Bondsupermart Live: 19 Newly Added Bonds Across Investment Grade and High Yield – Yields Up to 11.0%

1. BNKEA 5.375% 13May2032 Corp (USD) (Yield: 6.14%)

The Bank of East Asia (BEA), founded in 1918, is Hong Kong's largest independent local bank, with operations across Hong Kong, Mainland China and overseas markets.

In 1H2026, net profit edged up 0.7% YoY to HK$2.4 billion, supported by stronger operating income. Net interest income rose 4.8% to HK$7.7 billion despite a 3-bp decline in net interest margin to 1.85%, while non-interest income grew 19.0% to HK$3.5 billion on higher wealth management fees and trading income. With operating expenses held flat at HK$4.8 billion, the cost-to-income ratio improved to 43.2% from 46.9%. However, impairment losses rose 16.5% to HK$3.0 billion, largely due to commercial real estate (CRE) exposure in Hong Kong and mainland China, while the impaired loan ratio edged up to 2.71% from 2.69% at end-2025, reflecting persistent asset quality pressures. Nevertheless, BEA maintained strong loss-absorption and liquidity buffers, with a CET1 ratio of 25.0% and a 2Q2026 liquidity coverage ratio of 167.9%, comfortably above regulatory requirements.

The BNKEA 5.375% note offers a yield of 6.14%, with its first call in May 2031 (4.59 years). BEA's strong capital and liquidity buffers support its credit profile, although continued property-related credit costs may weigh on profitability.

2. GT 5.000% 15Jul2029 Corp (USD) (Yield: 8.29%)

Goodyear is one of the world’s largest tyre manufacturers, operating across the Americas, Europe, Middle East and Africa, and Asia Pacific. Its “Goodyear Forward” plan transformed the business to focus on improving profitability through cost reductions, portfolio optimisation and manufacturing restructuring.

Goodyear reported a challenging 2Q2026, with net sales declining 4.8% YoY to US$4.3 billion, reflecting business divestments and weaker tyre demand. Tyre volumes fell 4.0% YoY, led by an 8.7% decline in the Americas, where replacement volumes contracted 13.0% amid the rationalisation of lower-tier products and heightened competition. Segment operating income plunged 77.4% to US$36 million, as lower volumes, tariffs and inflationary pressures outweighed US$95 million in benefits from the Goodyear Forward transformation programme. The company recorded a net loss of US$204 million, compared with a US$254 million profit a year earlier, when results benefited from substantial asset-sale gains. As of end-June 2026, lease-adjusted debt stood at US$8.2 billion, against US$861 million in cash, highlighting its elevated debt burden.

At a yield of 8.29% and maturity in July 2029 (2.77 years), the GT 5.000% note offers relatively short-dated exposure to a global industrial issuer undergoing a turnaround. However, weak volumes, tariff costs and negative free cash flow remain key risks.

3. KSS 5.125% 01May2031 Corp (USD) (Yield: 7.63%)

Kohl’s is one of the largest department store chains in the US, with over 1,100 stores alongside an online business selling apparel, footwear, home goods and beauty products.

In 2Q2026 (ended 1 August 2026), Kohl's net sales declined 0.9% YoY to US$3.3 billion, while gross margin expanded 305 bps to 43.0%. The improvement was largely supported by approximately US$100 million of tariff refunds recognised in gross margin, out of the US$150 million received during the quarter. Reported operating income reached US$261 million, compared with US$279 million a year earlier, although it exceeded the prior year's adjusted operating income of US$161 million. Management subsequently raised its FY2026 guidance, incorporating the benefit of the tariff refunds. Liquidity improved, with cash and cash equivalents rising to US$821 million from US$174 million a year earlier, while its revolving credit facility remains undrawn. Long-term debt declined to US$1.3 billion from US$1.5 billion a year ago, after Kohl’s repurchased US$113 million of notes during 1H2026. However, lease and financing obligations remain heavy at approximately US$5.1 billion.

At a yield of 7.63%, the KSS 5.125% note offers high-yield investors exposure to a US retailer with improved liquidity and lower debt. However, one-off tariff refunds have supported recent profitability, while substantial lease obligations and structural challenges in department store retail remain key considerations.

4. KD 3.150% 15Oct2031 Corp (USD) (Yield: 7.44%)

Kyndryl, spun off from IBM in November 2021, is the world’s largest IT infrastructure services provider, managing mission-critical IT systems for large enterprises.

In 1Q FY2027 (ended 30 June 2026), revenue fell 3.3% YoY to US$3.6 billion, while adjusted EBITDA declined 20.9% to US$512 million (margin of 14.2% vs 17.3%), weighed down by US$152 million of workforce rebalancing charges. Nevertheless, contract signings in the first quarter rose 21.9% to US$3.9 billion, supported by Kyndryl Consult and hyperscaler partnerships. Free cash flow deteriorated to negative US$401 million from negative US$222 million a year ago, mainly due to higher software payments and lower customer collections. Kyndryl held US$2.1 billion in cash against US$4.1 billion in total debt, with net leverage at 0.8x.

At a yield of 7.44% and maturity in October 2031 (5.02 years), the KD 3.150% note offers an elevated yield for an investment-grade issuer. While Kyndryl benefits from its established position in IT infrastructure services and a sizeable contract backlog, negative free cash flow and ongoing restructuring efforts remain key considerations. Investors should also monitor developments relating to the company's internal control weaknesses and ongoing SEC investigation.

5. MU 3.477% 01Nov2051 Corp (USD) (Yield: 6.26%)

Micron Technology is one of the world’s largest memory chipmakers and the only US-based manufacturer of DRAM and NAND memory, including the high-bandwidth memory (HBM) used in AI accelerators.

