Top Performers YTD
The top decile of bonds by year-to-date total return.
This theme captures the top decile of USD bonds by yeartodate total return. Most names trade at deep discounts, so their headline yields are extreme and reflect distressed pricing rather than conventional income. Chinese real estate and financial issuers dominate the list. CIFIHG 4.375% 2027, priced at 9.625, shows a yieldtoworst of about 2,264%, and LOGPH 4.85% 2026, at 8.94, yields roughly 9,706%. Their rebounds appear driven by repricing of recovery prospects rather than improving fundamentals. Energy and unrated US financial credit add contrasting risk profiles. PDVSA 6% 2026, at 35.5, carries a yield near 30,197%, while the FRCB 2046 and 2047 notes trade around 5.7 to 5.9. Here, recovery values and liquidity matter more than carry, so headline yield should be weighed against credit quality.
| # | 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.