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Subject:  Dillard's Date:  4/26/2011  11:41 AM
Author:  LONGREITS Number:  32757 of 36619

If you do some research on DDS, you'll find they own a ton of real estate and also have a reasonable capital structure. I believe their debt is trading at attractive prices relative to yields elsewhere. Depending on how far out you go on the curve, you can buy 7.75's of '27 for 97.5 or 8.02% CY. If you only go out 7 or 8 years, instead of 17, you'll get 40-50 bps less. Although debentures, this paper has a lot of real estate behind it.

All issues:

I'm not a buyer because I don't buy bonds, but if I did run a diversified bond portfolio, buying up and down the yield curve and credit spectrum, I'd think about picking this up.
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