7%+ Club — High-Coupon Income

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

The "7%+ Club" screening captures liquid USDdenominated credit offering both high nominal coupons and doubledigit yieldstoworst above 21%, while maintaining cash prices at or above 80. This segment provides portfolio managers with an immediate income boost without dipping into deeply distressed price territory, though credit dispersion remains wide. Yields span from roughly 21% to over 58%, driven by idiosyncratic credit risk rather than pure rate duration, as seen in extreme outliers like the BRIEAS 11% due 2030 at 58.69% YTW and XRX 13.5% due 2031 yielding 38.92%. Across the screen, distressed and CCCrated industrials, technology, and basic materials names dominate the top ranks. Opportunities also extend across international issuers and shorter maturities, exemplified by Ukrainian steelmaker METINV yielding 24.59% maturing in late 2027, and US consumer cyclical plays like SPLS offering a 12.75% coupon with a 21.27% YTW. This cohort suits tactical fixedincome allocators willing to underwrite heightened credit risk for outsized carry.

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