Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
Gulf sovereign debt forms a distinctive corner of emergingmarket credit, where oilbacked fiscal capacity and steady access to external funding support issuer quality. This screen is entirely Bahrain government USD paper, all rated B, offering a focused way to express the theme. The 6.5% 2028s stand out at a 10.77% yieldtoworst, the highest in the group, giving investors a sizeable pickup for shorterdated exposure. Further out, the 7.5% 2047s yield 8.51%, adding carry for investors willing to extend duration. Intermediate maturities offer useful relative value, with the 7.125% 2036s at 8.12% and the 7.5% 2037s at 8.25%. Across the list, yields cluster between roughly 8% and 11%, which looks attractive given the sovereign's credit profile.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.769 | 94.48 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.514 | 90.1710714 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.371 | 78.1309737 | 2051-01-25 | B | USD | 500MM | |
| 4 | Bahrain (Kingdom of) | …3123 | 6 | 8.332 | 78.5131 | 2044-09-19 | B | USD | 1.25BN | |
| 5 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.329 | 78.4875 | 2051-01-25 | B | USD | 500MM | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.281 | 91.4558334 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.254 | 94.7072143 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.251 | 88.4461429 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.145 | 95.8479167 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.116 | 93.475 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.