Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
This theme screens discounted USD coupon bonds priced at 92 or below with 2–7 year tenors, pairing high running yields with capitalgain potential as prices converge toward par. The deepest discounts sit in Brazilian materials: CSN's 4.625% 2031 notes trade at 50.17 for a 22.6% yieldtoworst, while its 5.875% 2032 notes yield 22.2% at 50.03. Brazilian energy and industrial credits also offer outsized carry: Raízen's 6.25% 2032 notes yield 19.4% at 81.12, though their D rating demands a wide margin of caution, and Ambipar's 9.875% 2031 notes yield 15.2% at 83.75. Higherquality names provide a more moderate pickup. CoreWeave's 9.75% 2031 notes yield 15.9% at 79.65, and Virgin Media's B+rated 6.75% 2033 notes yield 14.2% at 69.85, offering the most balanced combination of yield and credit profile in the set.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.806 | 64.71 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.608 | 50.17 | 2031-06-10 | 2026-12-05 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 22.15 | 50.0255 | 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 | 15.87 | 79.6476367 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 7 | CoreWeave Inc. | …AC40 | 9.75 | 15.87 | 79.6476367 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | CoreWeave Inc. | …AE06 | 9.625 | 15.534 | 78.125 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 9 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.185 | 83.75 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 10 | VMED O2 UK Financing I PLC | …AE09 | 6.75 | 14.239 | 69.84712 | 2033-01-15 | 2028-10-15 | B+ | USD | 850MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.