Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
This screening theme targets deeply discounted USDdenominated coupon bonds trading at or below 92 with twotosevenyear tenors and investmentgrade or resilient BBplusorbetter ratings, offering institutional portfolios a powerful structural capitalgain kicker alongside steady income. Highgrade Asian financial and utility issuers—such as MUFG’s 2031 paper offering a 4.622% YTW at 52.87 and Korea Development Bank’s 2030 note yielding 4.141% at 59.32—provide exceptional credit safety combined with aggressive pulltopar return profiles. Tactical opportunities extend across sectors and geographies, highlighted by Coinbase’s US financial issue yielding 6.751% at 63.55 alongside select basic materials exposure like CSN Inoventures, balancing robust yield pickup with asymmetric totalreturn potential.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AK60 | 5.875 | 19.81 | 54.72 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 19.716 | 55.465 | 2031-06-10 | 2026-11-20 | High Yield 1 | USD | 850MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.55 | 2031-10-01 | 2026-10-31 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.07 | 4.634 | 58.76 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.36 | 4.622 | 52.87 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.93 | 4.542 | 58 | 2030-04-15 | A- | USD | 800MM | |
| 7 | ASB Bank Ltd. | …AJ81 | 4.77 | 4.384 | 63.96 | 2030-10-29 | AA- | USD | 300MM | |
| 8 | Korea Electric Power Corp. | …AP77 | 4.5 | 4.169 | 57.23 | 2028-11-12 | AA | USD | 600MM | |
| 9 | Korea Development Bank | …EJ36 | 4.64 | 4.141 | 59.32 | 2030-02-03 | AA | USD | 900MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4798 | 4.084 | 55.82 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.