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URL:  http://boards.fool.com/looking-for-yield-30297555.aspx

Subject:  Looking for Yield Date:  10/3/2012  1:15 PM
Author:  trader2012 Number:  34439 of 35340

For some investors, maybe most investors, once a week is as much time or interest as they have for investment-research. But I shop the bond-market daily, because that’s my way of keeping up on prices. And even when it becomes obvious that I’m not likely to find anything worth digging into further, I’ll run some scans just to keep in practice. So this is the question I posed to myself:

“Could anything rated as investment-grade be found in today’s market that would offer a real-rate of return after taxes and inflation?”

Assumptions:
(1) The ordinary-income from coupon-payments will be taxed at 25%.
(2) The capital-gains from buying at a discount to par will be taxed at 15%.
(3) The capital-losses from buying at a premium to par will be discounted by 15%. (The loss results in a credit that can be used to reduce the tax that would have to be paid elsewhere in the portfolio on capital-gains.)
(4) The inflation-rate over the holding-period will average 5%. (This is higher than the BLS number, but much closer to, if not an under-estimate of, what householders are actually experiencing.)
(5) Pro-rata bonds were excluded.
(6) Bonds requiring a minimum-purchase of 100 or more were excluded.

As you can see from the left-most column (which is a ‘most-yield-in-least-time’ ranking), very few issuers are offering a real-rate of return. One of them is Genworth, which is now under review for downgrade. Another is SLM, afflicted by news reports of rising student load default-rates. A third is Telefonica Europe, whose 10-bond minimum, long-datedness, and unsettled market environment urge caution. In short, if a bond still rated investment-grade is offering a real-rate of return, you can assume that it isn’t really investment-grade and/or it is only available in institutional sizes.

Constructing such a list isn't a fruitless, because it points toward issuers that might be worthwhile to track while waiting for their prices to fall to more reasonable levels. Also, such a list highlights the interplay between price and coupon over long holding-periods, namely, that 'buying-at-a-premium-to-par' isn't necessarily A Bad Thing. It all depends on what that premium is buying you in terms of your tax-and-inflation-adjusted yield. It's your achieved purchasing-power that matters, not merely the raw price you paid. For sure, I'm as anxious as the next guy or gal to buy as cheaply as possible, and I hate paying premiums. But I also know that the only thing that matters in the game of exchanging present-dollars for futures-dollars is what those future-dollars will buy when stated in present-dollars. Thus, until one runs the math, it cannot be assumed that buying-at-a-premium-to-par is "exchanging elephants for rabbits". It all depends on how the numbers work out in terms of whether purchasing-power is enhanced, preserved, or lost, and modeling those scenarios is simplicity itself in a spreadsheet. Just write the formulas and then 'drop and drag'.

