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" screen isolates liquid USDdenominated paper trading at steep discounts (prices ≤ 92) across a 2to7year tenor, offering professional fixedincome allocators an asymmetric totalreturn profile through price convergence alongside cash yield. Highgrade Asian financial and utility issuers—such as AArated Korea Electric Power (KORELE 4.52% due 2028, yielding 4.17%), AArated Korea Development Bank (KDB 4.64% due 2030, yielding 4.14%), and Arated Sumitomo Mitsui Banking (SUMIBK 5.09% due 2031, yielding 4.63%)—provide robust credit fundamentals with midsingledigit yields to maturity while changing hands deep in the 50s and 60s. At the higheryielding end of the spectrum, deeply discounted basic materials exposure from CSN Resources (CSNABZ 5.875% due 2032, trading at 50.81 with a 21.71% YTW) delivers substantial yield pickup for portfolios with higher risk tolerance seeking accelerated capital appreciation.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | CSN Resources S.A. | …AJ97 | 4.625 | 22.55 | 50.165 | 2031-06-10 | 2026-11-28 | High Yield 1 | USD | 850MM |
| 2 | CSN Resources S.A. | …AK60 | 5.875 | 21.711 | 50.80625 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 3 | Sumitomo Mitsui Financial Group Inc. | …DX56 | 5.09 | 4.634 | 58.87 | 2031-07-08 | 2030-07-08 | A- | USD | 900MM |
| 4 | Mitsubishi UFJ Financial Group Inc. | …DJ06 | 5.38 | 4.622 | 52.96 | 2031-04-24 | 2030-04-24 | A- | USD | 500MM |
| 5 | Sumitomo Mitsui Financial Group Inc. | …DR88 | 4.95 | 4.542 | 58.15 | 2030-04-15 | A- | USD | 800MM | |
| 6 | ASB Bank Ltd. | …AJ81 | 4.83 | 4.384 | 64.25 | 2030-10-29 | AA- | USD | 300MM | |
| 7 | Korea Ocean Business Corporation | …0301 | 4.76 | 4.281 | 64.47 | 2029-07-24 | Inv Grade 2 | USD | 400MM | |
| 8 | Korea Electric Power Corp. | …AP77 | 4.52 | 4.169 | 57.51 | 2028-11-12 | AA | USD | 600MM | |
| 9 | Korea Development Bank | …EJ36 | 4.64 | 4.141 | 59.48 | 2030-02-03 | AA | USD | 900MM | |
| 10 | China Construction Bank Corporation, Hong Kong Branch | …1625 | 4.5001 | 4.084 | 55.95 | 2030-05-28 | Inv Grade 3 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.