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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11/21/2024
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I just had the annoying realization that the results of a fixed income search at Schwab are limited to those securities that Schwab wishes to offer. Of course, I already knew this. What’s new is realizing that many, many bonds I might like to own and could buy through the fixed income desk are hidden from me unless I happen to find out about them here, for example.
Is there a solution to this limitation?
I don’t have a great solution.
One workaround is to open an interactive brokers account just for the bond search function.
I will often look at interactive brokers for solid offers on bonds I like, before calling the fidelity/Schwab bond desk.
I use Etrade since they are owned by Morgan Stanley one of the last Investment houses still in business. In addition to just listing the bond, they generally have a link to the Moody’s Bond report for that CUSIP. Also, their bond search allows you to select junior subordinated and preferred issues making it easier to find the “unlisted” institutional issues
Go to Seek Alpha > search for Donald Deventer Corporate Bond Investor. Give it a look.
Regardless of your politicaL leanings–strictly as an investment the gov’t of Israel is AA- rated by S and P
Here’s a limited offering monthly of 5 year zeros and notes at 5.8 and 5.90:
https://israelbonds.com/Offerings-Rates/Current-Rates.aspx
Looking to lock in income for at least 5 years, bought this. DYODD of course.
Ares Capital
5.95% coupon
BAA3/BBB-
matures 7/15/29
not callable until 6/15/29
5.97% effective yield
Odd thing about ARES is they are the parent of Aspida Life, which offers a 5 yr fixed advisor annuity at 6.05 last time I looked
They do own Aspida, which offers some very very good products. But the bond is different from the type of fixed rate Aspida offers in terms of when and how u get paid.
Just bought one of those Farm Credit System Agency Bonds; 5.8% coupon, price now is $99.975, AA+. 10yr, first call 6/12/25
11 Month CD? Most likely.
Far better than the latest 6 mo t-bill offering which is listed at 4.91%.
would you have the customer number for this one
thanks
bob
https://www.farmcreditfunding.com/ffcb_live/termsheet/3133ERGZ8.pdf
Justin, thanks for posting that, I completely forgot to put Cusip on my post!!!
Yes, Bob you don’t have to use Bond desk to buy this one, Cusip #3133ERGZ8
I believe they are state tax free too…
New agency bond
FHLB 3130B1WQ6
6.625 7/10/2054, call 10/10/24
Thanks Irish… I just teed up this new Agency issue FHLB cusip# 3130B1WE3…coupon 6.230…due7/22/2044…1st call 7/22/2025…pays semi-annual
Sachem Capital Corp. Announces Withdrawal of Public Debt Offering
DOWNLOAD AS PDF JUNE 27, 2024
BRANFORD, Conn., June 27, 2024 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) today announced that it is withdrawing its previously announced debt offering. The company had intended to offer USD-denominated unsecured, unsubordinated notes due five years from the date of issuance. The company has concluded that current market conditions regarding pricing were excessive and restrictive and, thus, not in the best interest of the company and its shareholders.
John Villano, CEO of Sachem Capital Corp., commented: “We want to assure our shareholders and noteholders that Sachem has ample liquidity through its existing credit facilities and liquid mortgage portfolio to continue to execute on the business consistent with past practice. In addition, Sachem will continue its disciplined underwriting and loan origination processes to maximize risk adjusted returns for shareholders and to protect our capital. Our decision to withdraw our previously announced debt offering was based solely on our determination that the proposed pricing of the offering was unfavorable to the long-term interests of Sachem’s business.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of the Notes or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Sachem Capital Corp.
Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.
Investors:
Email: investors@sachemcapitalcorp.com
Thanks AB for the news flash.