Charlie
------------------------------------------------


Best Mdy SP Cpn Due Adj_YTM Issue
-0.69% Baa3 BBB 6.515 05/22/18 -0.69% Genworth Finl Inc
-0.55% Baa3 BB+ 6.125 06/01/18 -0.55% Arcelormittal Sa
-0.09% Baa3 BB+ 10.100 06/01/19 -0.09% Arcelormittal Sa
Baa2 BBB 8.500 07/15/19 -1.13% Jefferies Group Inc New
Baa2 BBB 5.877 07/15/19 -0.99% Telefonica Emisiones S A U
Ba1 BBB- 8.000 03/25/20 -1.36% Slm Corp
Baa2 - 5.134 04/27/20 -1.03% Telefonica Emisiones S A U
Baa3 BBB 7.700 06/15/20 -0.10% Genworth Finl Inc
Baa3 BB+ 5.500 08/05/20 -0.53% Arcelormittal
Ba3 BBB- 8.250 12/15/20 -1.25% Intl Lease Finance Corp
-0.09% Baa3 BBB 7.200 02/15/21 -0.09% Genworth Financial Inc
Baa2 - 5.462 02/16/21 -0.90% Telefonica Emisiones Sau
Baa2 BB+ 5.500 03/15/21 -0.25% Best Buy Co Inc
Baa2 BBB 6.875 04/15/21 -0.93% Jeffries Group Inc
Baa3 BB 7.625 08/03/21 -0.90% Qwest Cap Fdg Inc
Baa3 BB+ 9.215 09/15/21 -1.46% Ford Mtr Co Del
0.15% Baa3 BBB 7.625 09/24/21 0.15% Genworth Financial Inc
Baa3 BB+ 8.875 01/15/22 -1.47% Ford Mtr Co Del
Ba3 BBB- 8.625 01/15/22 -1.10% Intl Lease Fin Corp
Ba1 BBB- 7.250 01/25/22 -1.08% Slm Corp
Baa3 BB+ 4.750 02/01/22 -1.07% Nustar Logistics L P
Baa3 BB+ 6.500 02/25/22 -0.04% Arcelormittal S A
Ba3 BBB- 5.875 08/15/22 -1.09% Intl Lease Financing Corp
Baa1 BBB 8.625 12/01/23 -1.42% Pemex Proj Fdg Master Tr
Ba1 BBB- 6.200 06/15/24 -0.21% Slm Corporation Ednotes
Ba1 BBB- 8.500 01/15/25 -1.41% Weyerhaeuser Co
Ba1 BBB- 5.625 01/25/25 -0.49% Slm Corp
Ba1 BBB- 7.950 03/15/25 -0.87% Weyerhaeuser Co
Baa1 BBB+ 7.200 06/01/25 -1.36% Ingersoll-Rand Co
Ba1 BBB- 5.550 06/15/25 -0.65% Slm Corporation Ednotes
Ba1 BBB- 5.350 06/15/25 -0.64% Slm Corporation Ednotes
Baa3 BBB 7.500 07/15/25 -1.33% Swiss Bank Corp
Baa3 BBB- 7.250 09/15/25 -1.32% Us West Communications Inc
Baa3 BBB+ 7.250 10/15/25 -1.05% Nationsbank Corp
Baa3 BB+ 7.125 11/15/25 -0.91% Ford Mtr Co Del
Baa3 BB 7.200 12/01/25 -0.81% Century Tel Enterprises Inc
Baa1 - 7.000 02/13/26 -0.98% Sunamerica Inc Mtn Be
Ba1 BBB- 7.700 02/15/26 -0.67% Macmillan Bloedel Ltd
Baa3 BBB- 8.300 04/15/26 -0.39% Fairfax Finl Hldgs Ltd
Ba1 BBB- 6.000 06/15/26 -0.10% Slm Corporation Ednotes
Baa3 BB+ 7.500 08/01/26 -0.82% Ford Mtr Co Del
Baa3 BBB 7.750 09/01/26 -1.31% Swiss Bk Corp N Y Brh
Baa3 BBB+ 6.220 09/15/26 -1.24% Merrill Lynch & Co Inc
Baa3 BBB- 7.500 10/15/26 -1.28% Union Pac Res Group Inc
Ba1 BBB- 6.000 12/15/26 -0.02% Slm Corporation Ednotes
Ba1 BBB- 6.050 12/15/26 0.05% Slm Corporation Ednotes
Baa3 BBB- 7.500 01/15/27 -1.19% Arrow Electrs Inc
Baa1 BBB+ 5.950 01/15/27 -1.11% Goldman Sachs Group Inc
Baa3 BBB- 5.900 02/01/27 -1.10% Alcoa Inc
