Top Performers YTD
The top decile of bonds by year-to-date total return.
This theme captures the ten strongest bonds by yeartodate total return, a group dominated by deeply discounted, distressed credits where price recovery, not coupon income, has driven performance. Headline yields are extreme and are not a reliable guide to carry: TPHL (YTW roughly 11.96 million%) and SINOCE (roughly 3.42 million%) trade at 1.06 and 0.75, while PDVSA 6% 2026 (roughly 9,980%) at 40.25 reflects acute Venezuelan sovereignlinked stress. In property financing, CIFIHG 4.375% 2027 (roughly 2,215%, priced at 9.625) and YUZHOU 6% 2027 (roughly 1,330%, priced at 7.19) show how sharply the market has repriced Chinese developer paper, while the two FRCB 2046 and 2047 bonds, at about 5.7 to 5.9, offer a far less distressed profile.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Times China Holdings Limited | …8028 | 0 | 11956535.077 | 1.06 | 2027-03-30 | 2026-12-09 | No Rating | USD | 791MM |
| 2 | Sino-Ocean Group Holdings Ltd | …4057 | 0 | 3421188.35 | 0.75 | 2027-03-27 | 2026-11-25 | No Rating | USD | 1.15BN |
| 3 | Petroleos de Venezuela SA | …AR68 | 6 | 9979.923 | 40.25 | 2026-11-15 | NR | USD | 4.5BN | |
| 4 | Logan Group Company Ltd | …4458 | 4.85 | 8886.663 | 8.9375 | 2026-12-14 | 2026-12-10 | NR | USD | 300MM |
| 5 | Audacy Capital LLC | …AA00 | 6.5 | 4000 | 5 | 2027-05-01 | 2026-12-10 | NR | USD | 460MM |
| 6 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2215.057 | 9.625 | 2027-04-12 | 2026-12-10 | NR | USD | 419MM |
| 7 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-09 | No Rating | USD | 565MM |
| 8 | Yuzhou Group Holdings Co Ltd. | …3883 | 6 | 1330.375 | 7.1865 | 2027-06-30 | 2026-12-10 | No Rating | USD | 422MM |
| 9 | First Republic Bank San Francisco | …AC47 | 4.625 | 1248.002 | 5.85 | 2047-02-13 | 2046-08-13 | NR | USD | 400MM |
| 10 | First Republic Bank San Francisco | …AB63 | 4.375 | 1125.447 | 5.71 | 2046-08-01 | 2046-02-01 | NR | USD | 400MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.