Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
This screened cohort of USDdenominated senior paper targets the 2to7year tenor with deepdiscount pricing sitting well below the 92 threshold, offering sophisticated fixedincome investors a compelling totalreturn profile driven by capitalgain potential at par unwinding. Highgrade Asian financial and sovereignbacked issuers—such as MUFG (A) and KDB (AA)—anchor the screen with robust defensive characteristics, trading alongside opportunistic distressed situations like CSNABZ offering highteens yields to maturity. The blend ranges from prime tierone globals like MRK (A+) yielding around 4.1% out to higherbeta corporate exposure like COIN (BB) offering a 6.75% YTW, effectively balancing duration risk with asymmetric price appreciation across developed and emerging jurisdictions.
| # | 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 | 2026-11-15 | 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 | 2026-10-26 | 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 | 4.49 | 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 | 4.4498 | 4.093 | 56.97 | 2029-03-15 | A+ | USD | 500MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4703 | 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.