Monthly Eagle Point Credit Update

The monthly Eagle Point Credit Company (NYSE:ECC) update is out for periods up to 3/31/2019.

Of course ECC has 2 term preferreds and 2 baby bonds outstanding which is why we post these updates. The outstanding issues have all traded fairly strongly–you can see the outstanding issues here.

Recall that ECC is a holder of CLOs (collateralized loan obligations) and holds pieces of debt of over 1500 unique issuers.

The monthly update can be seen here.

Disclosure–we hold positions in the term preferreds.

4 thoughts on “Monthly Eagle Point Credit Update”

  1. Tim, I’m sorry I had to put this idea here but didn’t know where to share it:
    The (X) US Steel 6,25% due 3/15/26 are trading at a nice $90.57 discount YTM 8.05% not callable until 3/15/21 @ 103.12
    http://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C746421&symbol=X4610547
    Company does about $14.2 +/- in revenue, is profitable $1.12 billion, EBITDA of $1.47 billion, debt of $2.38 billion, $1 billion in cash, price to book 0.70, price to sales 0.20(!), over 17%+ quarterly revenue growth, the equity has been destroyed -53% the last 52 weeks…
    Please, please, PLEASE do your own due diligence before investing and only invest money that you can risk and sleep well at night. This IS a junk steel bond!
    The stock market is filled with individuals who know the price of everything, but the value of nothing.
    Hope everyone is having a memorable weekend, Nomad

    1. Nomadicmist:
      Suggest your comment should be placed in ‘ reader initiated alerts ‘ where we look for new ideas. Thanks

      1. Thank you for the clarification and suggestion Howard.
        Hope you are having a great weekend, Nomad

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