Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign theme isolates US dollardenominated debt from Gulf governments, and this screen is currently made up entirely of Kingdom of Bahrain bonds. All ten are rated B, sit in the Government sector, and mature between 2028 and 2051, giving a clear curve to compare. Yield is the headline draw. The BHRAIN 6.5% 2028s offer a yieldtoworst of 10.769%, the highest in the group, reflecting their shorter maturity. The BHRAIN 7.5% 2036s and 7.5% 2037s yield 8.09% and 8.204%, providing intermediateduration sovereign income. Longerdated paper adds further carry, with the BHRAIN 7.5% 2047s yielding 8.454% and the BHRAIN 6.25% 2051s clustering around 8.3%. For professional investors, the key question is whether the premium for extending duration adequately compensates for a singlesovereign, Brated 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 | 94.49 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.454 | 90.7055455 | 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) | …7732 | 6.25 | 8.295 | 78.7829687 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …3123 | 6 | 8.284 | 78.8909034 | 2044-09-19 | B | USD | 1.25BN | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.224 | 91.8470607 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.204 | 95.0445454 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.197 | 88.8038001 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.09 | 96.1901031 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.053 | 93.8757143 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.