a clean read on relative value along the curve. The BHRAIN 6.5% 2028s lead the screen at a 10.189% yield to worst and a 99.01 price, combining nearpar pricing with limited duration. The 7.5% 2036s (8.168%) and 7.1% 2038s (8.302%) offer a middle ground between carry and rate sensitivity. The curve is inverted, with the 2028s yielding above the 2047s (8.537%) and the 6.25% 2051s (8.391%, ISIN US05675M2H66). The long end is therefore a bet on sustained spread compression and rate moves, not a source of extra income, given discounted prices of roughly 78 to 90.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.189 | 99.01 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.537 | 89.96 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.391 | 77.950076 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.384 | 78.015 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …3123 | 6 | 8.366 | 78.245 | 2044-09-19 | B | USD | 1.25BN | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.302 | 91.305 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.269 | 88.3183334 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.264 | 94.6325 | 2037-07-07 | B | USD | 750MM | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.168 | 95.695 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.12 | 93.445 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.