Top Performers YTD

The top decile of bonds by year-to-date total return.

Yeartodate total return leaders are heavily concentrated in distressed and recovering international financial credits, showcasing extreme price appreciation alongside speculative yields. Notable examples include multiple lines from Greenland Holding Group with yieldstoworst exceeding 74%, and Yuzhou Group trading at a 376.04% YTW, offering aggressive riskadjusted upside for opportunistic portfolios willing to navigate highbeta emerging market debt. Conversely, the cohort also captures highgrade financial issuance offering robust stability and compelling relative value, anchored by tierone banking names like Saudi National Bank (yielding near 4.9%) and Bank of America (offering a 4.416% YTW). These investmentgrade instruments balance the speculative tail of the screen, providing institutional portfolios with resilient yield generation and predictable cash flows. Rounding out the top decile are select geopolitical and crossborder situations, such as Lebanon’s 2027 government issue carrying a 203.3% YTW alongside Bank of Nova Scotia’s longdated senior paper at 7.682% YTW. This divergence in credit quality—ranging from distressed sovereigns and restructured Chinese developers to Arated regional banks—highlights a bifurcated market where total return is driven by either severe discount recovery or steady duration carry.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.