This is a page where bonds can be discussed. I am thinking primarily $1,000 issues which are of interest to folks.
Like the other discussion pages posts will stay intact for a number of months.
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This is a page where bonds can be discussed. I am thinking primarily $1,000 issues which are of interest to folks.
Like the other discussion pages posts will stay intact for a number of months.
Does anyone know of any upcoming or recent institutional high yield preferreds that are investment grade (I am thinking of stuff like the 7.2% Citi 5 year to float offering from earlier this year)?
Maybe there are some interesting CUSIPs that people might suggest are worth taking a look at?
The CUSIP for the Citi issue is: 172967PJ4
YH—all the high yield ones I bought earlier this year are way up in price. I hesitate to add at prices like 104-107. Do you know of any website that posts $1000 institutional bonds? I have been looking, but can’t find any. Thanks.
YH – Check out daily holdings from the large ETFs to source ideas.
I then plug them in IBKR or FINRA to get a sense of pricing.
I agree w Whidbey, most have run up too much. But I have still been buying a select few near par, not knowing where rates will go.
Check out:
38141gb52 – Goldman
89832qae9 – Truist
693475bp9 – PNC
And for the brave.. the LNC capital security is being offered today near $76.
https://www.sec.gov/Archives/edgar/data/59558/000119312506110888/dfwp.htm
I have full position in the LNC security. Here is an interesting structure on investment grade elect utility Southern Co, SO 1000 face. 4% coupon floats 1-15-2026 at 5yr tsy plus 3.73. Can be had for under par cusip 842587DF1 fwiw!
jerrymac—regarding SO 4% issue, I can’t find that it’s a F2F issue. On Schwab and at finra, it just states it is a fixed issue. Where can I look to verify that it floats on 1/15/26? Thanks
Whidbey – I found it by googling “southern 2051 FWP.”
https://www.sec.gov/Archives/edgar/data/92122/000009212221000043/southern2021ajsnfwp.htm
Jerry – I hesitate to even say this as you know the market very well, and I appreciate your posts. the Cusip I listed is the capital security which is trading about 40 bps (yield) cheaper than the sub debt, I know the sub debt has been mentioned here a few times. I have owned the sub debt for a while, just picked up the capital security for the first time yesterday. The capital security ranks junior.
Little bit of confusion going on I think as there are two separate F/F Southern Co issues due 2051
https://www.sec.gov/Archives/edgar/data/92122/000009212220000065/southern2020bjsnfwp.htm = 4% due 1/15/51 CUSIP 842587DF1
https://www.sec.gov/Archives/edgar/data/92122/000009212220000069/so2020bjsnfinalprosup.htm
https://www.sec.gov/Archives/edgar/data/92122/000009212221000043/southern2021ajsnfwp.htm = 3.75% due 9/15/51 CUSIP 842587DJ3
https://www.sec.gov/Archives/edgar/data/92122/000009212221000045/so2021ajsnfinalprosup.htm
Thanx, Maine…my hole in strike zone tends to be credit vs structure. Love the color you & others provide! Best
The newly issued Carlyle Secured Lending senior note is trading just under 101.
https://www.finra.org/finra-data/fixed-income/trade-history?cusip=872280AA0&bondType=CA
872280AA0 6.75%, 2030, call in 2030
https://www.sec.gov/Archives/edgar/data/1544206/000119312524235989/d840505dfwp.htm
Here is a 2WhiteRoses Special – earn a ~5.75% (guess), with a qualified div, for (approximately) a year, then it will likely get called. Actually, a true special would be a guaranteed maturity, but gotta take what I can get.
Offered at $99.35 on IBKR now
Truist $1,000 Par – Series P Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, 4.950% until 12/1/2025, then 5Y Treasury + 4.605%
BBB- Rating: https://ir.truist.com/credit-ratings
Prospectus: https://www.sec.gov/Archives/edgar/data/92230/000119312520154313/d893550d424b5.htm
Makes sense, Maine……… I’ve just been so out of touch recently, though, that mentally I don’t think I’ve adjusted to what yields are attractive these days… to do this for 5.75% ytc just doesn’t seem to be enough but again, that’s probably me being off base….. I’ve literally done nothing for weeks, not even rolled over CDs or Treasuries, not by design as much as being busy handling other things… but wait! there was one exception – yes a typical 2wr special – i bot TELZ upon notification of call… and even on that, had I been paying closer attention to this site, the opportunity was there, thanks to early posting by someone, to have bot much cheaper that morning premarket.
Treasuries have been falling seemingly every day since the last auction, where (from memory) 75+% of the auction was taken by indirects (“ferners”)
seems like yields always rise after an auction where indirects are a huge piece.
4.173 on the ten with 4.55 on the 19 year being the high yield.
Top ticking with this post , most likely, but those preferreds have to have
better entry points
SJIJ: The tender for the junior sub debt looks like a YTM in the low 8’s.
You can buy the SJIJ 5.02’s of ’31 at 84.384 for a YTM of 8.17.
Cusip 838518aa6
I do not own any. There’s 5 mill on offer .
LT – I added to my stash on Wednesday, picked up 15 at $82.68. My only regret is that I had to purchase it in a taxable account.
Regarding the risk of rates rising, I have plenty of floaters and resets. Also, I’ve been around the block w some of the smartest FI and macro managers, and rate timing is generally a low alpha trade, usually negative.
