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 92 or below with 2–7 year tenors and BB+ or better ratings, where the discount to par adds a capital gain as prices pull toward redemption. The screened list includes CCC, unrated and Drated paper, so each bond's rating should be verified against the BB+ floor before any position is sized. Yields are steep at the top of the list: Oi's 10% 2030s offer a 26.8% yield to worst at 64.79, while CSN's 2031 and 2032 notes yield roughly 21–22% at about 51–52. Higherquality names offer a more balanced tradeoff, with CoreWeave's 9.75% 2031s yielding 16.3% at 78.47 and rated B, and AES Brasil's 9% 2031s yielding 14.6% at 82.88.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.806 | 64.79 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 21.898 | 51.51875 | 2031-06-10 | 2026-12-09 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.315 | 51.7377778 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.15 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | Xerox Corp. | …AQ35 | 13.5 | 17.476 | 88.04 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 6 | CoreWeave Inc. | …AC40 | 9.75 | 16.293 | 78.4744458 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 7 | CoreWeave Inc. | …AG30 | 9.75 | 15.87 | 79.67 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | CoreWeave Inc. | …AE06 | 9.625 | 15.824 | 77.25 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
| 9 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.185 | 83.78 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 10 | Aegea Finance S.a r.l. | …AB52 | 9 | 14.585 | 82.8775 | 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.