Baa3 BBB- 7.375 03/01/27 -1.04% Southwest Airls Co
Ba1 BBB- 6.000 03/15/27 -0.33% Slm Corporation Ednotes
Baa3 BBB 7.650 03/15/27 -0.84% Westvaco Corp
Baa3 BBB- 8.050 04/15/27 -1.25% Food Lion Inc
Baa2 BBB 6.450 06/08/27 -0.56% Jefferies Group Inc New
Baa3 BBB- 7.650 06/15/27 -1.09% Hartford Life Inc
Baa3 BBB 7.800 06/15/27 -1.18% Toro Co
Baa3 BBB 6.790 07/15/27 -1.29% Macys Retail Hldgs Inc
- BBB+ 7.200 08/01/27 -0.71% Harcourt Gen Inc
Baa1 BBB 9.500 09/15/27 -0.75% Pemex Proj Fdg Master Tr
Baa3 BBB 7.450 09/15/27 -0.94% Safeway Inc
Ba1 BBB- 6.950 10/01/27 -0.78% Weyerhaeuser Co
Baa3 BBB- 6.750 01/15/28 -0.79% Aluminum Co Amer
Baa3 BB 6.875 01/15/28 -0.31% Century Tel Enterprises Inc
Baa3 BBB+ 6.875 01/15/28 -0.83% Fleet Finl Group Inc New
Baa3 BB+ 6.625 02/15/28 -0.79% Ford Mtr Co Del
Baa3 BBB 7.000 02/15/28 -1.33% Macys Retail Hldgs Inc
Baa3 BBB+ 6.800 03/15/28 -0.79% Nationsbank Corp
Baa2 BBB- 7.250 03/15/28 -0.74% Provident Cos Inc
Baa3 BB+ 6.750 04/01/28 -0.33% Aliant Communications Inc
Baa3 BBB- 7.400 05/01/28 -1.33% Canadian Occidental Pete Ltd
WR BBB- 7.000 06/01/28 -0.79% Global Marine Inc
Ba1 BBB- 5.000 06/15/28 -0.62% Slm Corp Ednotes Book Entry
Baa3 BBB+ 6.700 07/15/28 -0.74% Fleet Finl Group Inc New
Baa3 BB 6.875 07/15/28 -0.37% U S West Capital Funding Inc
Baa1 BBB- 6.875 08/15/28 -1.22% United Utils Plc
Baa3 BBB 6.700 09/15/28 -1.20% Macys Retail Hldg Inc
Baa3 BB+ 6.625 10/01/28 -1.08% Ford Mtr Co Del
Ba1 BBB- 4.700 12/15/28 -0.53% Slm Corp Ednotes Book Entry
Ba1 BBB- 5.000 12/15/28 -0.64% Slm Corp Ednotes Book Entry
Ba1 BBB- 6.100 12/15/28 -0.24% Slm Corp Ednotes Book Entry
Baa2 BBB- 6.750 12/15/28 -0.83% Unum Corp
Baa3 BB+ 6.375 02/01/29 -0.90% Ford Mtr Co Del
Ba1 BBB- 5.750 03/15/29 -0.14% Slm Corp Ednotes Book Entry
Ba1 BBB- 6.000 03/15/29 -0.27% Slm Corporation Ednotes
Ba1 BBB- 5.600 03/15/29 0.07% Slm Corporation
Ba1 BBB- 5.650 03/15/29 -0.01% Slm Corporation Ednotes
Ba1 BBB- 5.700 03/15/29 0.03% Slm Corporation Ednotes
0.17% Ba1 BBB- 5.750 03/15/29 0.17% Slm Corporation Ednotes
Ba1 BBB- 5.700 03/15/29 -0.04% Slm Corporation Ednotes
0.17% Ba1 BBB- 5.700 03/15/29 0.17% Slm Corporation Ednotes
Baa3 BBB- 7.950 04/15/29 -0.75% Union Pac Res Group Inc
Ba1 BBB- 5.500 06/15/29 0.12% Slm Corporation Ednotes
Ba1 BBB- 5.500 06/15/29 0.11% Slm Corporation Ednotes
Ba1 BBB- 5.500 06/15/29 -0.01% Slm Corporation Ednotes
Ba1 BBB- 5.600 06/15/29 0.06% Slm Corporation Ednotes
Ba1 BBB- 5.750 06/15/29 -0.05% Slm Corporation
Ba1 BBB- 5.750 06/15/29 -0.05% Slm Corporation Ednotes
Ba1 BBB- 6.000 06/15/29 -0.06% Slm Corp
Ba1 BBB- 6.000 06/15/29 -0.10% Slm Corporation Ednotes
Ba1 BBB- 6.000 06/15/29 0.03% Slm Corporation Ednotes
Ba1 BBB- 6.250 06/15/29 0.01% Slm Corp
Ba1 BBB- 6.250 06/15/29 0.01% Slm Corp
Ba1 BBB- 6.250 06/15/29 -0.01% Slm Corporation Ednotes
Ba2 BBB- 7.750 08/01/29 -0.03% Masco Corp
Ba1 BBB- 6.250 09/15/29 0.16% Slm Corporation Ednotes
