Top Performers YTD

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

This yeartodate performance screen highlights an aggressive riskon dynamic, where distressed sovereign and corporate debt dominate the top decile of total returns despite deep fundamental impairments. Highly distressed situations lead the league tables, exemplified by Lebanon's 2027 government notes yielding an eyewatering 203.3% and Venezuela's PDVSA 2027 energy bonds trading at a 138.3% yieldtoworst. Alongside restructuring candidates, the cohort features deeply discounted Chinese property and financial paper staging volatile deadcat bounces, such as Greenland Holding's 2028 notes offering a 131.9% yield alongside distressed pricing near 16 cents on the dollar. Meanwhile, speculative energy distressed debt like MIE Holdings zerocoupon 2028 bonds present a staggering 158.5% yieldtoworst, reflecting acute refinancing peril paired with explosive shortterm price appreciation. Conversely, highgrade institutional issuance anchors the lower tail of this topperforming basket, offering insulated totalreturn profiles through duration and tightening credit spreads rather than distress recovery. Investmentgrade representation from issuers like Zurich Insurance via their 2051 bonds at a 3.6% yield and Royal Bank of Canada 2031 paper at a 4.6% yield illustrate a bifurcated market where pristine credit stability coexists with extreme speculative excess.

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