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 list dominated by deeply discounted, unrated credits whose prices have rebounded sharply this year. Financials and Chinese issuers feature prominently, alongside a Venezuelan energy name and US financial and communications paper. Headline yields are extraordinary: SINOCE's zerocoupon note at 0.75 shows a YTW of roughly 3.42 million percent, and PDVSA 6% 2026 at 35.5 yields about 30,197%. These figures reflect distressed pricing and nearterm recovery uncertainty rather than repeatable carry, so they signal market expectations more than income. More comparable on the riskreward front are the FRCB 2046 and 2047 notes, yielding roughly 1,125% and 1,248%, and CIFIHG 4.375% 2027 at about 2,264%. Relative value across this group hinges on recovery assumptions, liquidity and issuerlevel credit quality, which the table that follows lets you compare directly.
| # | 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 | 2026-11-27 | No Rating | USD | 1.15BN |
| 2 | Petroleos de Venezuela SA | …AR68 | 6 | 30197.574 | 35.5 | 2026-11-15 | NR | USD | 4.5BN | |
| 3 | Logan Group Company Ltd | …4458 | 4.85 | 9706.382 | 8.9375 | 2026-12-14 | 2026-12-12 | NR | USD | 300MM |
| 4 | Audacy Capital LLC | …AA00 | 6.5 | 4026.928 | 5 | 2027-05-01 | 2026-12-12 | NR | USD | 460MM |
| 5 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2263.529 | 9.625 | 2027-04-12 | 2026-12-12 | NR | USD | 419MM |
| 6 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-12 | No Rating | USD | 565MM |
| 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 | 5.72 | 2046-08-01 | 2046-02-01 | NR | USD | 400MM |
| 9 | ARD Finance S.A. | …AH37 | 6.5 | 1001.442 | 70.32 | 2027-06-30 | 2026-11-22 | NR | USD | 996MM |
| 10 | China SCE Group Holdings Ltd. | …2495 | 0 | 887.892 | 0.75 | 2028-04-23 | No Rating | USD | 711MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.