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Our Top Picks
We highlight some of the bonds we currently prefer, based on the value they offer and the strength of their credit.
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OUR TOP PICKS
Sovereign Bonds
as of September 1, 2025
Republic of Korea
- Issuer: Republic of Korea
- Credit Rating: ( Aa2 / AA / AA- )
- Bond: KOREA 5.625 25
- Indicative Yield-to-Maturity (YTM): 4.21%
The Republic of Korea is a highly developed mixed economy and the 15th largest globally by nominal GDP as of 2024, having achieved remarkable economic transformation. It is a global leader in electronics, telecommunications, automobiles, chemicals, shipbuilding, and steel, supported by significant R&D investment. The country demonstrates strong economic fundamentals and sound macroeconomic policies, enabling resilience against shocks, and boasts robust export performance, especially in integrated circuits, machinery, and vehicles, contributing to a healthy current account surplus and substantial foreign exchange reserves. However, long-term challenges include rapid population aging and declining labor force. There is also persistent geopolitical tensions with North Korea, which could negatively impact financial markets and credit ratings.
State of Qatar
- Issuer: State of Qatar
- Credit Rating: ( Aa2 / AA / AA- )
- Bond: QATAR 3.25 26
- Indicative Yield-to-Maturity (YTM): 4.27%
Qatar’s economy is predominantly driven by its role as the world’s leading exporter of liquefied natural gas (LNG), giving it a robust fiscal position and one of the highest per capita incomes globally. The government is actively pursuing diversification under its National Vision 2030, investing in non-hydrocarbon sectors like finance and tourism to reduce its economic dependence on energy. While the country’s macroeconomic fundamentals are strong, with consistent fiscal and current account surpluses, its economy remains susceptible to global energy price volatility and geopolitical risks. The massive North Field East expansion project is a key catalyst for future growth, aiming to significantly increase LNG production and secure Qatar’s long-term economic prosperity.
Sultanate of Oman
- Issuer: Sultanate of Oman
- Credit Rating: Baa3 / BBB- / BB+
- Bond: 4.62%
- Indicative Yield-to-Maturity (YTM): 4.70%
Oman possesses a developing, hydrocarbon-reliant economy, ranking as the 73rd largest globally by nominal GDP as of 2024, estimated at around USD 107 billion. Its economic foundation is primarily built upon its oil and gas reserves, which historically accounted for a significant portion of its GDP and export earnings, though diversification efforts are underway. While still dominant, the government has been actively promoting non-oil sectors like tourism, logistics, manufacturing, and mining through its Oman Vision 2040 initiative to reduce economic reliance on hydrocarbons. The country benefits from its strategic location at the mouth of the Persian Gulf, facilitating trade. It maintains strong economic ties with Gulf Cooperation Council (GCC) member states and Asian economies. Oman’s economic outlook for 2025 is shaped by global energy prices, the success of its diversification programs, and regional stability.
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OUR TOP PICKS
Corporate Bonds
as of September 1, 2025
Bank of Philippine Islands
- Issuer: Bank of Philippine Islands
- Credit Rating: BBB
- Bond: BPIPM 5 30
- Indicative Yield-to-Maturity (YTM): 4.40%
The Bank of the Philippine Islands (BPI) is a financial institution in the Philippines with investment-grade ratings. As a bond issuer, BPI offers bonds in both local and foreign currencies, including green and sustainability bonds, to support its business operations and Environmental, Social, and Governance (ESG) initiatives. Established in 1851, it is recognized as the oldest bank in Southeast Asia and operates in both traditional and digital banking sectors.
SK Hynix
- Issuer: SK Hynix
- Credit Rating: Baa2/BBB/BBB
- Bond: HYUELE 5.5 29
- Indicative Yield-to-Maturity (YTM): 4.43%
SK Hynix, a global leader in memory semiconductors, delivered strong Q1 2025 results, exceeding expectations in topline growth and EBITDA margin. At the same time, it also expanded free cash flow and maintained stable net debt metrics. The company is expected to see a marginal improvement in its debt metrics over the next year due to resilient growth, higher EBITDA margins, strong free cash flow, and lower net debt. However, limited room for further spread compression is anticipated given increased headline risk from US tariffs and potential AI overcapacity. Despite deriving 73% of its Q1 2025 revenues from the US and facing vulnerability to US tariff risks, SK Hynix benefits from its designation as a “Validated End User” by the US government, offering an indefinite waiver for importing US chip equipment into its Chinese plants.
SM Investments Corporation
- Issuer: SM Investments Corporation
- Credit Rating: M/P
- Bond: SMPM 5.375 29
- Indicative Yield-to-Maturity (YTM): 4.70%
SM Investments Corporation (SMIC) is a leading Philippine conglomerate with strong operations in retail, property, and banking. The company has demonstrated consistent revenue growth and solid profitability, reflecting its resilience and market dominance. With a well-managed debt position and stable financial performance, SMIC presents a reliable option for bond investors seeking security and steady returns.
