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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 October 26, 2025
State of Qatar
- Issuer: State of Qatar
- Credit Rating: ( Aa2 / AA / AA- )
- Bond: QATAR 3.25 26
- Indicative Yield-to-Maturity (YTM): 3.920%
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.
Republic of the Philippines
- Issuer: Republic of the Philippines
- Credit Rating: Baa2/BBB/BBB
- Bond: RPGB 5.75 29; RPGB 2.25 31
- Indicative Yield-to-Maturity (YTM): 4.222%; 4.367%
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.
Kingdom of Saudi Arabia
- Issuer: Kingdom of Saudi Arabia
- Credit Rating: Aa3 / - / A+
- Bond: KSA 3.25 30
- Indicative Yield-to-Maturity (YTM): 4.116%
This sovereign bond is attractive due to the Kingdom’s strong and improving credit profile, a result of successful economic diversification initiatives and a commitment to fiscal responsibility. It offers investors a degree of stability within the emerging markets landscape. The nation’s proactive economic reforms and strategic investments are expected to support sustained long-term growth. This makes it a compelling option for those seeking stable returns from a robust Middle Eastern economy.
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OUR TOP PICKS
Corporate Bonds
as of October 26, 2025
Delta Air Lines
- Issuer: Delta Air Lines
- Credit Rating: Baa2/BBB/BBB
- Bond: DAL 5.25 30
- Indicative Yield-to-Maturity (YTM): 4.534%
Delta Air Lines (DAL) delivered strong 2Q 2025 results, reflecting the power of its premium-driven business model and defensive positioning. While competitors are pulling capacity, Delta is seeing strength in its premium segment, with premium ticket revenue increasing 4.7% year-on-year (y/y) and overall loyalty revenue up 8% y/y. Operating performance showed revenues were flat y/y, but the benefit from a USD 355 million drop in fuel expenses was offset by a USD 390-million increase, or a 10% rise, in salaries and other operating costs, resulting in a 6% y/y decline in EBITDA. Key financial metrics are improving: the adjusted Debt/LTM EBITDAR ratio fell sequentially to USD 2.4x (from USD 2.5x in 2024), and Delta is on track for USD 3 billion of debt paydown this year towards a target leverage of USD 1.0x, reinforcing its strong credit story and potential for A-category credit upgrades. The outlook is strategic, with strong subfactors for cash flow, liquidity, and profitability, while the firm continues to favor the long Delta/short LUV trade.
T-Mobile US
- Issuer: T-Mobile US
- Credit Rating: Baa1 / BBB+ / BBB+
- Bond: TMUS 3.5 31
- Indicative Yield-to-Maturity (YTM): 4.275%
T-Mobile US (TMUS) is positioned as the industry leader among the Big 3 US wireless carriers, driven by its superior 5G mid-band spectrum position and a commitment to ~6% EBITDA growth in 2025. The company delivered industry-leading postpaid phone net additions and upgraded its full-year guidance for both subscribers and service revenue. Financially, T-Mobile boasts the lowest net leverage (2.3x at 2Q 2025) and a strong Free Cash Flow (FCF) profile, with FCF guidance raised to a target range of USD 17.6 billion to USD 18.0 billion for 2025. This financial strength provides significant flexibility for shareholder returns (USD 14 billion authorized for 2025) and selective strategic acquisitions like the pending US cellular deal, while maintaining a clear view that major transformational broadband acquisitions remain a low risk.
SM Investments Corporation
- Issuer: SM Investments Corporation
- Credit Rating: Unrated
- Bond: SMPHPM 4.75 30
- Indicative Yield-to-Maturity (YTM): 4.628%
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.
