Top Performers YTD
The top decile of bonds by year-to-date total return.
This screen captures the top decile of yeartodate total return performers in USD fixed income, highlighting a distinct bifurcation between distressed recovery plays and highgrade institutional credit. The cohort features heavily discounted debt trading alongside investmentgrade paper, demonstrating that outsized performance stems from both acute credit repricing and steady duration capture. Distressed and defaulted issues dominate the highyield end of the spectrum, led by names like Yuzhou (6% due 2027) with a yield to worst of 376.042%, Lebanon (6.85% due 2027) yielding 203.3%, and PDVSA (5.375% due 2027) at 138.276%. These ultrahigh yields reflect severe restructuring dynamics and idiosyncratic risk, where even modest operational or geopolitical relief drives immense shortterm price appreciation. Conversely, prime international issuers offer robust relative value with significantly tighter risk profiles, exemplified by Bank of America (4.99% due 2029) and Saudi National Bank (5.07% due 2029), yielding 4.416% and 4.906% respectively. These investmentgrade financial sector holdings provide institutional portfolios with stable carry and high liquidity, balancing the aggressive upside captured in the more distressed segments of the screen.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yuzhou Group Holdings Co Ltd. | …2992 | 6 | 376.042 | 55.5 | 2027-06-30 | 2026-11-18 | No Rating | USD | 422MM |
| 2 | Lebanese Republic | …0051 | 6.85 | 203.3 | 70.05 | 2027-03-23 | D | USD | 1.25BN | |
| 3 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 68.46 | 2027-04-12 | NR | USD | 3BN | |
| 4 | Greenland Global Investment Ltd. | …5784 | 6.75 | 87.869 | 15.5 | 2030-03-03 | Default | USD | 349MM | |
| 5 | Sovcom Capital Designated Activity Company | …8598 | 7.6 | 80.655 | 77.22 | 2171-11-17 | 2027-02-17 | No Rating | USD | 300MM |
| 6 | Alfa Bond Issuance Plc | …0571 | 5.5 | 77.013 | 22.9 | 2031-10-26 | No Rating | USD | 350MM | |
| 7 | Bank of Nova Scotia | …8N91 | 3.625 | 7.685 | 99.25 | 2081-10-27 | 2027-01-27 | BBB- | USD | 600MM |
| 8 | SNB Funding Ltd. | …9416 | 5.07 | 4.937 | 8.65 | 2030-03-17 | A | USD | 750MM | |
| 9 | SNB Funding Ltd. | …9271 | 5.07 | 4.906 | 11.67 | 2029-07-11 | A | USD | 500MM | |
| 10 | Bank of America Corp. | …MU03 | 4.99 | 4.416 | 13.43 | 2029-05-09 | 2028-05-09 | A- | USD | 750MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.