Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The Gulf/GCC sovereign theme screens ten USDdenominated Kingdom of Bahrain government bonds, all rated B, with yields to worst from 8.23% to 10.77%. Singleissuer concentration means positioning rests on Bahrain's credit and curve shape rather than diversification. The 6.5% April 2028 leads the screen at a 10.77% yield to worst, offering the highest carry in the group with the shortest duration. For longer exposure, the 7.5% September 2047 yields 8.60% and trades at 89.4, providing pulltopar support. Midcurve paper is also compelling: the 7.5% July 2037 yields 8.29%, and the 7.125% June 2036 yields 8.23% at roughly 93. Both offer steady high singledigit income without stretching far out the curve.
| # | 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.