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 fixedincome instruments trading at or below 92 with a 2to7year tenor, isolating highconviction opportunities where investors can capture significant price appreciation alongside steady coupon income as convergence to par unfolds. The current opportunity set is heavily anchored by highgrade financial and utility names from key APAC jurisdictions—such as Korea Development Bank yielding 4.141% and MUFG offering a 4.622% YTW—providing exceptional credit security (AA to A ratings) coupled with compelling asymmetrical totalreturn profiles. Conversely, the screen accommodates highbeta relativevalue plays in basic materials and financial services, illustrated by CSNABZ trading at doubledigit yields above 19% and Coinbase offering a 6.751% YTW, effectively balancing defensive sovereignproximate holdings with aggressive yield enhancement.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AK60 | 5.875 | 19.578 | 55.25 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 19.538 | 55.8471429 | 2031-06-10 | 2026-11-21 | High Yield 1 | USD | 850MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.56 | 2031-10-01 | 2026-11-01 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.07 | 4.634 | 58.81 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.37 | 4.622 | 52.89 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.93 | 4.542 | 58.02 | 2030-04-15 | A- | USD | 800MM | |
| 7 | ASB Bank Ltd. | …AJ81 | 4.78 | 4.384 | 63.97 | 2030-10-29 | AA- | USD | 300MM | |
| 8 | Korea Electric Power Corp. | …AP77 | 4.5 | 4.169 | 57.29 | 2028-11-12 | AA | USD | 600MM | |
| 9 | Korea Development Bank | …EJ36 | 4.65 | 4.141 | 59.37 | 2030-02-03 | AA | USD | 900MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4902 | 4.084 | 55.85 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.