Ba1 BBB- 6.250 09/15/29 -0.03% Slm Corporation Ednotes
Ba1 BBB- 6.250 09/15/29 0.12% Slm Corporation Ednotes
Ba1 BBB- 6.150 09/15/29 0.01% Slm Corporation Ednotes
Ba1 BBB- 6.150 09/15/29 0.11% Slm Corporation Ednotes
Ba1 BBB- 6.000 09/15/29 -0.09% Slm Corporation Ednotes
Ba1 BBB- 6.000 09/15/29 0.14% Slm Corporation Ednotes
Ba1 BBB- 5.900 09/15/29 0.00% Slm Corporation Ednotes
Ba1 BBB- 6.000 09/15/29 -0.08% Slm Corp Ednotes Book Entry
Ba1 BBB- 6.000 09/15/29 0.02% Slm Corporation Ednotes
Ba1 BBB- 6.000 09/15/29 0.02% Slm Corporation Ednotes
Ba1 BBB- 5.850 09/15/29 -0.14% Slm Corporation Ednotes
0.22% Ba1 BBB- 5.850 09/15/29 0.22% Slm Corporation Ednotes
Ba1 BBB- 5.750 09/15/29 0.03% Slm Corporation Ednotes
A3 BBB+ 7.450 10/15/29 -1.25% Electronic Data Sys Corp
Baa3 BBB 7.950 10/26/29 -0.20% Abbey Natl Plc
WR A- 7.850 11/15/29 -1.38% New Jersey Bell Tel Co
Ba1 BBB- 5.750 12/15/29 0.15% Slm Corporation Ednotes
Ba1 BBB- 5.650 12/15/29 0.10% Slm Corporation Ednotes
Ba1 BBB- 5.750 12/15/29 0.12% Slm Corporation Ednotes
Ba1 BBB- 5.650 12/15/29 0.01% Slm Corp Ednotes
Ba1 BBB- 5.700 12/15/29 0.16% Slm Corp Ednotes
Ba1 BBB- 5.600 12/15/29 0.04% Slm Corporation Ednotes
Ba1 BBB- 5.650 12/15/29 0.05% Slm Corporation Ednotes
Ba1 BBB- 5.750 12/15/29 0.04% Slm Corporation Ednotes
Ba1 BBB- 5.750 12/15/29 0.04% Slm Corporation Ednotes
Baa3 BBB 8.200 01/15/30 -1.24% Westvaco Corp
Baa3 BB+ 9.300 03/01/30 -0.78% Ford Holdings Inc
Baa3 BBB 7.875 03/01/30 -1.08% Macys Retail Hldg Inc
Ba1 BBB- 5.750 03/15/30 0.08% Slm Corporation Ednotes
Ba1 BBB- 5.650 03/15/30 0.16% Slm Corporation Ednotes
Ba1 BBB- 5.500 03/15/30 -0.13% Slm Corporation Ednotes
Ba1 BBB- 5.500 03/15/30 -0.08% Slm Corporation Ednotes
Ba1 BBB- 5.500 06/15/30 -0.31% Slm Corporation Ednotes
Ba1 BBB- 5.750 06/15/30 -0.20% Slm Corporation Ednotes
Ba1 BBB- 5.700 06/15/30 0.17% Slm Corporation Ednotes
Ba1 BBB- 5.500 06/15/30 -0.10% Slm Corporation Ednotes
Ba1 BBB- 5.650 06/15/30 -0.14% Slm Corporation Ednotes
Ba1 BBB- 5.500 06/15/30 0.05% Slm Corporation Ednotes
Baa2 BBB 8.750 06/15/30 -1.22% Valero Energy Corp New
Baa2 BBB- 8.500 07/01/30 -0.62% American General Corp
Ba1 BBB- 5.300 09/15/30 -0.06% Slm Corporation Ednotes
Ba1 BBB- 5.650 09/15/30 0.15% Slm Corporation Ednotes
0.38% Baa2 BBB 8.250 09/15/30 0.38% Telefonica Europe B V
A3 BBB+ 8.600 12/15/30 -0.33% Axa Sa
Ba1 BBB- 5.500 12/15/30 -0.08% Slm Corporation Ednotes
Baa3 BBB 7.250 02/01/31 -0.33% Safeway Inc
A3 A- 5.500 02/15/31 -1.28% Goldman Sachs Group
Baa3 BB 7.750 02/15/31 0.19% Qwest Cap Fdg Inc
Baa3 BBB- 7.350 02/15/31 -1.27% Southern Nat Gas Co
Baa3 BBB 7.950 02/15/31 -1.28% Westvaco Corp
Baa3 NR 7.375 03/01/31 -1.26% Hartford Life Inc
Baa3 BBB- 7.500 04/15/31 -1.11% Transocean Inc
Ba1 BBB- 6.000 06/15/31 -0.14% Slm Corporation Ednotes
Ba1 BBB- 6.000 06/15/31 -0.10% Slm Corporation Ednotes
Baa3 BBB- 7.750 06/15/31 -1.12% Williams Cos Inc Del
