Gulf / GCC — Sovereign
Sovereign issuers from the GCC (Saudi Arabia, UAE, Qatar, etc.).
The Gulf sovereign theme brings together hardcurrency government debt from the GCC. This screen is anchored by ten USDdenominated Kingdom of Bahrain bonds, all rated B and maturing between 2028 and 2051, so it offers a concentrated view on one sovereign credit across the curve. The shortestdated 6.5% notes due April 2028 stand out with a yieldtoworst of 10.769%, a substantial premium that reflects the B rating and a nearterm repayment profile. At the long end, the 7.5% bonds due September 2047 yield 8.524%, a meaningful pickup for investors prepared to extend duration on the same credit. Midcurve paper offers the most balanced relative value. The 7.1% 2038 bonds yield 8.255% and the 7.5% 2036 notes yield 8.141%, a tight band that implies modest compensation for extending beyond 2036. This positions the theme for investors seeking sovereign carry without corporatelevel credit risk.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CBB International Sukuk Programme Company WLL | …5616 | 6.5 | 10.769 | 94.51 | 2028-04-13 | B | USD | 350MM | |
| 2 | Bahrain (Kingdom of) | …2103 | 7.5 | 8.524 | 90.0833333 | 2047-09-20 | B | USD | 900MM | |
| 3 | Bahrain (Kingdom of) | …3123 | 6 | 8.346 | 78.4166667 | 2044-09-19 | B | USD | 1.25BN | |
| 4 | Bahrain (Kingdom of) | …7732 | 6.25 | 8.328 | 78.5 | 2051-01-25 | B | USD | 500MM | |
| 5 | Kingdom Of Bahrain Acting Through Ministry Of Finance (The) | …9008 | 7.1 | 8.255 | 91.64125 | 2038-02-03 | B | USD | 1.3BN | |
| 6 | Bahrain (Kingdom of) | …2H66 | 6.25 | 8.252 | 79.1539735 | 2051-01-25 | B | USD | 500MM | |
| 7 | Bahrain (Kingdom of) | …2847 | 6.625 | 8.231 | 88.585 | 2037-10-06 | B | USD | 1BN | |
| 8 | Bahrain (Kingdom of) | …4715 | 7.5 | 8.23 | 94.8775 | 2037-07-07 | B | USD | 750MM | |
| 9 | Bahrain (Kingdom of) | …9902 | 7.125 | 8.147 | 93.2933334 | 2036-06-10 | B | USD | 1BN | |
| 10 | Bahrain (Kingdom of) | …4813 | 7.5 | 8.141 | 95.875 | 2036-02-12 | B | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.