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 USDdenominated fixedincome assets trading at deep discounts (price $\le$ 92) with 2 to 7year tenors, offering professional investors a dual return profile combining steady income with substantial pulltopar capital appreciation. Highgrade Asian and North American issuers dominate the upper tiers of the screen, exemplified by highinvestmentgrade names like the MUFG 5.35% 2031 trading at a 52.76 price with a 4.622% YTW, and the KDB 4.63% 2030 offering a 4.141% YTW at 59.23. The opportunity set spans resilient global sectors, balancing defensive highyield opportunities like the COIN 3.625% 2031 at 63.5 with a 6.751% YTW against distressed pricing anomalies in emerging market basic materials, presenting distinct relative value entry points for portfolio managers.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AJ97 | 4.625 | 20.048 | 54.74 | 2031-06-10 | 2026-11-15 | High Yield 1 | USD | 850MM |
| 2 | CSN Resources S.A. | …AK60 | 5.875 | 19.966 | 54.34 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.5 | 2031-10-01 | 2026-10-29 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.06 | 4.634 | 58.69 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.35 | 4.622 | 52.76 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.92 | 4.542 | 57.91 | 2030-04-15 | A- | USD | 800MM | |
| 7 | Korea Electric Power Corp. | …AP77 | 4.49 | 4.169 | 57.1 | 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 | 57.09 | 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.