Baa3 BB+ 7.450 07/16/31 -1.15% Ford Mtr Co Del
Baa2 BBB 8.400 08/15/31 -1.03% Motorola Solutions Inc
Ba1 BBB- 6.350 09/15/31 -0.14% Slm Corporation Ednotes
Ba1 BBB- 6.400 09/15/31 0.03% Slm Corporation Ednotes
Ba1 BBB- 6.500 09/15/31 -0.07% Slm Corporation Ednotes
Ba1 BBB- 6.450 09/15/31 0.03% Slm Corporation Ednotes
Ba1 BBB- 6.350 09/15/31 0.08% Slm Corporation Ednotes
Ba1 BBB- 6.300 09/15/31 0.06% Slm Corporation Ednotes
Baa2 BBB 7.375 11/01/31 -1.30% Alberta Energy Ltd
A3 A- 5.750 11/15/31 -1.29% Goldman Sachs Grp Inc
Ba1 BBB- 6.100 12/15/31 0.04% Slm Corporation Ednotes
Ba1 BBB- 6.000 12/15/31 -0.06% Slm Corporation Ednotes
Ba1 BBB- 6.150 12/15/31 0.04% Slm Corporation Ednotes
Ba1 BBB- 6.200 12/15/31 0.04% Slm Corporation Ednotes
Ba1 BBB- 6.000 12/15/31 -0.19% Slm Corporation Ednotes
Ba1 BBB- 5.850 12/15/31 -0.22% Slm Corporation Ednotes
Ba1 BBB- 6.000 12/15/31 0.07% Slm Corporation Ednotes
Baa3 BB+ 8.900 01/15/32 -0.62% Ford Mtr Co Del
Baa3 BBB 6.900 01/15/32 -1.32% Macys Retail Hldg Inc
Baa2 BBB 6.750 02/15/32 -1.27% Duke Cap Corp
Baa3 BB+ 9.950 02/15/32 -0.79% Ford Mtr Co Del
A3 A- 5.500 03/15/32 -1.23% Goldman Sachs Grp Inc Mtn Be
A3 A- 5.500 03/15/32 -1.27% Goldman Sachs Group
Baa2 BBB 7.750 03/15/32 -1.39% Kinder Morgan Energy Partners
Ba1 BBB- 5.800 03/15/32 0.05% Slm Corporation Ednotes
Ba1 BBB- 5.650 03/15/32 -0.30% Slm Corporation Ednotes
Ba1 BBB- 5.700 03/15/32 0.09% Slm Corporation Ednotes
Ba1 BBB- 5.800 03/15/32 -0.14% Slm Corporation Ednotes
Ba1 BBB- 5.800 03/15/32 -0.10% Slm Corporation Ednotes
Ba1 BBB- 5.850 03/15/32 0.08% Slm Corporation Ednotes
Ba1 BBB- 7.375 03/15/32 -0.89% Weyerhaeuser Co
Baa3 BBB- 8.750 03/15/32 -1.12% Williams Cos Inc Del
Baa1 A- 7.250 04/01/32 -1.11% Morgan Stanley
Baa2 BBB 7.500 04/15/32 -1.26% Valero Energy Corp New
Baa2 A- 7.000 05/01/32 -1.30% Oncor Elec Delivery Co
A3 A- 7.625 05/17/32 -1.08% Hsbc Holdings
Baa3 BBB+ 6.625 06/15/32 -1.05% Citigroup Inc
A3 A- 5.850 06/15/32 -1.30% Goldman Sachs Grp Inc Mtn Be
Ba1 BBB- 5.850 06/15/32 -0.26% Slm Corporation Ednotes
Ba1 BBB- 5.750 06/15/32 -0.02% Slm Corporation Ednotes
Baa2 BBB- 7.375 06/15/32 -0.50% Unum Group
Ba2 BBB- 6.500 08/15/32 -0.43% Masco Corp
Baa2 A- 7.200 09/15/32 -1.12% Inco Ltd
Baa1 - 5.804 10/25/32 0.25% Lombardy Region
Baa2 BBB 6.125 11/01/32 -1.09% Hillshire Brands Co
Baa3 BBB 6.800 11/15/32 -0.82% Meadwestvaco Corp
A3 A- 7.350 11/27/32 -1.09% Hsbc Hldgs Plc
Baa1 A 7.350 11/27/32 -0.99% Household Fin Corp
Baa2 BBB 8.300 01/15/33 -0.94% Cigna Corporation
Baa2 A- 7.250 01/15/33 -1.36% Oncor Elec Delivery Co
A3 A- 6.125 02/15/33 -1.30% Goldman Sachs Group Inc
Baa3 BBB+ 5.875 02/22/33 -1.07% Citigroup Inc
Baa3 BB+ 6.350 03/15/33 -0.54% Comed Fing Iii
Baa1 BBB+ 6.550 03/15/33 -1.28% News Amer Inc
A3 A- 5.500 06/15/33 -1.28% Goldman Sachs Grp Inc
- BBB+ 5.700 06/15/33 -0.87% Select Nts Tr
- BBB+ 5.780 06/15/33 -1.20% Select Nts Tr
