Top Performers YTD
The top decile of bonds by year-to-date total return.
The Top Performers theme gathers the ten bonds with the highest yeartodate total returns. The screen is led by deeply discounted, stressed credits, so the returns reflect price recovery more than steady income. Headline yields are extreme. SINOCE 0% 2027, priced at 0.75, and PDVSA 6% 2026, priced at 35.5, show yieldtoworst figures in the thousands of percent, which points to distress and recoverydriven pricing rather than carry. Exposure is concentrated in Chinese financials (SINOCE, LOGPH, CIFIHG, CHINSC) and Venezuelan energy. US names such as CBSR 6.5% 2027 and the FRCB 2046 and 2047 bonds offer a more familiar credit profile, though they also trade at steep discounts. Several yield figures look implausible for their prices, so they should be checked against live settlement levels before any relativevalue conclusions are drawn.
| # | 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 | 2026-11-28 | 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 | 2026-12-13 | NR | USD | 300MM |
| 4 | Audacy Capital LLC | …AA00 | 6.5 | 4026.928 | 5 | 2027-05-01 | 2026-12-13 | NR | USD | 460MM |
| 5 | CIFI Holdings Group Co Ltd | …1763 | 4.375 | 2263.529 | 9.625 | 2027-04-12 | 2026-12-13 | NR | USD | 419MM |
| 6 | OEC Finance Limited | …AG23 | 7.5 | 2119.766 | 73.93 | 2171-01-20 | 2026-12-13 | 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 | 2026-11-23 | 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.