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, dominated heavily by distressed emergingmarket property developers and select highbeta credit situations trading at deep discounts to par. While absolute price levels remain severely depressed—such as SinoOcean’s 2027 maturity trading at 0.75 and Log Horizon’s 2026 notes at 8.88—the aggressive relief rallies in these pockets reflect localized restructuring progress and extreme shortterm sentiment shifts. Yieldtoworst metrics across the cohort have surged into astronomical territory due to distressed pricing, led by SinoOcean at an implied 3.4 million percent YTW and Logan Group at over 7,000%, alongside idiosyncratic distressed situations like PDVSA's 2026 notes offering a 3,141% YTW at 41.86 cents on the dollar. These figures underscore that pricing reflects imminent default or restructuring outcomes rather than traditional cashflow generation, serving as speculative instruments for eventdriven portfolios. Beyond Chinese real estate, the leaders span diverse global distressed pockets, including Venezuelan energy and legacy US banking debt like First Republic's longdated issues yielding upwards of 1,200% alongside Ardagh Finance's industrial notes yielding 1,001%. For professional fixedincome allocators, navigating this segment requires rigorous credit analysis on recovery values and restructuring timelines rather than fundamental yield capture.

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