Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The Gulf sovereign theme is currently represented by ten USDdenominated Kingdom of Bahrain bonds, all rated B and spanning maturities from 2028 to 2051. Every constituent is a government issue, so the screen isolates sovereign credit risk rather than corporate or quasisovereign spread dynamics. The 6.5% 2028 note leads the group at a 10.769% yieldtoworst, a high level of carry for a shortdated sovereign priced at 94.45. Further out, the 7.5% 2047 yields 8.597%, while the 7.5% 2036 offers 8.23% at 95.32 as a shorterduration alternative. Relative value is most notable in the long end. The 6% 2044 and 6.25% 2051 bonds yield roughly 8.4%, only modestly above the 20372038 issues at around 8.3%, which suggests limited additional compensation for extending beyond the 2030s. The shape favors a curvefocused approach over a singlematurity position.
| # | 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.