7%+ Club — High-Coupon Income

Coupon ≥ 7% and YTW ≥ 7%, price ≥ 80, excluding distressed names.

The "7%+ Club" screen isolates highincome opportunities by filtering for USDdenominated instruments offering both a coupon and YieldtoWorst (YTW) of 7.0% or higher at cash prices of 80 or above. This segment targets absolute cashflow generation across industrials, tech, and basic materials, though extreme YTW outliers like AMBIBZ at 68.03% and BRIEAS at 58.69% signal heightened default risk and stressed valuations. Credit quality across the cohort skews heavily toward CCC and distressed territory, demanding rigorous bottomup fundamental analysis rather than passive yield chasing. Issuers such as Xerox (XRX) yielding 38.92% and Shutterfly (SFLY) yielding 38.91% reflect significant operational headwinds, balancing their attractive doubledigit coupons against tangible restructuring or refinancing hurdles. Despite elevated credit risk, select names present compelling relative value for opportunistic mandates seeking nearterm yield realization ahead of maturities clustering between 2027 and 2031. For instance, Ukrainian steelmaker Metinvest (METINV) offers a 27.22% YTW backed by a CCC+ rating, while domestic credits like CCO Holdings (CSCHLD) trade closer to par with YTWs hovering near 2223%.

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