Just joined the club on the Citigroup $1000 preferred series CC. CUSIP: 172967PK1 a smidgeon over par. Bought a little more than I initially wanted. Don’t ask me why I did that.
h/t to SteveA for finding that one
Interesting little tidbit that goes along with this purchase. I’m mentioning because this was unknown to me, perhaps some of our more veteran and experienced bond holders already know this. On FINRA I can actually see my purchase on there, which, by itself is not noteworthy, but preceeding my purchase was an amount that equaled my purchased but priced .04% lower. That, I’m guessing, is Schwab buying the bonds and then transferring to me with a .04% “fee”. Which also was indicated on the Trade Details section. Pretty neat. And secondarily it made me quite happy to see what I consider a very low “commission” or “fee” associated with this purchase. I wonder if this was because the Citigroup security is a preferred and not a bond? These low levels of margin on a trade have not been my experience from any of “bond desks” I’ve worked with. Occasionally I compare what Schwab indicates as mkt value versus what FINRA shows and it’s pretty wild the discrepancy sometimes. I have an old Hartford Insurance (now Talcott) that shows a $2+ difference in the price. That to me is excessive. Anyway, sorry for the rambling.
pp – .04% fee translates to what price per bond charged to you? In other words, Schwab acts as principal and marked up what you had to pay by how much per bond? How does that compare to Fidelity who acts as agent and always charges $1/bond with a minimum and a maximum in place?
2WR, for this particular Cusip, the markup seemed very pedestrian. I was unaware of the Fidelity charge per bond until you stated that.
To go along with this, I called the bond desk again today to inquire about the Phoenix Preferred (that went dark) that Grid has been going on about for awhile. They quoted me a price of $18.75, which was about $1 out of whack from what FINRA was showing. I turned it down. I thought that was excessive. I can understand some juice for the broker, but $1 on an $18 preferred? Not going there.
I purchased another institutional issue. NISOURCE (NI-B) was recently called. I replaced it with NISOURCE 6.95% coupon 65473PAR6. It is investment-grade rated by both Moody’s & SP. It is a long maturity issue but it resets every 5 years off the 5-year Treasury bill.
Initially, I passed on the issue. I did not like the reset rate which is 5 Year TBILL+2.54%. After some more comparisons, it appears to be a competitive enough reset rate. It currently trades in the 100.50 – 101 range.
Unlike, NI-B where I had a full position, I went with 30% of my prior NI-B position.
I am full-up now with institutional issues at 30% of my preferred holdings. That will to drop 20% in the next year when Bank of America calls Series X that I reently purchased.
I just picked up this NiSource bond at 100. 02 Cusip# 65473PAN5…5.25% coupon…issued 3/21/23…due 3/30/28…1st call 2/29/28…pays semi-annual
@Yahhey
Just curious as to why you like the 5.25% coupon bond. Its over par and won’t appreciate if rate cuts happen and the yield is comparable or less than CDs and only +3.5 years left to maturity.
This NiSource bond filled in a dated maturity/diversification rung on the income ladder. Getting 5.2% w/ no call for 3.5 years of BBB+ works for me…not interested in cap-ap potential…generally prefer new issues.
For those interested…here’s a just issued(6/24/2024) NiSource bond…similar terms to the 3/21/2023 I picked up…get an xtra year+ of 5.2%yield.
NiSource cusip# 65473PAS4…5.2%coupon…issued 6/24/2024…due 7/1/2029…1st call 6/1/2029…pays semi annual…currently at 99.799
TBTF Bank Bonds Today…
JPM 5.75%…48130CMR3, A1/A-, Senior, 100.00, (YTM 5.749% 5/31/34) & (YTC 5.744% 5/31/26)
BAC 5.8%….06055JFA2, A1/A-, Senior, 99.75, (YTM 5.833% 6/21/34) & (YTC 5.833% 12/21/25)
DYODD
Question for the group. I’m coming from a place of significant ignorance so bare with me. Why can’t a broker figure out a system whereby I can at least request a bid on any CUSIP online? My investing life has been TD Ameritrade and its various predecessor outfits; and now Schwab. Also Vanguard but that was when my investing prowess was in its infancy, so just some mutual funds in the early days. Am I at the wrong broker to make Bond trading easier and speedy…….and modern? Why do I need to talk to the Fixed Income people or Bond Desk? Is it because they fear if there are more eyes on them then their spreads will magically disappear or is there something else? We’ve had online trading now (for the masses) for decades. Why are we stuck in this rut where we need to make phone calls and wait for the transaction to happen? Help me understand!!!!
