“Master List” Updated With Credit Ratings

As you all know we have many, many different lists on the site–everyone has a different need (or at least desire).

We have a listing titled “$25 Master List”. Previously it was simply a alphabetical listing of all issues we follow–around 630 in total (baby bonds, preferreds etc). We keep the permanent link on the preferred stock page.

If you click the link you get a spreadsheet that opens–you can make a copy or not–if you make a copy you become the person who gets to update your own sheet–if you just use it of course we update the sheet.

We have now added a ‘tab’ which you can find on the bottom of the spreadsheet titled ‘Investment Grade’. You can click this tab and and a list of investment grade issues will appear.

We continue to update credit ratings–it is a big job and we have found that the credit ratings on other sites do get out of date–it is inevitable as it is a big job. We have accounts at S&P and Moodys so we try to use the rating shown from their sites.

If either credit agency has an investment grade on the security we call the issue ‘investment grade’

The spreadsheet is here.

4 thoughts on ““Master List” Updated With Credit Ratings”

  1. oops, in #5, CTL should be CTY. The bond in question is their lowest yielding at 6.125%

  2. Kind of off topic here, on CTY CenturyLink baby bonds:

    1. CTL just slashed their common dividend by ~50%.
    2. These CTY bonds are past call.
    3. The CTL senior debt is their largest single long-term debt liability.
    https://www.sec.gov/Archives/edgar/data/18926/000001892618000029/ctl2018093010q.htm (p25)
    4. CTY is the only one of the 6 CTL bonds past call.
    5. CTL pays the lowest fixed coupon of all their BB and is trading well below par ($23.23/sh).
    6. Management said on conf call no M&A are planned, stock buybacks likely not a high priority.
    7. Management said on conf call reducing debt and simplifying capital structure is highest priority.

    I believe this all points to a call, but I’ve heard it said there’s no call risk for issues trading below par. Why is this? Is it because the issuer can buy up all the bonds on the market below par, thereby saving difference between current trade and par? I assume this is done clandestinely. What if I don’t sell?

    I bought these on 1/24/2019 for $18.70 and they are up almost 25% since then. I don’t want to be greedy, but if they get called in the next few months, I’ll really be in the money. Please share your thoughts, and thanks to all in advance.

  3. Thank you Tim for all the work you do on this site–and share with your readers. Personally, I find the fundamental research you do regularly absolutely mind-numbingly boring and would be lost without this site.

    1. Very helpful, Tim. Thanks. I have been considering the two AllianczGI preferreds, NCZ-A and NCV-A. I believe you would consider them investment grade, even though not rated by Moodys or S&P. There seems to be essentially no difference between the two. NCZ-A currently has a slightly better yield, where NCV-A has a better YTC. Are there other things I should be looking at in deciding between the two?

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