Monroe Capital and QVC Baby Bonds Trading

We have gotten notes from readers that the Monroe Capital 5.75% baby bonds (NASDAQ:MRCCL) and the QVC 6.375% baby bonds (NYSE:QVCD) are now trading.

The issues are trading about where I thought they would trade.  MRCCL is a shorter maturity baby bond and last traded at $24.90, while the long dated issue from QVC is trading weakly at $24.25.

We are unlikely at this time to have an interest in these bonds as the QVC bonds are too long in maturity for us and the MRCCL bonds are slightly light in coupon (although at a lower price we would have an interest because of the 2023 maturity date).

 

5 thoughts on “Monroe Capital and QVC Baby Bonds Trading”

  1. Hi Tim,
    Thanks for your finding these new issues always heads up. I own a small position of MRCC common following Factoids in SA and Rida Morwa. Reasonably safe for the commons. Who is the issuer for QVCD? I can’t seem to find the issuer’s stock symbol.

    All my best to you,

    John

    1. This is QVC Home Shopping network.

      Qurate Retail, Inc. (formerly referred to as the QVC Group) trades on the NASDAQ under the symbols QRTEA and QRTEB. The ticker symbols were changed from QVCA and QVCB as of March 12, 2018.

      I did a QRTEA morningstar lookup and morningstar says:

      Qurate Retail Inc, formerly QVC Group is currently one of Liberty Media’s three tracking stocks. Liberty Interactive shares track the performance of a subset of Liberty Media’s business units, including QVC which generates the majority of the revenue and several small online retailers. It also includes the firm’s minority stakes in Expedia, HSN, Interval Leisure, and Tree.com.

      Morningstar has it as a 17% discount to fair value with high uncertainty

      1. Steve,
        Thanks so much for the intell. Nice yield. I will follow MStar and pass. I picked up another 200 shares of UNMA at par after ex dividend. Insurance could be risky. With Moody IG and SP one notch below and their 10Q, they have other non Catastrophic insurance to result in some free cash. I placed a bid for JPMLL at $24.98 but did not get filled. Changed the order to Good till cancelled at Schwab, hoping to get it filled. Solid Too Big To Fail bank at 5.75%, good enough for me.

        1. Re: UNMA, I’d much rather own SAF at near identical metrics and 7 year maturity. A 40 year maturity is a roach motel with another 100 bp rise. I consider the marginal IG rating as roughly equivalent to the required 200% BDC asset cover. Just my take at this moment, of course.

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