A3 A- 5.500 07/01/33 -1.17% Science Applications
Ba1 BBB- 5.625 08/01/33 -0.56% Slm Corp
Baa1 BBB+ 6.750 09/15/33 -0.54% Energy East Corp
Baa3 BBB+ 6.000 10/31/33 -1.08% Citigroup Inc
Baa2 BBB 6.375 11/15/33 0.14% Telecom Italia Cap
Baa2 BBB- 6.700 12/15/33 -0.39% United States Cellular Corp
Ba1 BBB- 6.875 12/15/33 -1.08% Weyerhaeuser Co
Baa2 A- 8.250 01/17/34 -1.08% Vale Overseas Ltd
Baa2 BBB 6.750 02/15/34 -0.85% Assurant Inc
A3 A- 5.500 03/15/34 -1.21% Goldman Sachs Grp Inc
A3 A- 7.350 05/01/34 -1.34% Arch Cap Group Ltd
Baa3 BBB- 6.700 05/01/34 -0.62% Cnf Transn Inc
A3 A- 7.000 06/01/34 -0.47% Assured Gty Us Hldgs Inc
Baa3 BBB 6.500 06/15/34 0.01% Genworth Finl Inc
Baa1 BBB+ 7.000 07/15/34 -0.57% Endurance Specialty Hldgs Ltd
Baa3 BBB 6.700 07/15/34 -1.28% Macys Retail Hldg Inc
Baa1 BBB+ 8.450 08/01/34 -1.33% News Amer Hldgs Inc
Baa2 BBB 6.500 08/15/34 -1.35% Encana Corp
Baa2 BBB 7.350 08/15/34 -1.13% Markel Corp
Baa2 BBB 6.000 09/30/34 -0.06% Telecom Italia Cap
A3 A- 5.500 02/15/35 -1.20% Goldman Sachs Grp Inc Mtn Be
A3 A- 5.500 06/15/35 -1.18% Goldman Sachs Grp Inc
Baa2 BBB- 5.800 07/01/35 -1.14% Empire Dist Elec Co
Baa2 BBB 7.500 07/27/35 -1.05% Southern Copper Corp
Baa2 BBB 6.000 08/15/35 -1.26% Darden Restaurants Inc
Baa3 BBB 7.400 09/15/35 -1.11% Browning Ferris Inds
Baa2 BBB 6.125 10/01/35 -1.00% Teck Resources Ltd
Baa1 BBB+ 6.450 10/15/35 -1.33% Placer Dome Inc
Baa3 BBB- 7.250 10/15/35 -0.13% Us West Communications Inc
Baa2 BBB 6.250 01/15/36 -0.47% Jefferies Group Inc New
Baa2 A- 6.150 04/07/36 -1.30% Lincoln Natl Corp Ind
Baa1 BBB+ 6.450 05/01/36 -0.62% Goldman Sachs Group Inc
A3 A- 6.500 05/02/36 -1.31% Hsbc Hldgs Plc
A3 A- 5.750 05/15/36 -1.22% Goldman Sachs Grp Inc Mtn Be
Baa3 BB 7.995 06/01/36 -0.05% Embarq Corp
Baa2 BBB 7.045 06/20/36 0.11% Telefonica Emisiones S A U
Baa1 BBB+ 6.750 07/15/36 -0.52% Energy East Corp
Baa2 BBB 7.200 07/18/36 0.18% Telecom Italia Cap
Baa2 BBB 6.500 08/01/36 -0.91% Weatherford Intl Ltd
Baa3 BBB+ 6.125 08/25/36 -1.10% Citigroup Inc
Baa3 BBB 5.950 10/15/36 -1.21% Hartford Finl Svcs Group Inc
Baa1 BBB+ 8.150 10/17/36 -1.14% News Amer Hldgs Inc
Baa3 BBB 6.850 11/15/36 -0.58% Reliance Steel & Aluminum Co
A3 A- 6.200 11/17/36 -1.26% Western Un Co
Baa2 A- 6.875 11/21/36 -1.13% Vale Overseas Ltd
Ba1 BBB- 7.000 12/01/36 -0.60% Owens Corning New
Baa3 BBB+ 6.110 01/29/37 -0.97% Merrill Lynch & Co Inc
Baa3 BBB- 5.950 02/01/37 -0.74% Alcoa Inc
Baa2 BBB+ 6.250 02/15/37 -1.32% Berkley W R Corp
A3 A- 5.750 02/15/37 -1.12% Goldman Sachs Group
Ba1 BBB- 6.000 03/15/37 -0.06% Slm Corp Ednotes Book Entry
Ba1 BBB- 6.000 03/15/37 -0.04% Slm Corporation Ednotes
Ba1 BBB- 6.000 03/15/37 -0.35% Slm Corporation Ednotes
Ba1 BBB 6.250 05/01/37 -0.54% Martin Marietta Matls Inc
A3 A- 5.500 05/15/37 -1.15% Goldman Sachs Grp Inc Mtn Be
Baa3 BBB- 6.850 06/15/37 -1.09% Colorado Intst Gas Co
Baa3 BBB- 7.250 06/15/37 -1.28% Reynolds American Inc
