Top Performers YTD

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

Yeartodate performance leaders are heavily concentrated in deeply distressed, highbeta emerging market credits undergoing aggressive repricing, offering astronomical headline yields for opportunistic portfolios. The cohort is dominated by Chinese financial and property developers alongside select sovereign and industrial issues trading at distressed cash prices. Chinese real estate and financial issuers feature prominently at the top of the YTW rankings, led by ultrahigh yields such as TPHL's nominal 0% issue screening at a staggering 28,000,000%+ yieldtoworst and LOGPH offering a 7,274% YTW at an 8.94 cash price. These deeply discounted valuations reflect severe sector stress, creating extreme binary return profiles for institutional accounts tracking distressed emerging market debt. Beyond the Chinese property complex, idiosyncratic situations like Venezuela’s PDVSA 6% 2026 trading at 45.47 with a 3,141% YTW, and Brazilian financial paper such as OECENG 7.5% yielding 2,120%, highlight the crossborder dispersion driving current total returns. Professional fixedincome investors are leveraging these low cashprice entry points to capture outsized capital appreciation amid shifting macroeconomic and restructuring headlines.

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