Asia Tech & New Economy
Asian technology and communications issuers.
The Asia Tech & New Economy screen is currently dominated by Japanese and Hong Kong communications issuers offering compelling riskadjusted yields in the highsingle to doubledigit range. This presents an attractive entry point for institutional portfolios seeking diversification away from developedmarket tech concentration while capturing premium spreads in USDdenominated Asian credit. Japanese heavyweight SoftBank anchors the higheryielding tier of the opportunity set, with intermediate and longdated paper such as the SOFTBK 8.25% 2031 and SOFTBK 8.5% 2036 delivering yields to worst of 8.95% and 9.07% respectively, underpinned by solid BB+ credit metrics and active liability management. On the higherrated end of the spectrum, investmentgrade Hong Kong exposure offers unique pricing anomalies, exemplified by the BBBrated HKTGHD 0% 2030 trading at a notable 22.81% yield to worst. This specific pocket of the communications sector provides professional fixedincome allocators with a highconviction opportunity to optimize portfolio carry without sacrificing foundational issuer quality.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HKT Capital No.1 Ltd. | …4082 | 0 | 22.814 | 100.5 | 2030-01-15 | BBB | USD | 300MM | |
| 2 | Softbank Group Corp. | …6676 | 6.875 | 9.957 | 97.3022143 | 2167-07-19 | 2027-07-19 | B+ | USD | 1.75BN |
| 3 | Softbank Group Corp. | …AC70 | 9.75 | 9.761 | 99.9266585 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 4 | Softbank Group Corp. | …7427 | 8.25 | 9.743 | 90.4590152 | 2065-10-29 | 2035-07-29 | B+ | USD | 1.1BN |
| 5 | Softbank Group Corp. | …7005 | 7.625 | 9.523 | 92.0028 | 2061-04-29 | 2031-01-29 | B+ | USD | 900MM |
| 6 | Softbank Group Corp. | …AB97 | 9.25 | 9.249 | 99.9873836 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 7 | Softbank Group Corp. | …9169 | 8.5 | 9.072 | 96.4121429 | 2036-04-22 | 2036-01-23 | BB+ | USD | 500MM |
| 8 | Softbank Group Corp. | …8864 | 8.25 | 8.958 | 97.2023913 | 2031-10-22 | 2031-07-24 | BB+ | USD | 600MM |
| 9 | Softbank Group Corp. | …2355 | 7.5 | 8.95 | 91.345 | 2035-07-10 | 2035-04-10 | BB+ | USD | 500MM |
| 10 | Softbank Group Corp. | …2272 | 7.25 | 8.7 | 93.5776858 | 2032-07-10 | 2032-04-11 | BB+ | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.