In this paper, we propose a novel joint coding-modulation technique based on serial concatenation of orthogonal linear transform, such as discrete Fourier transform (DFT) or Walsh-Hadamard transform (WHT), with memoryless nonlinearity. We demonstrate that such a simple signal construction may exhibit properties of a random code ensemble, as a result approaching channel capacity. Our computer simulations confirm that if the decoder relies on a modified approximate message passing algorithm, the proposed modulation technique exhibits performance on par with state-of-the-art coded modulation schemes that use capacity-approaching component codes. The proposed modulation scheme could be used directly or as a pre-coder for a conventional orthogonal frequency division multiplexing (OFDM) transmitter, resulting in a system possessing all benefits of OFDM along with reduced peak-to-average power ratio (PAPR).