Baa2 BBB 6.625 06/15/37 -1.35% Valero Energy Corp New
Baa2 BBB 6.800 06/15/37 -0.69% Weatherford Intl Inc
Ba3 BBB- 6.450 06/26/37 -0.48% Regions Bk Birmingham Ala
Baa3 BBB- 7.750 07/15/37 -0.27% Fairfax Finl Hldgs Ltd
Baa3 BBB+ 6.500 09/15/37 -0.97% Bank Of America Corporation
A3 A- 6.500 09/15/37 -1.32% Hsbc Hldgs Plc
Baa1 BBB+ 6.750 10/01/37 -0.64% Goldman Sachs Group Inc
Baa2 A- 6.300 10/09/37 -1.32% Lincoln Natl Corp Ind
Baa2 BBB 6.850 10/15/37 -1.36% Oneok Partners Lp
A3 A- 5.500 11/15/37 -1.16% Goldman Sachs Grp Inc Mtn Be
Baa2 BBB 6.625 11/15/37 -1.33% Motorola Solutions Inc
Baa3 - 6.650 12/15/37 -0.97% Champion Intl Corp
WR A- 5.950 01/15/38 -1.21% Ameritech Cap Funding Corp
Baa3 BBB+ 6.050 02/15/38 -1.10% Bank Amer Corp Sub Intnts Be
A3 A- 5.750 02/15/38 -1.13% Goldman Sachs Grp Inc Mtn Be
Baa2 BBB- 8.250 03/01/38 -1.35% Fifth Third Bank
Baa2 BBB 7.500 03/15/38 -1.38% El Paso Elec Co
Baa3 BBB- 6.800 03/15/38 -1.25% Transocean Inc
Baa2 BBB 7.000 03/15/38 -0.72% Weatherford Intl Ltd
Baa2 BBB 7.500 04/15/38 -1.32% Enbridge Energy Partners L P
Baa2 BBB 7.550 04/15/38 -1.40% Enterprise Prods Oper Llc
WR BBB 7.550 04/15/38 -1.13% Teppco Partners L P
Baa3 BBB+ 7.750 05/14/38 -0.99% Merrill Lynch & Co Inc
A3 A- 6.800 06/01/38 -1.32% Hsbc Hldgs Plc
Baa1 BBB+ 6.750 06/01/38 -1.26% Veolia Environnement
Baa2 BBB 7.721 06/04/38 0.30% Telecom Italia Cap
Baa3 BBB 8.700 06/15/38 -1.13% Intl Paper Co
Baa3 BBB- 7.500 07/01/38 -0.88% Energy Transfer Prtnrs L P
Baa2 A- 7.500 09/01/38 -1.39% Oncor Elec Delivery Co Llc
Baa1 BBB 10.200 02/06/39 -1.43% Altria Group Inc
Baa1 BBB+ 7.850 03/01/39 -1.35% News Amer Inc
Baa2 BBB 9.875 03/01/39 -0.75% Weatherford Intl Ltd
A3 A- 5.500 03/15/39 -1.21% Goldman Sachs Group
Baa2 BBB 10.500 03/15/39 -0.87% Valero Energy Corp New
A3 A- 5.750 05/15/39 -1.12% Goldman Sachs Grp Inc Mtn Be
Baa3 BBB- 7.950 06/15/39 -1.42% Anadarko Pete Corp
Baa3 BBB- 6.800 08/15/39 -0.74% Firstenergy Solutions Corp
Baa3 BBB- 6.625 08/15/39 -0.66% Ralcorp Hldgs Inc New
Baa3 BB 7.600 09/15/39 0.13% Century Link
Baa1 BBB 6.250 10/01/39 -1.28% Exelon Generation Co Llc
Baa2 A- 8.450 10/15/39 -0.68% Protective Life Corp
Baa2 A- 6.875 11/10/39 -1.15% Vale Overseas Ltd
Baa1 BBB+ 8.000 11/30/39 -0.89% Transatlantic Holdings
Baa2 BBB+ 8.875 01/26/40 -0.36% Validus Holdings Ltd
Baa2 BBB 6.850 02/15/40 -0.94% Sunoco Logistics Partners
Baa3 BBB- 6.500 03/15/40 -0.68% Transalta Corp
Baa3 BBB 6.625 03/30/40 -1.33% Hartford Finl Svcs Group Inc
Baa2 BBB- 6.500 04/15/40 -0.56% Anglogold Ashanti Hldgs Fin Pl
Baa2 BBB 6.750 04/16/40 -1.07% Southern Copper Corp
Baa2 BBB- 8.125 05/01/40 -1.01% Lorillard Tob Co
A3 A- 5.750 06/15/40 -1.19% Goldman Sachs Grp Inc
Baa2 A- 7.000 06/15/40 -1.39% Lincoln Natl Corp Ind
Baa1 BBB+ 6.200 08/01/40 -1.29% Noble Holding Intl Ltd
A3 A- 5.500 08/15/40 -1.22% Goldman Sachs Grp Inc
Baa2 BBB 6.000 08/15/40 -1.10% Teck Resources Limited
