Asia Tech & New Economy
Asian technology and communications issuers.
This theme covers Asian technology and communications issuers, offering fixedincome investors growthoriented credit with a sector profile distinct from traditional Asian financials and property names. SoftBank's BB+rated 9.75% notes due 2034 yield 9.79%, and its 9.25% notes due 2032 yield 9.28%, giving investors meaningful income for a BB+ credit within a defined maturity window. Relative value is clearest along the curve: the 6.875% notes due January 2031 yield 8.78%, the 7.25% notes due 2032 yield 8.84%, and the 8.25% notes due 2065 offer 9.28%, with the B+ rating and longer duration representing the tradeoff for the extra spread.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HKT Capital No.1 Ltd. | …4082 | 0 | 22.814 | 100.79 | 2030-01-15 | BBB | USD | 300MM | |
| 2 | Softbank Group Corp. | …6676 | 6.875 | 9.962 | 97.2857143 | 2167-07-19 | 2027-07-19 | B+ | USD | 1.75BN |
| 3 | Softbank Group Corp. | …AC70 | 9.75 | 9.794 | 99.75 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 4 | Softbank Group Corp. | …AB97 | 9.25 | 9.284 | 99.8392857 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 5 | Softbank Group Corp. | …7427 | 8.25 | 9.282 | 89.203044 | 2065-10-29 | 2035-07-29 | B+ | USD | 1.1BN |
| 6 | Softbank Group Corp. | …9169 | 8.5 | 9.141 | 95.9912 | 2036-04-22 | 2036-01-23 | BB+ | USD | 500MM |
| 7 | Softbank Group Corp. | …8864 | 8.25 | 9.105 | 96.63875 | 2031-10-22 | 2031-07-24 | BB+ | USD | 600MM |
| 8 | Softbank Group Corp. | …2355 | 7.5 | 9.068 | 90.6969919 | 2035-07-10 | 2035-04-10 | BB+ | USD | 500MM |
| 9 | Softbank Group Corp. | …2272 | 7.25 | 8.842 | 92.9955948 | 2032-07-10 | 2032-04-11 | BB+ | USD | 600MM |
| 10 | Softbank Group Corp. | …4112 | 6.875 | 8.777 | 93.448749 | 2031-01-10 | 2030-10-12 | BB+ | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.