Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The GCC sovereign theme screens ten USDdenominated Bahrain government bonds, all rated B, with maturities running from 2028 to 2051 and a common issuer, so the differentiation comes from curve position and price. The 6.5% April 2028s stand out at a 10.77% yield to worst, the highest in the group, while the 7.1% February 2038s yield 8.21% and the 7.5% July 2037s yield 8.18%. Longerdated paper offers a relatively flat 8.08.3% band, with the 7.125% June 2036s at 8.06% and the 6.25% January 2051s at roughly 8.26%, so investors can extend duration without a large yield sacrifice. Pricing dispersion, from about 79 on the 2044 and 2051 bonds to over 96 on the 2036s, gives a relativevalue lens: discounted long bonds and nearpar shorter bonds sit at similar yields, so the choice is largely between carry and duration.
| # | 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 | 8.434 | 90.8897046 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …3123 | 6 | 8.282 | 78.9032143 | 2044-09-19 | B | USD | 1.25BN | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.276 | 78.9473077 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.259 | 79.0934941 | 2051-01-25 | B | USD | 500MM | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.21 | 91.94125 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.176 | 95.2393572 | 2037-07-07 | B | USD | 750MM | |
| 8 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.175 | 88.9432858 | 2037-10-06 | B | USD | 1BN | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.075 | 96.28175 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.056 | 93.859125 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.