Baa3 BBB+ 5.600 09/15/40 -1.30% Hospira Inc
Baa2 BBB 6.750 09/15/40 -0.90% Weatherford Intl Ltd Bermuda
Baa3 BBB- 6.250 10/01/40 -0.54% Cliffs Natural Resources Inc
Baa3 BBB- 5.700 10/01/40 -0.49% Delhaize Group Sa
A3 A- 5.950 12/01/40 -1.20% Saic Inc
A3 A- 5.500 12/15/40 -1.22% Goldman Sachs Grp Inc Mtn Be
A3 A- 6.250 02/01/41 -1.34% Goldman Sachs Grp Inc
Baa2 BBB 6.375 03/01/41 -1.30% Directtv/Hldg/Fin Inc
A3 A- 6.000 03/15/41 -1.09% Goldman Sachs Grp Inc
A3 A- 6.000 03/15/41 -1.09% Goldman Sachs Grp Inc
A3 A- 6.000 03/15/41 -1.09% Goldman Sachs Group
Baa2 BBB- 6.500 03/15/41 -1.21% Health Care Reit Inc
Baa2 BBB 5.950 03/15/41 -1.27% Juniper Networks Inc
A3 A- 5.750 05/15/41 -1.18% Goldman Sachs Group Inc
A3 A- 5.700 05/15/41 -1.17% Goldman Sachs Group
A3 A- 5.750 06/15/41 -1.17% Goldman Sachs Grp Inc
A3 A- 5.850 06/15/41 -1.17% Goldman Sachs Grp Inc
A3 A- 5.750 07/15/41 -1.16% Goldman Sachs Grp Inc
Baa2 BBB 6.250 07/15/41 -1.03% Teck Resources Ltd
Baa2 BBB- 7.000 08/04/41 -1.02% Lorillard Tobacco Co
A3 A- 5.750 08/15/41 -1.14% Goldman Sachs Grp Inc
Baa3 - 6.875 09/01/41 -0.36% Kinross Gold Corp
A3 A- 6.000 09/15/41 -1.11% Goldman Sachs Grp Inc
A3 A- 5.750 09/15/41 -1.13% Goldman Sachs Grp Inc
A3 BBB+ 6.000 09/15/41 -1.04% Hewlett Packard Co
Baa1 BBB 5.750 10/01/41 -1.33% Exelon Generation Co Llc
Baa3 BBB 6.100 10/01/41 -1.27% Hartford Finl Svcs Group Inc
Baa3 BBB- 7.350 12/15/41 -1.29% Transocean Inc
Baa3 BBB- 6.500 02/01/42 -1.22% Energy Transfer Partners Lp
Baa2 BBB 5.200 03/01/42 -1.10% Teck Resources Ltd
Baa3 BB 7.650 03/15/42 0.08% Centurylink Inc
Baa3 BBB 6.625 04/15/42 -1.39% Hartford Finl Svcs Group Inc Del
- BBB 5.950 04/15/42 -1.10% Weatherfor Intl Ltd
Baa1 A- 6.375 07/24/42 -1.02% Morgan Stanley
Baa2 BBB- 5.750 08/15/42 -1.18% Unum Group
Baa3 BBB- 6.250 09/01/42 -0.93% Domtar Corp
Baa2 A- 5.625 09/11/42 -1.17% Vale S A
Baa2 BBB 5.400 02/01/43 -1.01% Teck Resources Ltd
Baa3 BB+ 7.750 06/15/43 -0.46% Ford Mtr Co Del
WR A- 5.850 11/15/45 -1.20% Bellsouth Telecom
Baa1 BBB+ 6.950 12/01/45 -1.38% Johnson Ctls Inc
Baa1 BBB+ 7.750 12/01/45 -1.32% News Amer Hldgs Inc
Baa3 BB+ 7.400 11/01/46 -0.83% Ford Mtr Co Del
Baa3 BB+ 9.980 02/15/47 -0.33% Ford Mtr Co Del
Baa3 BBB 7.550 03/01/47 -0.68% Mead Corp
A3 AA 5.400 12/15/47 -1.35% Belvoir Ld Llc
WR A- 7.000 12/01/95 -1.55% Bellsouth Telecom
Baa1 BBB+ 7.900 12/01/95 -1.43% News Amer Hldgs Inc
Baa3 BBB- 7.730 09/15/96 -1.37% Anadarko Pete Corp
Baa3 BBB 7.750 10/01/96 -1.32% Union Carbide Corp
Baa3 BBB- 7.250 11/15/96 -1.47% Anadarko Pete Corp
Baa3 BB+ 7.700 05/15/97 -1.24% Ford Mtr Co Del
WR A- 7.120 07/15/97 -1.58% Bellsouth Cap Fdg Corp
Baa1 A- 5.600 07/31/97 -1.50% Sunamerica Inc
Baa2 BBB 5.220 10/01/97 -1.58% Motorola Solutions Inc
Baa2 A- 6.875 02/15/98 -1.46% Citigroup Inc
Baa1 A 5.650 03/01/98 -1.68% Cummins Inc

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