I use Schwab and Fidelity currently. The Schwab bond desk has their issues but is far better than Fidelity in my opinion.
I have not used IBKR personally but I have heard others say IBKR is the best place to trade institutional issues via CUSIPs. I’ve meant to trasnfer some money to IBKR to try it out but I have been too busy with work and just haven’t gotten to it. I’m curious to hear what others have to say on this topic too.
With Fidelity you can request bids online for any bid you hold and want to sell. Every time I’ve done it the bids that come in are ridiculously low.
Franklin, yes that has been my experience as well. I never sell bonds but I tried to simulate a few sales and that thought of I might sell one quickly faded. That is why when I buy now its in larger amounts then I would normally enter a position with as I do not intend to ever sell. On the buy end though, I just don’t understand why I can’t bid on any CUSIP. If the answer is that infrastructure is not in place to trade Bonds like their stocks brethren, are there moves afoot to rectify that? Is there a desire to rectify it? Will a sudden move to allow Bonds to be easily traded result in a quick reversion to the “free” trades war that Schwab initiated?, thereby enhancing further broker viability questions? I guess I could Google away and head down some rabbit holes, but thought I would try the very smart people here first.
Pig, I agree. Because of that I believe corporate bonds to me are viewed like a Jimmy and Rosalynn Carter marriage. While preferreds and baby bonds are more like a Bill Belichick and 23 year old cheerleader relationship.
Yes, PigPen, agree with you. It’s very frustrating. A bond doesn’t show up in their inventory and there is no way to enter a bid online. I always have to call the bond desk and i think (not sure) it’s a 25k minimum buy for them to try to hunt it down?
I prefer FIDO then E-Trade for new issue bonds with Vanguard being the weak sister due to limited offerings in new issue Corps and Agencies. Calling VG bond desk with cusip has rep corroborating with a “no availability”. FIDOs new issue listings are more robust than E-trade which has new issues availability similar to VG.
You can also do this with Schwab I believe if you hold the security. I tried just to test the functionality out and the bid was super low. I’ve read that you can do a lot without having to make phone calls with IBKR to echo what Dick wrote but haven’t tried myself yet. I did read that the fees could be more significant at IBKR.
Schwab has basically told me that “if you can’t do it on the site, it’s free” but they have to charge $1 per $1,000 tranche that you buy. I have only done 3 transactions thus far after learning from this forum recently.
pig pile—the fixed income (bond) markets DWARF the equity (stock) markets. Even if infrastructure was established, the extremely high number of bond issues would result in enormous spreads or no quotes at all because of the lack of liquidity. Recently issued bonds tend to have a decent market for a few months. So, if you buy a relatively new issue, there is usually an active secondary market.
I own a lot of $1000 IG bond issues and a few BB+ issues, if I think they are issued from TBTF companies, such as Citicorp. All of them are F2F. I basically view them as sock drawer items. The yields tend to be high when issued. The F2F status let me sleep well at night.
Brokerage firm prices of bonds I currently own are not always up to date. Finra allows me to set up a portfolio and check prices daily. I can actually look at each and every trade.
Do you find the 1,000 IG bond issue prices are more stable than the $25 retail IG preferred marketplace?
Steve—-$25 issues are more liquid but the initial yields on $1000 issues tend to be higher. If you are looking to trade, stick with $25 securities. For long term holds, I prefer $1000 issues due to the relatively higher yields.
I will sprinkle in a percentage (15%-20%) of $1,000 issues. The 1,000 issues will not be very liquid (if they do not have a stock symbol) like the Citibank issue I just brought. I will use the 1,000 issues for things I do not want to trade.
I like buying senior IG $1000 issues.
Whidbey – I like the finra monitoring trick you’ve got in place. Have you come up with a system to capture notifications on new issues and also are you able to get in on the initial offer price or does that have to be bought by a broker first and then sold to us?
