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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 26, 2025
State of Qatar
- Issuer: State of Qatar
- Credit Rating: ( Aa2 / AA / AA- )
- Bond: QATAR 3.25 26
- Indicative Yield-to-Maturity (YTM): 4.10%
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: OMAN 4.75 26
- Indicative Yield-to-Maturity (YTM): 4.46%
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.
Republic of the Philippines
- Issuer: Republic of the Philippines
- Credit Rating: Baa2/BBB/BBB
- Bond: RPGB 5.75 29
- Indicative Yield-to-Maturity (YTM): 4.32%
The Republic of the Philippines is one of the fastest-growing emerging market economies, driven primarily by strong consumer spending, remittances from overseas Filipino workers, and robust sectors like Business Process Outsourcing (BPO), tourism, and manufacturing. While its GDP per capita remains comparatively low, the economy is expected to sustain strong growth, potentially leading to sovereign ratings upgrades, contingent on continued structural improvements and sectoral diversification. Key risks include the potential impact of US tariffs on trade and the challenge of increasing tax revenues given a significant informal economy. However, upside potential is possible amid stabilizing inflation and ongoing economic reforms aimed at attracting investment and boosting domestic demand. For structured products and portfolio diversification we also favor this euro-denominated bond for cross-currency swap
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OUR TOP PICKS
Corporate Bonds
as of September 26, 2025
Jollibee Foods
- Issuer: Jollibee Foods
- Credit Rating: Unrated
- Bond: JFCPM 5.332 30
- Indicative Yield-to-Maturity (YTM): 4.55%
Jollibee Foods Corporation (JFC) is the Philippines’ dominant quick-service restaurant operator, with a strong portfolio of local brands like Jollibee, Chowking, and Greenwich, and a growing international presence including The Coffee Bean & Tea Leaf. The company benefits from robust domestic demand driven by a rising middle class in the Philippines and a global expansion strategy that diversifies revenue and mitigates risks. While JFC faces challenges such as inflation, input cost volatility, and foreign exchange risks, its strategic growth through new store openings, digital transformation, and potential mergers and acquisitions are key catalysts for future growth and investor confidence, supporting its resilient cash flow generation.
SK Hynix
- Issuer: SK Hynix
- Credit Rating: Baa2/BBB/BBB
- Bond: HYUELE 4.375 30
- 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, while also expanding free cash flow and maintaining 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, although 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. As a major player in DRAM (80% of Q1 2025 revenues) and NAND Flash, the company maintains its technological leadership through significant capex and R&D, a crucial factor in the highly cyclical memory sector.
Hyundai Motor
- Issuer: Hyundai Motor
- Credit Rating: A3 / A- / A-
- Bond: HYNMTR 5.4 31
- Indicative Yield-to-Maturity (YTM): 4.53%
Hyundai Capital America (HCA) is Hyundai Motor Group’s primary captive finance arm in the US, playing a critical role in supporting vehicle sales for Hyundai, Genesis, and Kia through a comprehensive range of financing and leasing solutions for both customers and dealerships. Its robust financial performance and significant contribution to the Group’s overall profitability are expected to help offset potential negative impacts from US tariffs on vehicle sales. HCA benefits from a strong “keepwell” support agreement with Hyundai Motor, which includes a particularly robust fixed-charge coverage provision, demonstrating the parent company’s commitment and further enhancing HCA’s financial stability and resilience.