Micron delivered record FY2026 results (ended 3 September 2026), with revenue surging 256.3% YoY to US$133.2 billion and gross margin expanding to 80.7% from 39.8%. Stronger profitability translated into significantly higher cash generation, with operating cash flow reaching US$89.7 billion, compared with US$17.5 billion a year earlier. After accounting for capital expenditure, adjusted free cash flow reached US$62.3 billion, strengthening the company's ability to service debt and fund future investments. Micron's balance sheet also improved substantially, with total debt declining to US$5.2 billion from US$14.6 billion a year earlier. With US$38.4 billion in cash and cash equivalents, the company maintained a net cash position of approximately US$33.2 billion, providing a sizeable liquidity buffer against industry downturns and future capital expenditure requirements.

The MU 3.477% note offers a yield of 6.26%, supported by Micron's strong balance sheet and AI-driven growth. However, its long maturity in November 2051 exposes investors to greater interest rate sensitivity, while the cyclical nature of the memory industry remains a key risk.

6. SKYD 4.950% 15Jan2031 Corp (USD) (Yield: 11.00%)

Paramount Skydance, formed through the August 2025 merger of Paramount Global and Skydance Media, acquired Warner Bros. Discovery (WBD) for approximately US$110 billion in October 2026. Renamed Skydance Corporation, the combined group owns major media brands including CBS, Paramount+, Warner Bros., HBO and CNN.

In 1H2026, Paramount Skydance's revenue grew 2% YoY to US$14.3 billion, driven by stronger Paramount+ and licensing revenues, partially offset by declining linear TV and theatrical revenues. Adjusted EBITDA rose 42% to US$2.3 billion, supported by cost savings and lower programming expenses. However, the debt-funded WBD acquisition has substantially increased the group's leverage, with pro forma combined debt estimated at approximately US$82.5 billion, compared with Paramount's standalone debt of US$15.2 billion at end-June 2026. Management targets at least US$6 billion in annual cost synergies within three years, which could support earnings and deleveraging if successfully realised. Nevertheless, integration costs, elevated debt levels and refinancing requirements remain key considerations. The group's new secured borrowings also have priority over the legacy senior unsecured notes in respect of pledged collateral.

At a yield of 11.00% and maturity in January 2031, the SKYD 4.950% note may appeal to investors with a higher risk appetite, offering an elevated yield and potential benefits from the merger's planned synergies. However, increased leverage, integration challenges and its ranking relative to newer secured debt remain key considerations.

7. SUMIBK 6.950% Perpetual Corp (USD) (Yield: 7.33%)

Sumitomo Mitsui Financial Group (SMFG) is one of Japan’s three megabanks and the parent of Sumitomo Mitsui Banking Corporation (SMBC), with businesses spanning corporate and retail banking, leasing, securities, consumer finance and asset management. The note is an Additional Tier 1 (AT1) perpetual issued in September 2026.

SMFG delivered a strong 1Q FY2026 (ended 30 June 2026), with net business profit up 32.7% YoY to ¥722.3 billion, supported by higher Japanese interest rates. Net income rose 33.0% to ¥501.4 billion, already 29.5% of its full-year target of ¥1,700 billion, while credit costs were broadly flat at ¥74.8 billion. Capital and liquidity remained sound, with a CET1 ratio of 11.2%, providing a substantial buffer above the note's 5.125% write-down trigger.

The SUMIBK 6.950% perpetual note offers a yield of 7.33%, with its first call and coupon reset in December 2036. If not called, the coupon resets to the 5-year US Treasury yield plus 2.143% every five years. While backed by a well-capitalised Japanese megabank, the note carries AT1 risks, including coupon cancellation, principal write-down and call extension.

8. NEE 7.484% 01Sep2056 Corp (AUD) (Yield: 7.60%)

NextEra Energy is the largest US utility holding company by market capitalisation and the world’s largest generator of wind and solar energy. Its core businesses are Florida Power & Light (FPL), the largest electric utility in the US, and NextEra Energy Resources (NEER), its renewables and storage developer.

In 2Q2026, NextEra's adjusted earnings rose 11.2% YoY to US$2.4 billion. FPL's net income grew 10.7% YoY to US$1.4 billion, supported by a 9.3% increase in its regulated capital base, which allows it to earn regulated returns on infrastructure investments. Meanwhile, NEER generated US$1.3 billion in adjusted earnings (+18.3% YoY), supported by its renewable energy portfolio, where long-term power purchase agreements provide greater cash flow visibility. These regulated and contracted operations provide relatively stable earnings visibility. However, NextEra's substantial capital expenditure requirements and debt-funded expansion continue to place pressure on leverage. Fitch-adjusted debt/FFO stood at 4.3x in 2025, indicating limited headroom for additional borrowing, while US$14.8 billion in available liquidity as of end-March 2026 provides a buffer against funding needs.

The NEE 7.484% note offers a yield of 7.60%, with its first call in September 2036 and maturity in September 2056. Backed by an investment-grade utility group, the note offers an elevated AUD yield, although its subordinated status, coupon reset, potential call extension and currency exposure remain key considerations.

Declaration: For specific disclosure, at the time of publication of this report, IFPL (via its connected and associated entities) holds positions in  AMZN 6.650% 14Sep2045 Corp (GBP) and TMGSP 5.500% 31May2028 Corp (SGD). The analyst who produced this report holds NIL positions in the abovementioned securities. This research report was prepared with the assistance of artificial intelligence (AI) tools. iFAST Financial Pte Ltd does not rely exclusively on AI for content generation; the content of this report – including all investment theses, ratings, price targets and conclusions – has been independently reviewed and verified by the research analyst(s) to ensure accuracy and professional integrity.