Asia Tech & New Economy
Asian technology and communications issuers.
The Asia Tech & New Economy theme covers technology and communications issuers across Asia, where USD highyield paper offers yields that compete with comparable global credit and gives investors sectorspecific exposure. SoftBank Group dominates the screen, with its 8.25% 2031s yielding 9.78% and its 9.25% 2032s at 10.36%, and its wider curve spanning roughly 9.3% to 10.7% YTW across the BB+ and B+ lines. Shorterdated paper such as the 8.625% 2030s (9.30% YTW) offers carry with less duration, while the 8.5% 2036s at 9.52% extend the curve. HKT's 2030 zerocoupon note tops the ranking at 22.81% YTW, but that figure looks anomalous at a 101.08 price and should be verified before drawing relativevalue conclusions.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HKT Capital No.1 Ltd. | …4082 | 0 | 22.814 | 101.08 | 2030-01-15 | BBB | USD | 300MM | |
| 2 | Softbank Group Corp. | …AC70 | 9.75 | 10.69 | 95.2552496 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 3 | Softbank Group Corp. | …AB97 | 9.25 | 10.355 | 95.5005322 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 4 | Softbank Group Corp. | …6676 | 6.875 | 10.143 | 95.55 | 2167-07-19 | 2027-07-19 | B+ | USD | 1.75BN |
| 5 | Softbank Group Corp. | …8864 | 8.25 | 9.776 | 94.1107143 | 2031-10-22 | 2031-07-24 | BB+ | USD | 600MM |
| 6 | Softbank Group Corp. | …9169 | 8.5 | 9.524 | 93.701 | 2036-04-22 | 2036-01-23 | BB+ | USD | 500MM |
| 7 | Softbank Group Corp. | …2355 | 7.5 | 9.425 | 88.7505556 | 2035-07-10 | 2035-04-10 | BB+ | USD | 500MM |
| 8 | Softbank Group Corp. | …7427 | 8.25 | 9.337 | 88.6812206 | 2065-10-29 | 2035-07-29 | B+ | USD | 1.1BN |
| 9 | Softbank Group Corp. | …AA15 | 8.625 | 9.296 | 98.0669539 | 2030-04-01 | 2030-01-01 | BB+ | USD | 1BN |
| 10 | Softbank Group Corp. | …2272 | 7.25 | 9.278 | 91.2061432 | 2032-07-10 | 2032-04-11 | BB+ | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.