Asia Tech & New Economy
Asian technology and communications issuers.
Asian technology and communications issuers offer fixedincome investors a differentiated source of highyield income, spanning telecoms, digital infrastructure and neweconomy platforms. This screen is concentrated in a single sector with a clear credit profile, so the case rests on relative value within that group. The topranked HKTGHD 0% 2030 shows a 22.8% yieldtoworst on a BBB rating. That dislocation is large enough to warrant close scrutiny of pricing, liquidity and the drivers behind the level before any position is sized. SoftBank Group dominates the list, with its 9.75% 2034 notes yielding 10.59% and its 8.625% 2030 notes at 9.28%. Both carry BB+ ratings, which offers a yield pickup over most investmentgrade peers. The curve is uneven. SoftBank's 2034 notes sit well above its 2035 paper at 9.28%, pointing to relative value concentrated in specific tenors rather than along the whole curve.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HKT Capital No.1 Ltd. | …4082 | 0 | 22.814 | 101.13 | 2030-01-15 | BBB | USD | 300MM | |
| 2 | Softbank Group Corp. | …AC70 | 9.75 | 10.588 | 95.7544755 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 3 | Softbank Group Corp. | …AB97 | 9.25 | 10.34 | 95.5625 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 4 | Softbank Group Corp. | …7427 | 8.25 | 9.94 | 87.108125 | 2065-10-29 | 2035-07-29 | B+ | USD | 1.1BN |
| 5 | Softbank Group Corp. | …6676 | 6.875 | 9.793 | 95.3125 | 2167-07-19 | 2027-07-19 | B+ | USD | 1.75BN |
| 6 | Softbank Group Corp. | …8864 | 8.25 | 9.763 | 94.1639477 | 2031-10-22 | 2031-07-24 | BB+ | USD | 600MM |
| 7 | Softbank Group Corp. | …7005 | 7.625 | 9.599 | 88.8392857 | 2061-04-29 | 2031-01-29 | B+ | USD | 900MM |
| 8 | Softbank Group Corp. | …2272 | 7.25 | 9.352 | 90.8966667 | 2032-07-10 | 2032-04-11 | BB+ | USD | 600MM |
| 9 | Softbank Group Corp. | …2355 | 7.5 | 9.284 | 89.5196154 | 2035-07-10 | 2035-04-10 | BB+ | USD | 500MM |
| 10 | Softbank Group Corp. | …AA15 | 8.625 | 9.278 | 98.118375 | 2030-04-01 | 2030-01-01 | BB+ | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.