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" theme targets deeply discounted USDdenominated instruments trading at or below 92, offering professional fixedincome investors a compelling totalreturn setup that combines high current income with meaningful pulltopar capital appreciation over a twotosevenyear horizon. This screen highlights select global opportunities where market pessimism has dislocated prices, allowing portfolios to lock in exceptional yieldstoworst—such as Core Scientific's (CRWV) 9.75% notes yielding north of 14% and CSN Resources' (CSNABZ) deeply discounted issues offering yields exceeding 21%—while maintaining manageable duration profiles. By filtering for assets positioned to capture significant price convergence alongside robust coupons, investors can deploy capital into cyclical and defensive sectors alike, extracting asymmetric upside from mispriced credit across Latin American basic materials and US technology.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 40.409 | 70.17 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.195 | 50.81 | 2031-06-10 | 2026-11-29 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.884 | 50.4725 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.09 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | CoreWeave Inc. | …AC40 | 9.75 | 15.339 | 81.15 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 6 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.165 | 83.77 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 7 | CoreWeave Inc. | …AG30 | 9.75 | 14.302 | 84.2810434 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | CoreWeave Inc. | …AE06 | 9.625 | 14.295 | 82.125 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 9 | Gdz Elektrik Dagitim AS | …4604 | 9 | 13.98 | 88.25 | 2029-10-15 | 2026-11-29 | High Yield 1 | USD | 519MM |
| 10 | Aegea Finance S.a r.l. | …AB52 | 9 | 13.726 | 85.1883333 | 2031-01-20 | 2027-01-20 | High Yield 1 | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.