7%+ Club — High-Coupon Income

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

Welcome to the "7%+ Club," a highcoupon income screen capturing USdollardenominated instruments offering both nominal coupons and yields to worst at or above 7% while trading at cash prices of 80 or higher. This screen targets institutional accounts searching for aggressive absolute return profiles and robust cashflow generation across select industrial, technology, and materials credits. The opportunity set spans a wide dispersion of credit quality and distress pricing, highlighted by highbeta situations such as Xerox’s 13.5% notes yielding 38.9% and Shutterfly's 11% issue offering a 38.9% YTW. Investors are being compensated with doubledigit yields for navigating idiosyncratic operational headwinds and nearterm refinancing walls in cyclical sectors. Crossborder industrial and basic materials names also feature prominently, offering heavy cashoncash yields for portfolios with higher risk tolerance. Examples include Brazilian petrochemical exposure via Braskem's 8.5% bonds trading at a 34.2% YTW and Metinvest’s Ukrainian steel output offering a 24.7% YTW despite ongoing geopolitical pressures.

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