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. The group is dominated by unrated, deeply discounted credits, so performance has come mainly from price recovery rather than coupon income. Headline yields are extreme: PDVSA 6% 2026 (price 35.5) shows a yieldtoworst of about 30,197%, and LOGPH 4.85% 2026 (price 8) about 10,724%. These figures reflect distressed prices and short remaining lives, not sustainable carry. Financials and Chinese issuers are well represented, including CIFIHG 4.375% 2027 (price 9.625) and KAISAG 0% 2028 (price 0.205). FRCB 4.625% 2047 (price 5.85) and OECENG 7.5% (price 73.93) add US and Brazilian exposure. Each name carries heavy default and recovery risk. Yields here are best read as the market's price for that uncertainty rather than as relativevalue signals.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Petroleos de Venezuela SA | …AR68 | 6 | 30197.574 | 35.5 | 2026-11-15 | NR | USD | 4.5BN | |
| 2 | Logan Group Company Ltd | …4458 | 4.85 | 10724.477 | 8 | 2026-12-14 | 2026-12-12 | NR | USD | 300MM |
| 3 | Audacy Capital LLC | …AA00 | 6.5 | 4017.744 | 5 | 2027-05-01 | 2026-12-11 | NR | USD | 460MM |
| 4 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2263.529 | 9.625 | 2027-04-12 | 2026-12-12 | NR | USD | 419MM |
| 5 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-11 | 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 | 70.21 | 2027-06-30 | 2026-11-21 | NR | USD | 996MM |
| 9 | China SCE Group Holdings Ltd. | …2495 | 0 | 884.361 | 0.75 | 2028-04-23 | No Rating | USD | 711MM | |
| 10 | Kaisa Group Holdings Ltd. | …1758 | 0 | 784.716 | 0.205 | 2028-12-31 | 2026-12-12 | No Rating | USD | 800MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.