YH—I wish I did, but I don’t have a system to capture notifications of new issues. I am on the Schwab new bond issue notification email list, but it’s not of much help. It basically is the prelim prospectus without any prices or any ratings by the rating agencies. One has to call the Schwab bond desk , wait on hold for a while, and ask the Schwab bond rep about the details of the issue. It’s common to get a second email, stating the books are closed, with 15 minutes after the first post.
A few of the quasi-government agencies have websites where you can find the fixed income securities they have issued and are still outstanding. the National Rural Utilities Coop (NRUC) is one of them and I own two of their issues, both rated A3/BBB. The cusip numbers are included which I use when calling the Schwab bond desk.
If anyone reading this thread has a good way to receive notifications of new issues, please share it.
Pig, with IBKR in general you can place a buy order for any bond at any price and have it be a good until cancelled order. For sell orders on positions you have, you can do the same thing= place a GTC sell order at whatever price you want. Does NOT mean that you will get a fill in either case, but at least you broadly know what price you will get. A few caveats:
1) You never know in advance what commission you will pay either on buys or sells. It is always higher on sells.
2) You might have a corporate bond buy order for say $25k/$50k/etc and get filled with $1k or $2k with a high commission. There is NO way to set a minimum fill quantity. Ditto for munis which typically have a $5k min.
3) You cannot buy any corporate with less than $50 million outstanding. Don’t care if it is JPM or GE or other, can’t buy it.
4) They automatically cancel ~ all buy/sell orders roughly 45 days before an issue matures. They call it “corporate action” but it is actually a bug they will not fix.
More to the story, but these are the highlights.
Pig Pile,
I trade bonds on Interactive Brokers’ site. You have access to all the bond ecn’s and I can place bids and offers where I’d like, and even short many issues. The drawbacks are their system doesn’t handle quoting a YTM on a fixed to floating , so they prohibit trading these. That’s many of the issues I’d like to trade.
I have many negative things to say about IB … but for bonds it’s the best choice for retail
Just a heads up. I have traded many FtF/R instl bonds/pref on IBKR. This includes citizens bank, reinsurance, Citigroup, Nycb, etc.
I bought this MetLife FtF today on IBKR for $99.70. I doubt MetLife lets this float at SOFR +325, so it most likely a ~4 year at 5.9%, qualified.
https://www.sec.gov/Archives/edgar/data/1099219/000119312518089341/d519496dfwp.htm
Perhaps there are so many they haven’t blocked them all, but most of these show as NT for not tradeable. Perhaps there’s another reason .
Many of institutional bonds are issues as 144a w/out registration rights, or no S offering.
This basically means they can only be sold via private placements to institutional investors, who have the exemption.
Many times a new bond will have two issues, including a S bond, which (I believe) is available for accredited investors.
Some of this stuff is to save the issuer from new paperwork (although many issue already) and some is to protect individual Al retail investors from investing in bonds. The “protection” is silly of course… as many stocks are not safe in the meme/bubble like environment.
https://www.bloomberglaw.com/external/document/X9GS3MHO000000/capital-markets-overview-rule-144a-reg-s-debt-offering-practice-
Thanks to all who spent the time to reply, much appreciated. The fact it can be done on IBKR seems to me to be a recognition that whatever infrastructure is needed to trade bonds more frequently is actually there…well for at least one broker. Always been a one broker type person, but things just seem to be too hard for most brokers to handle modern trading. I feel it’s inevitable to branch out to multiple brokers to handle diverse sets of investments. sigh.
I just discovered that bid orders on the Schwab bond desk are good for the day only. You have to call each day if there is no inventory to settle your bid for the day. They said they are working on a GTC system. Does anyone know of a better way outside Schwab to buy bonds that are not actively trading?
Don, Interactive Brokers lets you place GTC orders on bonds.
Hi..Tim.. no said anything about USB.PRA. $1000 the bank is alomst 100 years old , looks stable. .Georges
I have a very small number of USB-A shares, bought some time back, at about $809. Very comfortable holding it, wish I’d have bought more but didn’t have enough to get more than what I have now.
