Only 4 losers this year.
The rest are winners !!
Definition of loser = if the bond had been issued today at the same credit spread where it was issued at, its coupon would be lower than its current yield.
Note that I use estimated yield/prices to approximate in my calculations.
Yet the results are not as bad as they seem !!!
Take a look at the table I have prepared.
Tata Steel and Tata Motors would actually be much worse off if they are going at international levels while Unicredit should be doing better.
The hypothetical cash price I calculated based on the going rate for their cost of protection.
Nothing on Guoco because it is a local issuer and it looks to be doing well versus the 3 bigger and more global names given that, as a perpetual, it is the lower ranked bond of the lot !
Just some trivia for readers.