Top Performers YTD
The top decile of bonds by year-to-date total return.
This year’s topdecile performers are dominated by financialsector credits exhibiting extreme price recovery, distressed debt rallies, and compelling relative value. Standouts range from distressed Chinese propertylinked financial issues like the Yuzhou 6% (376.04% YTW) and Greenland Holding notes trading deep in the teens to heavily discounted sovereign debt like Lebanon's 6.85% (203.3% YTW). Concurrently, highgrade and investmentgrade financial issuers provide a contrasting anchor of stability within the cohort, led by toptier banking paper such as Bank of America’s 4.99% maturing May 2029 (4.42% YTW) and Saudi National Bank’s 5.07% issue (4.91% YTW). Crossborder portfolio managers are leveraging this bifurcation—balancing the astronomical yields of restructuring situations and distressed turnarounds against liquid, highquality senior bank debt offering predictable cash flows and tight credit spreads.
| # | 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.