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 assets trading at prices at or below 92, capturing the powerful totalreturn dynamic of a capitalgain kicker paired with reliable carry across a twotosevenyear tenor. Highgrade Asian and Oceanian financials dominate the uppertier value segments, offering solid investmentgrade spreads backed by high ratings, such as the KDB 4.6% 2030 printing a 4.14% YTW alongside toptier Korean sovereignlinked credit. Yield opportunities stretch across diverse profiles, from defensive AArated regional names like ASBBNK yielding 4.38% at a 64 price handle to highbeta situations like COIN at a 6.75% YTW, creating an optimized entry point for durationconscious institutional portfolios.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AJ97 | 4.625 | 21.071 | 52.882 | 2031-06-10 | 2026-11-26 | High Yield 1 | USD | 850MM |
| 2 | CSN Resources S.A. | …AK60 | 5.875 | 20.505 | 53.2875001 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 3 | Coinbase Global Inc | …AB62 | 3.625 | 6.751 | 63.63 | 2031-10-01 | 2026-11-06 | BB- | USD | 737MM |
| 4 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.07 | 4.634 | 58.85 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 5 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.36 | 4.622 | 52.94 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 6 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.93 | 4.542 | 58.13 | 2030-04-15 | A- | USD | 800MM | |
| 7 | ASB Bank Ltd. | …AJ81 | 4.83 | 4.384 | 64.2 | 2030-10-29 | AA- | USD | 300MM | |
| 8 | Korea Electric Power Corp. | …AP77 | 4.5 | 4.169 | 57.47 | 2028-11-12 | AA | USD | 600MM | |
| 9 | Korea Development Bank | …EJ36 | 4.64 | 4.141 | 59.46 | 2030-02-03 | AA | USD | 900MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.4798 | 4.084 | 55.93 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.