Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
This theme screens USD bonds priced at or below 92 with 2–7 year tenors, where pulltopar adds a capital gain on top of coupon income. Ten bonds qualify, spanning Consumer, Materials, Energy, Technology and Utilities issuers. The deepest discounts carry the highest yields. OB 10% 2030 trades at 64.7 for a 26.8% yield to worst, though its CCC rating demands a firm view on recovery. CSNABZ 4.625% 2031 offers 22.5% at 50.4. Higherquality names offer more moderate but still elevated returns. CRWV 9.75% 2031 yields 15.5% at 80.6 with a B rating, and AEGEBZ 9% 2031 yields 14.5% at 83.0 in Brazilian utilities. Relative value favors these names over the CCC credits for investors who want yield with less credit risk.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.806 | 64.7 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.462 | 50.415 | 2031-06-10 | 2026-12-04 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.81 | 50.6714286 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.12 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | Xerox Corp. | …AQ35 | 13.5 | 17.476 | 88.02 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 6 | CoreWeave Inc. | …AG30 | 9.75 | 15.536 | 80.60509 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 7 | CoreWeave Inc. | …AC40 | 9.75 | 15.536 | 80.60509 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | CoreWeave Inc. | …AE06 | 9.625 | 15.415 | 78.5 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 9 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.185 | 83.745 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 10 | Aegea Finance S.a r.l. | …AB52 | 9 | 14.527 | 82.994 | 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.