Top Performers YTD

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

This theme captures the top decile of bonds by yeartodate total return, a group led by deeply discounted paper where price recovery, not coupon income, has driven performance. The list is concentrated in Chinese financials and distressed or unrated issuers. SINOCE's zerocoupon notes due March 2027 trade at 0.55 and 0.75, while CIFIHG 4.375% April 2027 sits at 9.625 with a quoted yieldtoworst of about 2,180%. Quoted yields are extreme across the list, with SINOCE above 15 million percent and FRCB 4.625% 2047 at roughly 1,248%. These figures reflect nearzero or very low prices on short or longdated paper and should be read as screening outputs, not achievable carry. The more useful signal for relative value is the spread between recovery expectations and current pricing. PDVSA 6% November 2026 at 52.17 and ARDFIN 6.5% June 2027 at 69.46 show how the market is pricing credit stress across energy and industrial names.

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