Indonesia & Frontier Asia HY
High-yield bonds from Indonesia and frontier Asia, highest yield first.
Frontier Asia high yield offers a clear pickup over broader emergingmarket credit, led by the EDLLS 11.125% 2031 USD notes at a 10.688% yield to worst, though their CCC+ rating calls for careful sizing. Sovereign paper provides the next tier of yield: the PKSTAN 8.875% 2051 notes yield 9.493% at a 94.16 price, while LAOSIN's 9.625% 2032 bond yields 9.488% with a B rating. Indonesian corporates add diversification across basic materials and energy. NICAU's 9% 2030 notes yield 9.464%, and INDYIJ's 8.75% 2029 notes yield 9.207%, with shorter maturities that limit duration exposure. Relative value is most compelling in the Pakistan curve, where the 7.375% 2031 notes yield 8.836% and the 7.9% 2036 notes yield 8.845%, offering a steady middle ground between the highestyielding and shortestdated names.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | EDL-Generation Public Company | …AA05 | 11.125 | 10.688 | 100.9856625 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
| 2 | EDL-Generation Public Company | …AA97 | 11.125 | 10.688 | 100.9856625 | 2031-08-11 | 2029-08-11 | CCC+ | USD | 300MM |
| 3 | Pakistan (Islamic Republic of) | …AU73 | 8.875 | 9.784 | 43.9 | 2051-04-08 | High Yield 2 | USD | 800MM | |
| 4 | Pakistan (Islamic Republic of) | …1964 | 8.875 | 9.493 | 94.15625 | 2051-04-08 | High Yield 2 | USD | 800MM | |
| 5 | Lao Peoples's Democratic Republic | …5234 | 9.625 | 9.488 | 100.5588462 | 2032-04-14 | B- | USD | 500MM | |
| 6 | Nickel Industries Ltd. | …AD17 | 9 | 9.464 | 98.5 | 2030-09-30 | 2027-09-30 | High Yield 2 | USD | 800MM |
| 7 | Indika Energy Tbk | …AA15 | 8.75 | 9.207 | 99 | 2029-05-07 | 2026-12-06 | High Yield 1 | USD | 555MM |
| 8 | Pakistan Water & Power Development Authority | …1707 | 7.5 | 9 | 94.47 | 2031-06-04 | 2031-03-04 | B- | USD | 500MM |
| 9 | Pakistan (Islamic Republic of) | …6229 | 7.9 | 8.845 | 93.86 | 2036-09-10 | B | USD | 1.25BN | |
| 10 | Pakistan (Islamic Republic of) | …AT01 | 7.375 | 8.836 | 88.09 | 2031-04-08 | High Yield 2 | USD | 1.4BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.