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" screening universe targets deeply discounted USDdenominated fixedincome instruments trading at or below 92 cents on the dollar, offering professional portfolios a dualengine return profile combining elevated carry with substantial price appreciation potential to par at maturity across 2to7year tenors. This cohort presents compelling relativevalue entry points across diverse geographies and defensive sectors, highlighted by Brazilian utility exposure in names like AEGEBZ offering a 13.757% YTW at an 85.125 cash price, alongside Turkish utilities such as GDZELE delivering a 14.449% YTW at an 87.27 price point. Credit dispersion within the screen allows sophisticated investors to balance yield maximization in distressed situations—such as the doubledigit yields seen in technology issues like CRWV yielding upwards of 15.2%—against more stable crossover credit profiles like financial sector issues from Nassau yielding 14.12% at an 82.44 price.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 40.409 | 70.2 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.052 | 51.108 | 2031-06-10 | 2026-11-29 | High Yield 1 | USD | 850MM |
| 3 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.1 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 4 | CoreWeave Inc. | …AC40 | 9.75 | 15.339 | 81.16 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 5 | CoreWeave Inc. | …AG30 | 9.75 | 15.217 | 81.5304788 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 6 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.165 | 83.78 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 7 | CoreWeave Inc. | …AE06 | 9.625 | 14.867 | 80.25 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 8 | Gdz Elektrik Dagitim AS | …4604 | 9 | 14.449 | 87.2715127 | 2029-10-15 | 2026-12-02 | High Yield 1 | USD | 519MM |
| 9 | Nassau Companies Of New York | …AA44 | 7.875 | 14.12 | 82.43665 | 2030-07-15 | 2027-07-15 | BB- | USD | 425MM |
| 10 | Aegea Finance S.a r.l. | …AB52 | 9 | 13.757 | 85.125 | 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.