Top Performers YTD
The top decile of bonds by year-to-date total return.
Yeartodate total return leaders are heavily concentrated in the global financial sector, driven by a bifurcation between distressed emergingmarket restructurings and highbeta recovery plays. This divergence creates tactical entry points where distressed debt pricing clashes with aggressive realized appreciation. Speculativegrade Chinese financials and distressed sovereign debt dominate the upper decile, led by issues such as Yuzhou’s 6% maturing in 2027 offering a staggering 376.04% yield to worst, alongside select Greenland Holding maturities trading at doubledigit cash prices with yields exceeding 86%. Investmentgrade and higherquality crossborder issuers provide a stable structural anchor to the cohort, exemplified by Bank of America’s 4.99% 2029 notes yielding 4.42% and Saudi National Bank’s 5.07% 2029 paper offering a 4.91% yield.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yuzhou Group Holdings Co Ltd. | …2992 | 6 | 376.042 | 55.11 | 2027-06-30 | 2026-11-15 | No Rating | USD | 422MM |
| 2 | Lebanese Republic | …0051 | 6.85 | 203.3 | 69.67 | 2027-03-23 | D | USD | 1.25BN | |
| 3 | Greenland Global Investment Ltd. | …8439 | 6.75 | 166.697 | 16.1428572 | 2028-06-25 | Default | USD | 466MM | |
| 4 | Greenland Global Investment Ltd. | …5784 | 6.75 | 86.081 | 15.9285715 | 2030-03-03 | Default | USD | 349MM | |
| 5 | Sovcom Capital Designated Activity Company | …8598 | 7.6 | 80.655 | 76.72 | 2171-11-17 | 2027-02-17 | No Rating | USD | 300MM |
| 6 | Bank of Nova Scotia | …8N91 | 3.625 | 7.681 | 99.2615385 | 2081-10-27 | 2026-10-27 | BBB- | USD | 600MM |
| 7 | SNB Funding Ltd. | …9416 | 5.07 | 4.937 | 8.63 | 2030-03-17 | A | USD | 750MM | |
| 8 | SNB Funding Ltd. | …9271 | 5.07 | 4.906 | 11.63 | 2029-07-11 | A | USD | 500MM | |
| 9 | Bank of America Corp. | …MU03 | 4.99 | 4.416 | 13.36 | 2029-05-09 | 2028-05-09 | A- | USD | 750MM |
| 10 | Zurich Finance (Ireland) DAC | …7561 | 3 | 3.6 | 118.05 | 2051-04-19 | 2031-01-19 | A+ | USD | 1.75BN |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.