7%+ Club — High-Coupon Income
Coupon ≥ 7% and YTW ≥ 7%, price ≥ 80, excluding distressed names.
The 7%+ Club highlights highcoupon opportunities where issuers offer robust nominal cash flows at cash prices of 80 or higher, capturing significant carry amid elevated base rates. For instance, XRX 13.5% due April 2031 and SFLY 11% due October 2027 deliver yields to worst near 39%, reflecting compelling riskadjusted entry points for distressedfree highyield credit. This screen captures compelling relative value across cyclical, communications, and industrial sectors, heavily anchored by doubledigit coupons that provide strong downside protection through cash generation. Names like GTRC 12% due January 2029 (YTW 22.76%) and CSCHLD 11.75% due January 2029 (YTW 23.60%) demonstrate the rich yields available in the secondary market without venturing into defaulted territory. Opportunistic fixedincome investors can exploit these mispricings to lock in exceptional mediumterm duration yield, balancing doubledigit return potential against idiosyncratic credit risk. While names like BRIEAS 11% due January 2030 (YTW 58.69%) and AMBIBZ 9.875% due February 2031 (YTW 68.04%) trade at wide spreads, they offer unmatched nominal income for portfolios equipped for heightened volatility.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 68.037 | 94.33 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 2 | BLH Escrow 1 LLC | …AA82 | 11 | 58.692 | 83.33 | 2030-01-31 | 2027-05-09 | NR | USD | 1.12BN |
| 3 | Xerox Corp. | …AQ35 | 13.5 | 38.923 | 93.53 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 4 | Shutterfly LLC | …AA08 | 11 | 38.913 | 92.1 | 2027-10-01 | High Yield 3 | USD | 300MM | |
| 5 | Braskem Netherlands Finance B V | …AH53 | 8.5 | 34.161 | 94.42 | 2031-01-12 | 2030-11-12 | D | USD | 850MM |
| 6 | Metinvest B.V. | …7516 | 7.65 | 26.007 | 85.5 | 2027-10-01 | 2027-07-01 | CCC+ | USD | 333MM |
| 7 | CSC Holdings, LLC | …BA38 | 11.75 | 23.596 | 99.53 | 2029-01-31 | 2026-10-31 | CCC | USD | 2.05BN |
| 8 | Braskem Netherlands Finance B V | …AG70 | 7.25 | 23.52 | 93.76 | 2033-02-13 | 2032-11-13 | D | USD | 1BN |
| 9 | Guitar Center, Inc. | …AS81 | 12 | 22.759 | 81.875 | 2029-01-15 | 2027-02-15 | High Yield 3 | USD | 574MM |
| 10 | CSC Holdings, LLC | …AZ97 | 11.25 | 21.669 | 99.55 | 2028-05-15 | 2026-10-31 | CCC | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.