In recent weeks, numerous companies have issued brand new debt with maturities ranging from just a couple of years all the way out to 30 years. For readers who don’t have easy access to up-to-date bond information, I’d like to share a selection of the recently-issued intermediate-term notes now trading on the secondary market.
Each of the corporate bonds that follow have 10-year maturities and began trading in March. Currently, yields range from 3.845% to 5.086%.
Tesoro Corporation’s senior unsecured notes (CUSIP: 881609BA8) maturing April 1, 2024 have a coupon of 5.125% and wererecently asking 100.248 (5.086% yield-to-worst before commissions). The notes pay interest semiannually, have a conditional put for a change of control, a conditional call (see prospectus), and an additional multifaceted call schedule as follows:
- Make whole call until March 31, 2019
- April 1, 2019 to March 31, 2020 at 102.563
- April 1, 2020 to March 31, 2021 at 101.708
- April 1, 2021 to March 31, 2022 at 100.854
- April 1, 2022 until maturity at 100
Moody’s currently rates the notesBa2; S&P rates them BB+. The prospectus can be found here.
Quest Diagnostics’ senior unsecured notes (CUSIP: 74834LAV2) maturing April 1, 2024 have a coupon of 4.25% and were recently asking 99.537 (4.307% yield-to-worst before commissions). The notes pay interest semiannually, have a conditional put for a change of control, a make whole call until December 31, 2023, and are callable at par beginning January 1, 2024. Moody’s currently rates the notes Baa2; S&P rates them BBB+. The prospectus supplement can be found here.
PPL Capital Funding’ssenior unsecured notes (CUSIP: 69352PAK9) maturingMarch 15, 2024 have a coupon of 3.95% and were recently asking 100.846 (3.845% yield-to-worst before commissions). The notes are “fully and unconditionally guaranteed” by PPL Corporation, pay interest semiannually, and have the following call schedule: From March 15, 2016 to December 14, 2023, the notes have a make whole call. On or after December 15, 2023, the notes are callable at par. Moody’s currently rates the notes Baa3; S&P rates them BBB-. The prospectus supplement can be found here.
Verizon Communications’senior unsecured notes (CUSIP:92343VBY9) maturingMarch 15, 2024 have a coupon of 4.15% and were recently asking 101.16 (4.005% yield-to-worst before commissions). The notes pay interest semiannually, have a make whole call until December 14, 2023, and are callable at par on or after December 15, 2023. Moody’s currently rates the notes Baa1; S&P rates them BBB+. The prospectus supplement can be found here.
Viacom’s senior unsecured notes (CUSIP: 92553PAX0) maturingApril 1, 2024 have a coupon of 3.875% and were recently asking 99.503 (3.935% yield-to-worst before commissions). The notes pay interest semiannually, have a conditional put for a change of control, a make whole call until December 31, 2023, and are callable at par on or after January 1, 2024. Moody’s currently rates the notes Baa2; S&P rates them BBB. The prospectus supplement can be found here.
This article is for informational purposes only and is not meant to serve as a recommendation to purchase any of the notes mentioned in the article. Only you can decide if the risks of purchasing and owning any particular corporate bond is appropriate for your portfolio.
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