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 distressed emergingmarket debt, reflecting aggressive totalreturn chasing across disparate risk profiles. Investmentgrade financials like Switzerland's ZURNVX 3% 2051 (offering a 3.6% YTW) and Canada's BNS 3.625% 2081 (yielding 7.718%) demonstrate how longduration and positioning can capture significant capital appreciation when rate volatility subsides. Conversely, heavily discounted distressed issues like Lebanon's LEBAN 6.85% 2027 at a 203.3% YTW and Venezuela's PDVSA 5.375% 2027 at 138.276% YTW highlight speculative momentum driven by restructuring expectations and deeply oversold entry prices.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lebanese Republic | …0051 | 6.85 | 203.3 | 70.95 | 2027-03-23 | D | USD | 1.25BN | |
| 2 | Petroleos de Venezuela SA | …4954 | 5.375 | 138.276 | 69.29 | 2027-04-12 | NR | USD | 3BN | |
| 3 | Greenland Global Investment Ltd. | …5233 | 5.6 | 130.045 | 16.625 | 2028-11-13 | Default | USD | 360MM | |
| 4 | Sovcom Capital Designated Activity Company | …8598 | 7.6 | 80.655 | 78.4 | 2171-11-17 | 2027-02-17 | No Rating | USD | 300MM |
| 5 | Alfa Bond Issuance Plc | …0571 | 5.5 | 77.013 | 23.08 | 2031-10-26 | No Rating | USD | 350MM | |
| 6 | Greenland Global Investment Ltd. | …1595 | 5.875 | 74.821 | 16.625 | 2030-07-03 | 2026-10-31 | NR | USD | 668MM |
| 7 | Bank of Nova Scotia | …8N91 | 3.625 | 7.718 | 98.9125 | 2081-10-27 | 2027-01-27 | BBB- | USD | 600MM |
| 8 | SNB Funding Ltd. | …9416 | 5.09 | 4.937 | 8.72 | 2030-03-17 | A | USD | 750MM | |
| 9 | Royal Bank of Canada | …AD03 | 4.91 | 4.648 | 6.81 | 2031-02-04 | 2030-02-04 | A | USD | 300MM |
| 10 | Zurich Finance (Ireland) DAC | …7561 | 3 | 3.6 | 119.87 | 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.