Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
The "Below Par — CapitalGain Kicker" theme targets deeply discounted USDdenominated paper trading at or below 92, combining predictable running yield with an embedded priceappreciation pathway toward par over a twotosevenyear horizon. Highgrade issuers dominate the upper tier of the screen, offering exceptional credit profiles alongside compelling total return potential; for instance, MUFG’s April 2031 note delivers a 4.622% YTW at a cash price near 52.74, while Korea Electric Power’s 2028 maturity anchors at a 4.169% YTW. Pockets of distress and sectorspecific dislocation create asymmetric upside for tactical portfolios, exemplified by CSNABZ basic materials paper yielding over 19% alongside Coinbase’s BBrated 2031 financial bond offering a 6.751% YTW at a price of 63.46.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AJ97 | 4.625 | 19.675 | 55.446 | 2031-06-10 | 2026-11-14 | High Yield 1 | USD | 850MM |
| 2 | CSN Resources S.A. | …AK60 | 5.875 | 19.612 | 55.086 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.46 | 2031-10-01 | 2026-10-25 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.06 | 4.634 | 58.67 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.35 | 4.622 | 52.74 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.92 | 4.542 | 57.87 | 2030-04-15 | A- | USD | 800MM | |
| 7 | Korea Electric Power Corp. | …AP77 | 4.5 | 4.169 | 56.99 | 2028-11-12 | AA | USD | 600MM | |
| 8 | Korea Development Bank | …EJ36 | 4.63 | 4.141 | 59.23 | 2030-02-03 | AA | USD | 900MM | |
| 9 | Merck & Co., Inc | …BV65 | 4.4602 | 4.093 | 56.97 | 2029-03-15 | A+ | USD | 500MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4801 | 4.084 | 55.71 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.