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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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6 High Yield Bonds Trading Below Par |
Seeking Alpha - Nov. 28, 2011 - By The Financial Lexicon
As U.S. government bond rates continue to decline, investors might be tempted to move some money into lower rated, higher yielding corporate bonds. Listed below are six bonds of companies with relatively heavy exposure to the business cycle. If you are looking to add this type of exposure to your portfolio but are not interested in catching plummeting stock prices, these bonds trading below par might be of interest to you:
Alpha Natural Resources’ (ANR) senior unsecured note (CUSIP: 02076XAC6) maturing 6/1/2021 has a coupon of 6.25% and is asking 93 cents on the dollar (7.284% yield-to-maturity before commissions). The note pays interest semi-annually and has the following call schedule: Prior to June 1, 2016, there is an equity proceeds call of 35% of the principal amount of the notes at 106.25 (please contact your broker or read the Indenture for more details on this). Beginning June 1, 2016, it is callable at the greater of 103.125 or make whole; beginning June 1, 2017, it is callable at the greater of 102.083 or make whole; beginning June 1, 2018, it is callable at the greater of 101.042 or make whole; and beginning June 1, 2019, it is callable at the greater of 100 or make whole.
Moody’s currently rates the note Ba3; S&P rates it BB (non-investment grade ratings). The note was originally offered at a price of 100, and the offer size was $700 million. The offer date was May 18, 2011. It is currently bidding 91.5 (7.518% yield-to-maturity before commissions) and has traded in a range of 93.25 (on 11/23/11) to 99.375 (on 11/15/11) since November 15, 2011. Currently, the 5/15/2021 U.S. Treasury bond (CUSIP: 912828QN3) is yielding 1.982%, which means Alpha Natural Resources’ note is asking 530.2 basis points more than a corresponding Treasury bond.
Arch Coal’s (ACI) senior unsecured note (CUSIP: 039380AC4) maturing 10/1/2020 has a coupon of 7.25% and is asking 99 cents on the dollar (7.404% yield-to-maturity before commissions). The note pays interest semi-annually, has conditional puts for a change of control, and has the following call schedule: Prior to October 1, 2013 there is an equity proceeds call of 35% of the principal amount of the notes at 107.25 (please contact your broker or read the Indenture for more details on this). Thereafter, the call schedule is similar to ANR’s in terms of the structure, whereby the notes are callable at various prices for different time periods before the bond eventually has a call at par beginning October 1, 2018.
Your broker should be able to provide more details on the call schedule. Moody’s currently rates the note B1; S&P rates it B+ (non-investment grade ratings). The bond was originally offered at a price of 100, and the offer size was $500 million. The offer date was August 2, 2010. It is currently bidding 98 (7.562% yield-to-maturity before commissions) and has traded in a range of 98.01 (on 11/22/11) to 104.55 (on 11/17/11) since November 15, 2011. Currently, the 11/15/2020 U.S. Treasury note (CUSIP: 912828PC8) is yielding 1.899%, which means Arch Coal’s note is asking 550.5 basis points more than a corresponding Treasury note.
Fro the complete article.
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Income Security Recommendation January 2013 Issue.
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