Georges—will look on my list of illiquids and see what I see. Thanks
Two new BBB senior issues from Jeffries at Schwab:
47233WFJ3, 6.0%, 12/21/2029, call 6/21/2026
47233WFK0, 6.3%, 6/21/2034, call 6/21/2027
233293AQ2 just picked up 15 on Fido
Got an order in for a new Capital Impact Partners bond. Cusip is 14020AES9…due 6/15/2025….coupon of 5.75%…no call…pays quarterly
More info on this new issue
https://www.capitalimpact.org/currentpricingsupplement/Capital_Impact_Investment_Note_Pricing_Supplement.pdf
ET, the numbers
https://www.sec.gov/Archives/edgar/data/1276187/000119312524156352/d827551dfwp.htm
https://www.sec.gov/Archives/edgar/data/1276187/000119312524156349/d841847dfwp.htm
ET busy today. Where/when can I find the fill-in-the-blank numbers?
New senior $1000 notes:
https://www.sec.gov/Archives/edgar/data/1276187/000119312524155631/d827551d424b5.htm
Includes redemption of series A $1000 institutional preferred.
“Upon the pricing of this offering and, if priced, the concurrent offering, we intend to issue a notice of redemption with respect to all of our outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $1,000 per unit, representing a limited partner interest in ET (the “Series A preferred units”). If this offering or the concurrent offering is not successfully consummated, we may not redeem any of the Series A preferred units.”
New junior reset notes offering, probably $1000:
https://www.sec.gov/Archives/edgar/data/1276187/000119312524155637/d841847d424b5.htm
Hmm, price talk on this new issue must be what’s giving ET-I a boost today
Of course I have a ton of the Series A.
I got stopped out of the Bank of America $1000 floater too.
I am running out of hidey holes…
838518AA6 from South Jersey Industries looks like it’s been trading with a YTM of 9.3%. It matures on 4/15/2031. I tried to pick some up earlier today but I guess Texans like me aren’t allowed to own it due to blue sky laws.
Vanguard doesn’t show any state restrictions and I own it there (TX resident). I don’t see any restrictions in Fido either. Where do you see that?
Schwab has this note:
“Blue Sky Restrictions: This bond is not available to the legal residents of the following states/territories: Arkansas, American Samoa, Federated States of Micronesia, Florida, Illinois, North Dakota, North Marianas, Ohio, Texas.”
I actually bought some through Schwab on a couple of previous occassions (while living in TX…I’m a long time resident). The person I spoke with at the bond desk pointed out the restriction.
Schwab is pretty good about violating blue sky on munis also, meaning they do so with impunity while no other broker will sell me many of the new issues becz they aren’t blue sky’d in NV
One of the largest gains for me has been the LUMEN bond. I have the 2025 debt ; YTM remains high. I am considering adding more. But credit has tightened so may wait for better entry.
Also plan on looking at the PEMEX bonds later. With election market seems to think obtaining a super majority is risky. She has stated a top priority will be to refinance the 2025 debt wall.
Give the reshoring from USA, I have a hard time believing MEX would nationalize or attempt such for PEMEX. But belief like hope is not a plan.
I just bought Nat Rural Utility Coop currently floating at 8.511% coupon at $100.498. A3/BBB Cusip # 637432MT9 3 month sofr +26 bp +291bp
currently callable since 4/30/23, maturity date 4/30/43 , paid quarterly
Which broker? I don’t see any availability on Schwab or Fidelity. If you call the desk how many do you have to buy for them to show you an offering?
Schwab—don’t know about size. I
Guess 5 or 10. Just call the bond desk and ask
I realize some of you are not a fan of these (essentially no-call protected) agency bonds and can prove the “why” mathematically speaking. I’m not necessarily advocating to run out and buy this one.
