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. The group is dominated by distressed and unrated credits, so performance has come mainly from price recovery rather than income. Headline yields are extreme and should be read as signals of stress, not carry. LOGPH 4.85% 2026 yields 7,995% at a price of 8.94, and CBSR 6.5% 2027 yields 3,967% at a price of 5, implying the market is pricing a high probability of default. Statelinked and property names show the same pattern. PDVSA 6% 2026 trades at 54.84 for a 3,142% yield, while CIFIHG 4.375% 2027 at 9.625 yields about 2,180%, so returns depend on recovery expectations and restructuring outcomes. Exposure is concentrated in Chinese property and financials, Brazilian and Venezuelan credits, and US bank paper. Most constituents are unrated, so relative value rests on recovery analysis, liquidity and sectorlevel outcomes.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Logan Group Company Ltd | …4458 | 4.85 | 7995.419 | 8.9375 | 2026-12-14 | 2026-12-06 | NR | USD | 300MM |
| 2 | Audacy Capital LLC | …AA00 | 6.5 | 3966.946 | 5 | 2027-05-01 | 2026-12-06 | NR | USD | 460MM |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 3141.625 | 54.84 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2180.441 | 9.625 | 2027-04-12 | 2026-12-06 | NR | USD | 419MM |
| 5 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-06 | No Rating | USD | 565MM |
| 6 | First Republic Bank San Francisco | …AC47 | 4.625 | 1248.002 | 5.85 | 2047-02-13 | 2046-08-13 | NR | USD | 400MM |
| 7 | First Republic Bank San Francisco | …AB63 | 4.375 | 1125.447 | 5.71 | 2046-08-01 | 2046-02-01 | NR | USD | 400MM |
| 8 | ARD Finance S.A. | …AH37 | 6.5 | 1001.442 | 69.57 | 2027-06-30 | 2026-11-16 | NR | USD | 996MM |
| 9 | Kaisa Group Holdings Ltd. | …1758 | 0 | 784.716 | 0.205 | 2028-12-31 | 2026-12-06 | No Rating | USD | 800MM |
| 10 | Agile Group Holdings Ltd. | …2731 | 13.476 | 722.315 | 84.89 | 2168-03-07 | 2026-12-06 | Default | USD | 500MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.