Top Performers YTD
The top decile of bonds by year-to-date total return.
This theme covers the top decile of bonds by yeartodate total return, and the ten names that qualify are dominated by distressed or unrated credits in financial, energy, communications, and industrial sectors, with China and Venezuela well represented. Headline yields are extreme: PDVSA 6% 2026 at 49.74 shows a yield to worst of roughly 3,142%, OECENG 7.5% at 73.93 about 2,120%, and ARDFIN 6.5% 2027 at 69.36 about 1,001%. These figures reflect deep price dislocation on neardated or uncertain cash flows, so they signal stress rather than durable carry. Returns have been driven largely by price recovery from depressed levels, as with the FRCB 2046 and 2047 notes near 5.7 to 5.9 and CIFIHG 4.375% 2027 at 9.875. With most constituents unrated, credit analysis and recovery assumptions matter more than the yieldtoworst metric.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sino-Ocean Group Holdings Ltd | …4057 | 0 | 3421188.35 | 0.75 | 2027-03-27 | 2026-11-19 | No Rating | USD | 1.15BN |
| 2 | Logan Group Company Ltd | …4458 | 4.85 | 8084.905 | 8.83 | 2026-12-14 | 2026-12-04 | NR | USD | 300MM |
| 3 | Audacy Capital LLC | …AA00 | 6.5 | 3959.176 | 5 | 2027-05-01 | 2026-12-04 | NR | USD | 460MM |
| 4 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 49.74 | 2026-11-15 | NR | USD | 4.5BN | |
| 5 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-04 | No Rating | USD | 565MM |
| 6 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2088.745 | 9.875 | 2027-04-12 | 2026-12-04 | NR | USD | 419MM |
| 7 | First Republic Bank San Francisco | …AC47 | 4.625 | 1248.002 | 5.85 | 2047-02-13 | 2046-08-13 | NR | USD | 400MM |
| 8 | First Republic Bank San Francisco | …AB63 | 4.375 | 1125.447 | 5.71 | 2046-08-01 | 2046-02-01 | NR | USD | 400MM |
| 9 | ARD Finance S.A. | …AH37 | 6.5 | 1001.442 | 69.36 | 2027-06-30 | 2026-11-14 | NR | USD | 996MM |
| 10 | Kaisa Group Holdings Ltd. | …1758 | 0 | 784.716 | 0.205 | 2028-12-31 | 2026-12-04 | No Rating | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.