Below Par — Capital-Gain Kicker
Discounted USD coupon bonds (price ≤ 92) with a 2–7Y tenor and BB+ or better rating.
The Below Par theme screens USD coupon bonds priced at or below 92, with 2–7 year tenors and BB+ or better ratings, where the discount to par adds a capitalgain kicker to coupon income. Ten bonds qualify, spanning consumer, materials, energy, technology, industrial and utility sectors, with yields from roughly 14% to 27%. Yields are led by Brazilian and US credits. OB's 10% 2030 bonds yield 26.81% at 64.73 but carry a CCC rating, a reminder that high yield compensates for real credit risk. CSN's 4.625% 2031 notes yield 22.15% at 51, while CoreWeave's 9.75% 2031 bonds (rated B) offer 15.87% at 79.65. Relative value is most visible in utilities and industrials. Aegea's 9% 2031 bonds yield 14.31% at 83.59, a steadier sector backdrop than Ambipar's unrated 9.875% 2031 notes at 15.19%. Several names sit below the stated BB+ threshold or are unrated, so credit quality, not the discount alone, should anchor the comparison.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.806 | 64.73 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.15 | 51 | 2031-06-10 | 2026-12-06 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.976 | 50.368 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.13 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | Xerox Corp. | …AQ35 | 13.5 | 17.476 | 88.03 | 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 | 15.497 | 78.25 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 9 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.185 | 83.76 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 10 | Aegea Finance S.a r.l. | …AB52 | 9 | 14.314 | 83.5933333 | 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.