But there is some value add here from a data perspective in terms of where “others” are seeing yields headed. Needless to say I was a little surprised when this new issue just popped up now as I believe during the yield panic peak fall 2023, the highest coupon landed was 7% range thus we are not too far away here:
FHLB 6.625%
06/03/2054 (Callable 9/3/2024)
3130B1MU8
AA+
One other new issue agency worth mentioning this morning with a stunning 1 year call protection (and not an FHLB!) is this:
Farm Credit System 6.00%
06/05/2034 (Callable 6/5/2025)
3133ERGE5
AA+
Theta, for 30 years I would rather buy a callable tax free housing bond yielding 4.8
STWD 10.5 months notes available on many brokerage platforms for 6.5%+ YTM. Starwood gets a lot of press, including the negative press recently, but they are one of the best (maybe the best) run mREITs and ample corporate resources.
4.75000% 03/15/2025 85571BAL9
JPM Chase bond Cusip# 48130CMA0…due 11/22/2032…paying 5.4% semi annually…1st call 5/22/2028
NEW Issues
->AGENCIES:
FHLB 6.00%
05/23/2029 (Callable in 3 months)
3130B1LE5
AA+
FHLB 6.25%
06/20/2034 (Callable in 4 months)
3130B1MD6
AA+
FHLB 6.25%
06/13/2041 Callable in 7 months)
3130B1HJ9
AA+
FHLB 6.375%
06/24/2044 (Callable in 4 months)
3130B1LK1
AA+
->JUNKY Side Corps:
Service Properties Trust 8.375%
06/15/2029 (Callable 6/15/2026)
81761LAD4
BB/B2
Service Properties Trust 8.875%
06/15/2032 Callable (6/15/2027)
81761LAE2
BB/B2
->INVESTMENT Grade Corps
Bank of America Corp 5.55%
12/03/2025 (Callable 12/3/2024)
06055JEQ8
A-/A1
Ntnl Bank of Canada 5.50%
05/28/2027 (Callable in 1 Year)
63305LB36
A/Aa3
The Goldman Sachs Group 5.375%
05/28/2027 (Callable in 1 Year)
38151F3F8
BBB+/A2
Main Street Capital 6.50%
06/04/2027 (Callable 5/4/2027)
56035LAJ3
BBB-/NR
PROSPECT CAP CORP 7.00%
06/15/2027 (Callable 12/15/2024)
74348GSH4
BBB-/Baa3
Ally Financial Inc. 6.00%
06/15/2027 (Callable 12/15/2024)
02006DU82
BBB-/NR
Owens Corning 5.50%
06/15/2027 (Callable 05/15/2027)
690742AN1
BBB/Baa1
JPMorgan Chase & Co. 5.35%
05/31/2028 (Callable in 1 Year)
48133W5V6
A-/A1
F&G Annuities & Life 6.50%
06/04/2029 (Callable 5/4/2029)
30190AAF1
BBB-/NR
DOW CHEM CO. 5.05%
06/15/2029 (Callable 12/15/2024)
26054MFF3
BBB/Baa1
Verizon Communications 5.00%
06/15/2029 (Callable 6/15/2025)
92346MNH0
BBB+/Baa1
The Goldman Sachs Group 5.625%
05/30/2031 (Callable 11/30/2025)
38151F3D3
BBB+/A2
CITIGROUP INC. 5.55%
05/30/2031 (Callable 11/30/2025)
17290AMQ0
BBB+/A3
JPMORGAN CHASE 5.50%
11/30/2032 (Callable 5/31/2026)
48130CMF9
A-/A1
PROSPECT CAP CORP 7.50%
05/15/2034 (Callable 11/15/2024)
74348GSG6
BBB-/Baa3
Ally Financial Inc. 6.25%
05/15/2034 (Callable 11/15/2024)
02006DU74
BBB-/NR
Ntnl Bank of Canada 6.00%
05/31/2034 (Callable 11/30/2025)
63305LB51
A/Aa3
JPMORGAN CHASE 5.75%
05/31/2034 (Callable 5/31/2026)
48130CMR3
A-/A1
CITIGROUP INC. 5.65%
05/31/2034 (Callable 11/30/2025)
17290ACK4
BBB+/A3
Verisk Holdco LLC 5.25%
06/05/2034 (Callable 3/5/2034)
92345YAJ5
BBB/Baa2
EQUINIX EUROPE 2 FI 5.50%
06/15/2034 (Callable 3/15/2034)
29390XAA2
BBB/Baa2
Owens Corning 5.70%
06/15/2034 (Callable 3/15/2034)
690742AP6
BBB/Baa1
Elevance Health Inc. 5.375%
06/15/2034 (Callable 3/15/2034)
036752AZ6
A/Baa2
Jefferies Financial Group 6.00% STEP
05/31/2039 (Callable 05/31/2028)
5/31/2028, Coupon = 7.00%
47233WER6
BBB/Baa2
CITIGROUP INC. 5.65%
05/31/2039 (Callable 11/30/2026)
17290ABP4
BBB+/A3
JPMORGAN CHASE 6.00%
