Asia Tech & New Economy
Asian technology and communications issuers.
Asia's technology and communications issuers offer a distinct mix of growth exposure and spread pickup, and this theme screens ten USDdenominated bonds across a range of maturities. SoftBank Group anchors the list, with its 9.75% 2034 notes yielding 10.515% and its 9.25% 2032s yielding 10.206%, offering doubledigit income from BB+ rated paper. Shorterdated SoftBank exposure also stands out: the 8.625% 2030s yield 9.251% and the 6.875% 2031s yield 9.311%, providing high carry with less duration risk. Longerdated B+ rated paper, such as the 7.625% 2061s at 9.601%, pays a further premium for extended credit risk that investors should weigh against the issuer's leverage profile. The relativevalue case rests on SoftBank's yields clustering between roughly 9.25% and 10.5% across maturities, letting investors tune duration and rating exposure without giving up much income.
| # | 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 | 10.515 | 96.1145454 | 2034-04-01 | 2034-01-01 | BB+ | USD | 4.5BN |
| 3 | Softbank Group Corp. | …AB97 | 9.25 | 10.206 | 96.0903571 | 2032-04-01 | 2032-01-01 | BB+ | USD | 4.5BN |
| 4 | Softbank Group Corp. | …7427 | 8.25 | 9.88 | 87.6466667 | 2065-10-29 | 2035-07-29 | B+ | USD | 1.1BN |
| 5 | Softbank Group Corp. | …8864 | 8.25 | 9.793 | 94.057 | 2031-10-22 | 2031-07-24 | BB+ | USD | 600MM |
| 6 | Softbank Group Corp. | …6676 | 6.875 | 9.759 | 95.6607143 | 2167-07-19 | 2027-07-19 | B+ | USD | 1.75BN |
| 7 | Softbank Group Corp. | …7005 | 7.625 | 9.601 | 88.82875 | 2061-04-29 | 2031-01-29 | B+ | USD | 900MM |
| 8 | Softbank Group Corp. | …2272 | 7.25 | 9.437 | 90.5621918 | 2032-07-10 | 2032-04-11 | BB+ | USD | 600MM |
| 9 | Softbank Group Corp. | …4112 | 6.875 | 9.311 | 91.7348951 | 2031-01-10 | 2030-10-12 | BB+ | USD | 600MM |
| 10 | Softbank Group Corp. | …AA15 | 8.625 | 9.251 | 98.1955556 | 2030-04-01 | 2030-01-01 | BB+ | USD | 1BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.