7%+ Club — High-Coupon Income
Coupon ≥ 7% and YTW ≥ 7%, price ≥ 80, excluding distressed names.
The "7%+ Club" screen isolates USDdenominated fixedincome instruments trading above a cash price of 80 that combine nominal coupons of at least 7% with doubledigit YieldtoWorst profiles, targeting portfolios seeking immediate carry. Yields across the ten qualifying securities reflect material credit distress and operational headwinds, spanning distressed ratings and selective default classifications, exemplified by Braskem’s 2031 notes offering a 34.161% YTW. Pockets of extreme relative value emerge among higherbeta issuance across industrial, technology, and cyclical consumer sectors—such as Xerox’s 13.5% coupon yielding 38.923% YTW and GTRC’s 12% notes at a 23.053% YTW—demanding rigorous fundamental credit analysis for downside protection.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BLH Escrow 1 LLC | …AA82 | 11 | 58.692 | 83.44 | 2030-01-31 | 2027-05-09 | NR | USD | 1.12BN |
| 2 | Xerox Corp. | …AQ35 | 13.5 | 38.923 | 93.55 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 3 | Braskem Netherlands Finance B V | …AH53 | 8.5 | 34.161 | 94.45 | 2031-01-12 | 2030-11-12 | D | USD | 850MM |
| 4 | Metinvest B.V. | …7516 | 7.65 | 24.021 | 87.25 | 2027-10-01 | 2027-07-01 | CCC+ | USD | 333MM |
| 5 | Braskem Netherlands Finance B V | …AG70 | 7.25 | 23.52 | 93.78 | 2033-02-13 | 2032-11-13 | D | USD | 1BN |
| 6 | Guitar Center, Inc. | …AS81 | 12 | 23.053 | 81.63 | 2029-01-15 | 2027-02-15 | High Yield 3 | USD | 574MM |
| 7 | Binghatti Sukuk SPC Ltd. | …4349 | 9.625 | 22.982 | 95.87 | 2027-02-28 | High Yield 1 | USD | 500MM | |
| 8 | Pm General Purchaser Llc | …AA28 | 9.5 | 22.556 | 80.57 | 2028-10-01 | 2026-11-12 | CCC | USD | 650MM |
| 9 | DTEK Energy B.V. | …0521 | 7 | 21.459 | 85.5 | 2027-12-31 | High Yield 4 | USD | 1.46BN | |
| 10 | Staples, Inc. | …AH52 | 12.75 | 21.271 | 80.83 | 2030-01-15 | 2027-06-15 | CCC | USD | 826MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.