Top Performers YTD

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

Yeartodate performance leaders present a stark dichotomy between highgrade institutional credit and deeply distressed restructuring plays, driven entirely by idiosyncratic price recovery and highcoupon carry. Premiumrated financial issuers such as Bank of America (BAC 5% due 2029 at a 4.416% YTW) and Saudi National Bank (SNBAB 5.07% due 2029 at a 4.906% YTW) have delivered steady, highdecile total returns underpinned by solid investmentgrade fundamentals and resilient spread performance. Conversely, the upper echelon of the screen is heavily populated by distressed Chinese property and emerging market credits rebounding from depressed valuations, led by names like Greenland Global (GRNLGR 6.75% due 2028 boasting a 169.03% YTW) and Yuzhou Group (YUZHOU 6% due 2027 offering an eyewatering 376.042% YTW). These highbeta instruments exhibit astronomical nominal yields and severe price dislocations, reflecting speculative market pricing on debt restructurings and distressed asset recoveries rather than traditional credit metrics. Rounding out the top decile are selective crossborder opportunities that blend attractive income generation with distinct geopolitical or sector risks, exemplified by the Bank of Nova Scotia (BNS 3.625% due 2081 yielding 6.963%) alongside distressed sovereign and sanctionsimpacted debt like Lebanon (LEBAN 6.85% due 2027 at 203.3% YTW) and Sovcombank (SOVCOM 7.6% at 80.655% YTW). Fixedincome portfolio managers must evaluate whether these staggering yieldtoworst figures represent genuine relative value mispricings or adequate compensation for tail risks across emerging market and financial sectors.

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