05/31/2044 (Callable in 2 Years)
48130CME2
A-/A1
Elevance Health Inc. 5.65%
06/15/2054 (Callable 12/15/2053)
036752BA0
A/Baa2
DOW CHEM CO SR 5.65%
06/15/2054 (Callable 12/15/2024)
26054MFH9
BBB/Baa1
->TREASURIES
US Treasury BILL
10/01/2024
912797LK1
YTM = 5.39%
US Treasury 4.875%
05/31/2026
91282CKS9
US Treasury 4.50%
05/31/2029
91282CKT7
US Treasury 4.625%
05/31/2031
91282CKU4
Thanks theta–quite a list
Thank you Theta!
Two interesting ones:
461070AU8
Interstate power
5.7% coupon
Baa1/A-
matures 2034, not callable until about two months earlier than maturity
Slightly over par, ytm is about 5.5%
037735DB0
Appalachian power
5.65% 2034, call 2034
BBB+/Baa1
I find it really interesting that the debt of Corebridge is more expensive than an annuity issued by the insurer for the same period.
Corebridge is offering 3,5, and 7 year advisor annuities at 5.75, Their debt yields less than that.
Insurer financial strength a+/ debt is BBB+.
The annuity has first claim by a long shot
If someone is looking for a monthly paying CD for income, Wells Fargo just issued a brokerage one effective 5/21 for 2 years at 5% and noncallable. I have maturing CDs next week, so “borrowed” from myself to buy today. I hate the 8 day lag, but I didnt want to spend the money that was laying around anyways.
@gridbird, yep today at fido saw a few non-callable 2 yr cds at 5% threshold…didnt see if they were mo paying or not
Grid, thanks for posting this one, consider it purchased.
Bought some of that in the IRA on Monday. Have another big chunk coming due Friday, so need to put that money back to work soon.
Just some information, would like to let older couples know about long term CD’S. Be aware that FDIC coverage ends after six months for a person on the CD if they pass away. In the case of a couple, the CD would still have coverage but limited to 250.000 for the surviving person. Just some information that the banks or brokerages likely would not tell you.
Moody’s Ratings affirms Charter’s Ba2 CFR; outlook changed to negative
NEW issues:
Barclays PLC 5.50%
05/20/2027 (2 year call protection)
06745QR43
A+/NR
YTM/YTW = 5.50%
Australian Unity Pro 5.05%
04/16/2029 (NOT callable)
961214FT5
AA-/NR
YTM/YTW = 5.05%
Atlassian Corp 5.25%
05/15/2029 (Not Callable until *4/15/2029*)
049468AA9
NR/Baa3
YTM/YTW = 5.27%
WEC Energy Group Inc. 5.00%
05/15/2029 (Not Callable until *4/15/2029*)
976656CQ9
NR/A2
YTM/YTW = 5.04%
CenterPoint Energy 5.40%
06/01/2029 (Not Callable until *5/1/2029*)
15189TBG1
BBB/Baa2
YTM/YTW = 5.40%
Las Vegas Sands Corp 6.00%
08/15/2029 (Not Callable until *7/15/2029*)
517834AK3
BB+/Baa3
YTM/YTW = 5.90%
Jefferies Financial Group 6.50%
11/16/2029 (1 Year call protection)
47233WEQ8
BBB/Baa2
YTM/YTW = 6.50%
Hasbro Inc. 6.05%
05/14/2034 (Not Callable until *2/14/2034*)
418056BA4
NR/Baa2
YTM/YTW = 6.10%
Charter Communications Inc. 6.55%
06/01/2034 (Not Callable until *3/1/2034*)
161175CR3
BBB-/NR
YTM/YTW = 6.55%
Agree LTD Partnership 5.625%
06/15/2034 (Not Callable until *3/15/2034*)
008513AE3
BBB/Baa1
YTM/YTW = 5.75%
Reinsurance Group of America Inc. 5.75%
09/15/2034 (Not Callable until *6/15/2034*)
759351AS8
A/Baa1
YTM/YTW = 5.79%
Theta, Love your lists. I know you stick with investment grade (IG) and it seems like a lot of companies are coming to the watering hole to dip their buckets while they can get rates from 5% to 6% As to IG Hasbro and CVS ? really?
