Gulf / GCC — Sovereign

Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).

The Gulf sovereign theme screens ten USDdenominated Government of Bahrain bonds, all rated B, with yields to worst ranging from roughly 8.1% to 10.8% across maturities from 2028 to 2051. The set is concentrated in a single sovereign, so the investment case rests on one credit view. The BHRAIN 6.5% 2028 leads the screen at a 10.769% yield to worst, the highest in the group. Its short tenor limits duration exposure, making it the most carryrich option for investors willing to accept a Brated credit. For longer exposure, the BHRAIN 7.5% 2047 yields 8.524% at a price of 90.08, while the BHRAIN 7.5% 2036 offers 8.141% with a price close to par. This spread between the two gives a clear curve tradeoff between yield pickup and price sensitivity. Government issuance dominates the theme, so relative value comes down to where the curve prices Bahrain's fiscal and externalfunding profile. The B rating keeps spreads wide relative to higherrated GCC peers, which is the main source of the excess yield on offer.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.