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, where the discount to par adds a capitalgain kicker on top of the coupon. Yields are steep at the deepdiscount end: OB's 10% 2030 notes trade at 64.7 for a 26.9% yieldtoworst, and CSN's 4.625% 2031 notes at 51.1 yield 22.2%. The pricing reflects significant distress, with OB rated CCC. Higherquality names offer more moderate carry. CoreWeave's 9.75% 2031 notes (B) yield 15.2% at 81.7, and Aegea's 9% 2031 notes yield 14.7% at 82.7. Several names sit below the BB+ threshold, so credit selection matters as much as the discount.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | OT Midco Inc. | …AA89 | 10 | 26.916 | 64.7 | 2030-02-15 | 2027-02-15 | CCC | USD | 628MM |
| 2 | CSN Resources S.A. | …AJ97 | 4.625 | 22.155 | 51.1166667 | 2031-06-10 | 2026-12-13 | High Yield 1 | USD | 850MM |
| 3 | CSN Resources S.A. | …AK60 | 5.875 | 21.839 | 50.7333333 | 2032-04-08 | 2027-04-08 | High Yield 1 | USD | 500MM |
| 4 | Raizen Fuels Finance SA | …AJ64 | 6.25 | 19.437 | 81.18 | 2032-07-08 | 2032-05-08 | D | USD | 751MM |
| 5 | Xerox Corp. | …AQ35 | 13.5 | 17.476 | 88.06 | 2031-04-15 | 2028-04-15 | CCC | USD | 494MM |
| 6 | Ambipar Luxembourg S.a.r.l. | …AA30 | 9.875 | 15.21 | 83.745 | 2031-02-06 | 2027-02-06 | NR | USD | 553MM |
| 7 | CoreWeave Inc. | …AC40 | 9.75 | 15.189 | 81.67882 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 8 | Aegea Finance S.a r.l. | …AB52 | 9 | 14.668 | 82.6866667 | 2031-01-20 | 2027-01-20 | High Yield 1 | USD | 500MM |
| 9 | CoreWeave Inc. | …AG30 | 9.75 | 14.633 | 83.3439106 | 2031-10-01 | 2028-10-01 | B | USD | 2.75BN |
| 10 | CoreWeave Inc. | …AE06 | 9.625 | 14.431 | 81.75 | 2032-07-15 | 2029-07-15 | B | USD | 1.25BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.