Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The Gulf sovereign theme is anchored by Bahrain this cycle. All ten screened bonds are Governmentsector issues from the Kingdom of Bahrain, rated B, spanning maturities from 2028 to 2051, so investors can position along a singleissuer curve. The front end offers the most striking carry: the 6.5% April 2028 notes yield 10.769% to worst, the highest in the set, with a shorter maturity that limits rate sensitivity. Longer paper remains compelling on relative value. The 7.5% September 2047 yields 8.597% and the 6.25% January 2051 yields 8.418%, while the 2036–2038 segment, including the 7.5% February 2036 at 8.23% and the 7.1% February 2038 at 8.347%, offers a middle ground with yields in the low8% range and prices below par.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.769 | 94.4466053 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.597 | 89.425 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.418 | 77.7225 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.395 | 78.0275 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.391 | 77.950076 | 2051-01-25 | B | USD | 500MM | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.347 | 91.005 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.31 | 88.055 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.294 | 94.435 | 2037-07-07 | B | USD | 750MM | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.233 | 92.745 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.23 | 95.315 | 2036-02-12 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.