Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
This curated screen targets USDdenominated, investmentgrade and highyield credits trading deeply below par within a twotosevenyear tenor, offering professional investors a compelling capitalgain kicker alongside primary cash flows. The selection bridges highquality sovereignadjacent and tierone financials—such as MUFG’s 2031 line yielding 4.62% and KDB's 2030 paper offering a 4.14% YTW—with select corporate opportunities designed to enhance portfolio totalreturn potential. Tactical buyers can also access doubledigit distressed yields in basic materials, exemplified by CSNABZ maturities printing yields above 20%, or harvest a 6.75% YTW from USbased financial sector issuance like COIN.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AK60 | 5.875 | 20.427 | 53.3655 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 20.248 | 54.355 | 2031-06-10 | 2026-11-18 | High Yield 1 | USD | 850MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.52 | 2031-10-01 | 2026-10-30 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.06 | 4.634 | 58.7 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.37 | 4.622 | 52.78 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.94 | 4.542 | 57.93 | 2030-04-15 | A- | USD | 800MM | |
| 7 | Korea Electric Power Corp. | …AP77 | 4.51 | 4.169 | 57.14 | 2028-11-12 | AA | USD | 600MM | |
| 8 | Korea Development Bank | …EJ36 | 4.65 | 4.141 | 59.25 | 2030-02-03 | AA | USD | 900MM | |
| 9 | Merck & Co., Inc | …BV65 | 4.45 | 4.093 | 57.12 | 2029-03-15 | A+ | USD | 500MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4902 | 4.084 | 55.73 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.