Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
Gulf sovereign debt offers governmentbacked exposure with yields that compare favourably to many emergingmarket peers. This theme screens ten USDdenominated Bahraini government bonds rated B, where the spread compensates investors for a weaker credit profile than higherrated GCC issuers. The BHRAIN 6.5% 2028 leads the group on yield at 10.769% to worst. It also has the shortest maturity among the ten, though its 94.5 price reflects the credit premium the market demands. For longer duration, the BHRAIN 7.5% 2047 yields 8.462% and the BHRAIN 6% 2044 yields 8.304%. The BHRAIN 7.125% 2036 offers 8.078% with a nearer maturity, giving investors a range of tenors and a relative value curve clustered around 8%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.769 | 94.5 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.462 | 90.6383333 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …3123 | 6 | 8.304 | 78.735 | 2044-09-19 | B | USD | 1.25BN | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.303 | 78.715 | 2051-01-25 | B | USD | 500MM | |
| 5 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.252 | 79.1539735 | 2051-01-25 | B | USD | 500MM | |
| 6 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.222 | 91.863 | 2038-02-03 | B | USD | 1.3BN | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.196 | 88.80875 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.195 | 95.11 | 2037-07-07 | B | USD | 750MM | |
| 9 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.099 | 96.135 | 2036-02-12 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.078 | 93.72125 | 2036-06-10 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.