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URL:  http://boards.fool.com/ford8217s-bonds-elephant-or-rabbit-30449388.aspx

Subject:  Ford’s Bonds: Elephant or Rabbit? Date:  12/24/2012  11:05 AM
Author:  globalist2013 Number:  34580 of 35838

From time to time, just for practice, I’ll run a scan on a single issuer’s debt. Ford’s bonds looked interesting this morning. So I dumped their offering-list into Excel and did some reformatting. This is the result.

Cpn Due YTM
6.520 03/10/13 0.1%
3.000 06/20/13 0.7%
3.000 07/20/13 0.7%
2.050 09/20/13 1.0%
7.000 10/01/13 1.0%
2.050 10/20/13 0.7%
2.750 11/20/13 0.8%
3.000 12/20/13 1.1%
3.250 12/20/13 1.2%
1.500 12/20/13 0.6%
2.500 02/20/14 0.9%
2.750 03/20/14 1.0%
2.750 03/20/14 1.0%
3.250 05/20/14 1.4%
8.000 06/01/14 1.2%
3.250 06/20/14 1.1%
1.750 08/20/14 0.7%
1.750 09/20/14 1.1%
8.700 10/01/14 1.4%
3.875 01/15/15 1.6%
3.500 03/20/15 0.0%
7.000 04/15/15 1.6%
3.500 04/20/15 1.1%
12.000 05/15/15 1.8%
2.750 05/15/15 1.6%
5.625 09/15/15 1.8%
7.350 09/15/15 2.2%
2.500 01/15/16 1.8%
4.207 04/15/16 2.0%
8.000 12/15/16 2.3%
4.250 02/03/17 2.3%
3.875 02/20/17 0.2%
3.000 06/12/17 2.3%
6.625 08/15/17 2.5%
3.000 08/20/17 3.0%
3.000 08/20/17 2.0%
5.000 05/15/18 2.8%
6.500 08/01/18 3.3%
4.000 02/20/19 1.5%
3.625 05/20/19 2.5%
8.125 01/15/20 3.6%
9.375 03/01/20 4.5%
5.750 02/01/21 3.5%
5.875 08/02/21 3.5%
9.215 09/15/21 4.9%
5.000 11/20/21 1.2%
8.875 01/15/22 4.9%
4.250 09/20/22 3.6%
3.750 11/20/22 3.8%
3.750 11/20/22 3.4%
3.750 12/20/22 3.8%
3.500 12/20/22 3.6%
7.125 11/15/25 5.2%
7.500 08/01/26 5.5%
6.625 02/15/28 5.6%
6.625 10/01/28 5.2%
6.375 02/01/29 5.3%
9.300 03/01/30 5.9%
7.450 07/16/31 5.1%
8.900 01/15/32 6.3%
7.750 06/15/43 6.5%
7.400 11/01/46 5.9%
9.980 02/15/47 6.8%
7.700 05/15/97 6.7%

As you can see, with the tiny exception of the 7.7’s of ’97, their yield-curve is normal, and the 9.98’s of ’47 with their YTM of 6.8% --assuming a commish of a buck per bond-- might even be attractive. However, the next step in running a bond scan (which is to estimate the impact taxes and inflation will have on yields) will quickly dispel that notion. No matter how far out the yield-curve one goes, not a single bond offers a positive return.
  
Cpn Due Adj_YTM
6.520 03/10/13 -9.0%
3.000 06/20/13 -6.0%
3.000 07/20/13 -5.7%
2.050 09/20/13 -5.2%
7.000 10/01/13 -5.5%
2.050 10/20/13 -5.3%
2.750 11/20/13 -5.2%
3.000 12/20/13 -4.9%
3.250 12/20/13 -4.8%
1.500 12/20/13 -5.2%
2.500 02/20/14 -4.9%
2.750 03/20/14 -4.9%
2.750 03/20/14 -4.9%
3.250 05/20/14 -4.4%
8.000 06/01/14 -5.0%
3.250 06/20/14 -4.7%
1.750 08/20/14 -4.8%
1.750 09/20/14 -4.5%
8.700 10/01/14 -4.7%
3.875 01/15/15 -4.2%
3.500 03/20/15 -2.9%
7.000 04/15/15 -4.3%
3.500 04/20/15 -2.8%
12.000 05/15/15 -4.5%
2.750 05/15/15 -4.0%
5.625 09/15/15 -4.1%
7.350 09/15/15 -3.9%
2.500 01/15/16 -3.8%
4.207 04/15/16 -3.8%
8.000 12/15/16 -3.7%
4.250 02/03/17 -3.4%
3.875 02/20/17 -2.3%
3.000 06/12/17 -3.3%
6.625 08/15/17 -3.4%
3.000 08/20/17 -2.8%
3.000 08/20/17 -2.9%
5.000 05/15/18 -3.1%
6.500 08/01/18 -2.7%
4.000 02/20/19 -2.0%
3.625 05/20/19 -2.3%
8.125 01/15/20 -2.6%
9.375 03/01/20 -1.9%
5.750 02/01/21 -2.5%
5.875 08/02/21 -2.5%
9.215 09/15/21 -1.6%
5.000 11/20/21 -1.4%
8.875 01/15/22 -1.5%
4.250 09/20/22 -2.3%
3.750 11/20/22 -2.1%
3.750 11/20/22 -2.2%
3.750 12/20/22 -2.1%
3.500 12/20/22 -2.2%
7.125 11/15/25 -1.2%
7.500 08/01/26 -1.0%
6.625 02/15/28 -0.9%
6.625 10/01/28 -1.2%
6.375 02/01/29 -1.1%
9.300 03/01/30 -0.8%
7.450 07/16/31 -1.3%
8.900 01/15/32 -0.5%
7.750 06/15/43 -0.5%
7.400 11/01/46 -0.9%
9.980 02/15/47 -0.4%