Top Performers YTD

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

The yeartodate top decile presents a striking duality between distressed sovereign and quasisovereign debt generating massive nominal gains and pristine, highgrade institutional credit. While distressed names like Lebanon (LEBAN 6.85% 2027) trade at extreme yields above 200% alongside highly distressed Venezuelan and Russian credits, select highquality emerging market paper such as Saudi National Bank’s 2029 maturity offers stable investmentgrade yields around 4.9%. Distressed Chinese property developers and select Russian financials dominate the upper echelons of the screen, with issues like Greenland Holding’s 2030 bonds reflecting massive price volatility and yields hovering near 75.7%. Conversely, longduration European financials like Zurich Insurance's 2051 issuance (ZURNVX 3% 2051) provide defensive characteristics with yields anchored near 3.6%. For professional allocators, navigating this momentum requires distinguishing between fundamental credit turnarounds and speculative distressed rallies driven by restructuring hopes. Assets like Bank of Nova Scotia's longdated senior paper offering a 7.7% yield stand in stark contrast to the deepdiscount pricing seen across severely impaired emerging market energy and property credits.

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