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, offering professional fixedincome investors a compelling totalreturn profile through the combination of high running yield and significant price appreciation to par across a 2to7year horizon. The opportunity set spans a wide yield spectrum—highlighted by doubledigit yields to worst such as 15.34% in CoreWeave's (CRWV) 2031 notes and 13.98% in Gediz Elektrik’s (GDZELE) 2029 maturity—allowing portfolio managers to lock in aggressive cash flows while positioning for capital gains as discounted prices converge toward par. Credit risk dispersion is wide across the screen, ranging from distressed and speculative situations to stable emerging market and domestic industrials, requiring selective bottomup credit work to capture mispriced relative value in sectors like Technology, Utilities, and Basic Materials.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.