Charles M – Too funny. I concur. Well at this point, I’m seriously contemplating just adding full on junk as well to my lists. As far as CVS goes, I didn’t post every single one yesterday but they really went in a full debt issuance frenzy mode. They put out allot of duration varying floats yesterday.
Out of the grocery list from this morning the one I was really excited to see were those basically noncallable 10 year RGAs. Getting a big piece of those is essential for a much needed slot in one of my ladders.
Those and the Jeffries really caught my eye. Thanks for posting.
Just looking at alternatives, I could buy a non commisionable 5 year guaranteed annuity at 6.05% from an insurer with Best rating of A-, whose 5 yr bonds are BBB and trading around that yield.
With the annuity there’s a lot of capital and surplus backing up the purchase.
dplfp.com
click on MYGA marketplace
NEW Issues:
Bank of America Corp 5.75%
05/16/2029 (Call protection 6 months)
06055JEM7
A-/A1
YTM/YTW = 5.75%
CVS Health Corp 5.4%
06/01/2029 (Not Callable until *5/1/2029*)
126650EB2
BBB/Baa2
YTM/YTW = 5.40%
CenterPoint Energy 5.4%
06/01/2029 (Not Callable until *5/1/2029*)
15189TBG1
BBB/Baa2
YTM/YTW = 5.40%
NMI Holdings, Inc. 6.00%
08/15/2029 (Not Callable until *07/15/2029*)
629209AC1
NR/Baa3
YTM/YTW = 6.05%
CITIGROUP INC 5.90%
05/16/2031 (18 month call protection)
17290AC81
BBB+/A3
YTM/YTW = 5.90%
CVS Health Corp 5.55%
06/01/2031 (Not Callable until *4/1/2031*)
126650EC0
BBB/Baa2
YTM/YTW = 5.60%
Intercontinental Exchange Inc. 5.25%
06/15/2031 (Not Callable until *4/15/2031*)
45866FBA1
A-/A3
YTM/YTW = 5.20%
Mastercard Inc 4.875%
05/09/2034 (Not Callable until *2/9/2034*)
57636QAZ7
NR/Aa3
YTM/YTW = 5.05%
Consolidated Edison 5.375%
05/15/2034 (Not Callable until *2/15/2034*)
209111GH0
A-/A3
YTM/YTW = 5.40%
CITIGROUP INC 6.00%
05/17/2034 (18 months call protection)
17290ACM0
BBB+/A3
YTM/YTW = 6.00%
CVS Health Corp 5.70%
06/01/2034 (Not Callable until *3/1/2034*)
126650ED8
NR/Baa2
YTM/YTW = 5.71%
Arkansas Power & Light 5.45%
06/01/2034 (Not Callable until *3/1/2034*)
29366MAF5
A/A2
YTM/YTW = 5.50%
CITIGROUP INC 6.00%
05/16/2039 (2 1/2 year call protection)
17290A3S7
BBB+/A3
YTM/YTW = 6.00%
CVS Health Corp 6.00%
06/01/2044 (Not Callable until *12/1/2043*)
126650EE6
BBB/Baa2
YTM/YTW = 6.15%