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INVESTMENT STRATEGY
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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 May 9, 2025
Republic of the Philippines
- Issuer: Republic of the Philippines
- Credit Rating: Baa2/BBB/BBB
- Bond: PHILIP 5.5 26 PHILIP 2.457 30 PHILIP 3.556 32
- Indicative Yield-to-Maturity (YTM): 4.151% 4.405% 4.859%
The Philippines is among the fastest-growing emerging market economies, though its gross domestic product (GDP) per capita remains relatively low at USD 3,870 per year, comparable to Egypt. The economy is driven primarily by business process outsourcing (BPO) and tourism, with a sizable manufacturing sector specializing in electronics, automotive production, and food processing. While the country has limited natural resources, it is a key global supplier of nickel ore. Looking ahead, strong economic growth is expected to continue, which could lead to higher per capita income and increase the likelihood of sovereign credit rating upgrades.
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OUR TOP PICKS
Corporate Bonds
as of May 9, 2025
SK Hynix
- Issuer: SK Hynix
- Credit Rating: Baa2/BBB/BBB
- Bond: HYUELE 5.5 29
- Indicative Yield-to-Maturity (YTM): 4.897%
SK Hynix is a major global player in the memory semiconductor industry. As an Integrated Device Manufacturer (IDM), the company is involved in the design, production, and sale of advanced memory semiconductors. SK Hynix’s operations are supported by resilient top-line growth, strong EBITDA margins, robust free operating cash flow (FOCF), and a reduction in debt. The company’s bonds currently trade in line with Micron, slightly wider than US BBB-rated technology companies, and about 25 basis points tighter than Asia-based BBB+/BBB-rated corporates.
SM Investments Corporation
- Issuer: SM Investments Corporation
- Credit Rating: Unrated
- Bond: SMPM 5.375 29
- Indicative Yield-to-Maturity (YTM): 5.101%
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.
Amazon.com
- Issuer: Amazon.com
- Credit Rating: A1/AA/AA-
- Bond: AMZN 4.65 29
- Indicative Yield-to-Maturity (YTM): 4.021%
Amazon is an e-commerce company that offers a wide range of products, both from its own inventory and third-party sellers. In addition to its retail operations, Amazon provides fulfillment services for third-party sellers and offers cloud computing services through its Amazon Web Services (AWS) division. The company is led by CEO Andy Jassy, and its business model spans across both AWS and its physical stores. Recent operating trends, including margin improvements, reflect its ongoing growth. Amazon’s cloud offerings, including custom silicon and its Bedrock platform, position the company as a key player in the emerging field of Generative AI. As of recent estimates, Amazon’s gross leverage has decreased to 0.4x, and 0.9x on a lease-adjusted basis.