New 6% Agency bond at Fidelity
CUSIP 3134HASP9
3 month call protection
Found this on Vanguard… JP Chase new issue bond cusip 48130CTP0 coupon of 5% with maturity on 4/29 2033…1st call on 10/31/2026…pays yearly.
My long dated ladder is full…thought this might be of interest.
New 6.00% Federal Home Loan Bank bond at Fido
CUSIP 3130B3CR2
3 month call protection
For my dumpster diving friends..
Bot some HPP debt today in a tax adv account. It’s speculative. There has been some positive momentum w office, plus they own some better quality Hollywood type properties.
44409MAB2 4.65% 2029 BB-
82.942000 or 9.426% offered at Fidelity
https://www.fitchratings.com/entity/hudson-pacific-properties-inc-96155414#ratings
Maine-
Aren’t those CLO CEFs in the dumpster with you? Most debt doesn’t default. Good luck!
R2S Maine is looking higher up in debt stack. Not sure if something goes sideways you will still be covered. These higher risk plays with REIT’s make me nervous. The strike with is it the SAG union? Actors who do green screen and wear motion sensors for characters in video games are worried they will be replaced by AI
Anything to do with rental property to businesses associated with the video and movie industry. They were affected with the guild actors strike.
Same with businesses associated with supporting Boeing and all the community businesses around the neighborhood where the Boeing factories are located. Makes me wonder what would happen to the property owners if the businesses renting in industrial parks, strip malls etc went under because striking workers are not spending or Boeing cuts back
Hey Charles! I think you know more about the situation than me, just hoping for “survival” from this piglet. Joking aside, I do see some positive trends for office in general, and am willing to risk some $.. the position is less than 1%.
BTW, have you noticed Hpp-c? It’s up to $15, or 8% current yield! It’s also a $425m issue, a decent amount of cushion if things go bad.
Hey Maine, Here are a couple if you can do like Azure or Losing trader and find a way to buy a 144a
024747AF4, or 024747AG2,
Thanks, Charles. Always looking for new FI ideas.
BTW, I did buy some of the Goldman Series Y 1,000 pref issue yesterday near par. 6.125% fixed to reset. Resets 240 basis points off the 10 year, in 10 years. Not bad for qualified.
would have the customer number on that one
thanks
@Maine I too would like the CUSIP on the Goldman Ser Y Pref with 6.125% coupon floater
38141GB52
GS preferreds
https://www.goldmansachs.com/investor-relations/creditor-information/preferred-stock.html
New Fortress Energy. Redemption of my 2025 bonds with new restructure. Grateful as I probably had too much in this bond. Accumulating since issue. I did have a strategy based upon financials but luck always plays a part.
Will look at remaining bonds later after the dust settles.
2WR,
I use Fidelity software and site for information about bonds just because the software is much easier for me to finagle. I also learned today that I was misinterpreting the coupon listing for a floating rate note like this PPL bond. The rate that Fidelity is quoting in their overview page of the bond lists the coupon rate of the last payment, but not the “current rate”, which can be quickly calculated using the forward CME SOFR that has been recently cited on this site?
I’ve often thought that there should be a place in this world where a website aggregates F/F rate issues and keeps track of and publishes the new rates for each issue the day after the new rate is calculable… Nobody does that it seems and no issuer seems to think it’s important enough for their IR Dept to put out the number immediately…. Tex, you listening??? Maybe you could use Excel to create such a site and call it floatersRus.com or something?
I am surprised and wondering.
I own this bond (thanks to Dick Whtiman):
69352PAC7 – PPL – floats off the 3 month plus 2.66%
It’s time for the floating rate to reset (September 30 in the prospectus) and I recently received notice from the company through my broker (IBKR) statement:
….PPL Float 03/30/67 announced a coupon payment, effective 20240927. The declared rate on the coupon payment will be USD 0.02157.
ISIN: US69352PAC77….
This actually calculates out to a rate of 8.63%, which surprises me that it is that high. I have access to the prospectus, but I have not found the details about how the change from LIBOR to SOFR is handled.
any comments or assistance would be appreciated.
It is now SOFR+266+26. Coupon does seem high unless the determination date was more than a few weeks ago.
I own it too.
landlord,
It’s odd. almost like it a three month SOFR backwards calculation…
I still cannot find PPL’s statement about LIBOR to SOFR on its website or at the SEC… of course, it’s always possible that the note I got at IBKR is incorrect….
Voner – Here is the LIBOR statement:
https://www.prnewswire.com/news-releases/ppl-capital-funding-to-replace-reference-rate-for-junior-subordinated-notes-301839214.html
Here is the prospectus:
https://www.sec.gov/Archives/edgar/data/922224/000089322007000812/e31666b2e424b2.htm
See p S-14 “Floating Rate Period”
If the rate is 8.63%, then they must be announcing the rate to be paid on 9/30 which was set on or about June 28.
Thanks to all ..2WR ..Mr Whitman.. ..landlord
2Wr explains it. It’s not been a good day for thinking for me. I made the assumption that the notice I got from IBKR Was the declaration for the calculation for the next three months, but it was the declaration for the payment for the past three months…
funny, I was texting someone today and they made light of my lack of ever assuming anything (a not uncommon statement to me) which made me think of the old slogan -“assume” makes an ass out of u and me…
By extension, you now know as of today (or maybe yesterday) you can calculate the rate for the 12/30 coupon, right?
2WR,
yep, and thanks for asking. I also know which SOFR rate to use, thanks to you.