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I've just been using Etrade since zions became impractical. I suppose IB might have the biggest bond desk now?

I'm curious if anyone has even looked at UNIT bonds. Saw two issues listed on Etrade, but none for offer.
(I wound up with shares of UNIT when windstream collapsed, done well with them thanks to call options, and got to looking at their debt issues).
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E*Trade runs a good bond department, and nobody beat their scanner. But their commish schedule (min $10/ticket) is higher than Schwab (min $8/ticket), and Fido or IB (min $1/ticket). (I don't remember what TD charges.)

The downside of buying bonds thru IB is they avoid offering converts or anything with "non-standard" coupon schedules, such as 'step-ups'. The fastest way to get an answer to your question is to call them, or just go to their website and dig through their product descriptions.
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ty

just out of curiosity, did your fishing ventures get shut down in oregon? I was told all recreational fishing got shut down in the whole state of WA.
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Blacktree,

WA shut down fishing quite quickly. When those guys jumped over the border to continue wetting lines, OR responded by stopping sales of out of state licenses, as well as imposing SIP on residents. Pretty much the same thing in MT, CO, etc.

Frankly, I'm not one of them screaming about "civil liberties". I wear a mask when I shop and practice "social distancing" when I bike. In due time, I'll fish again, if not later this summer, then next year.

A
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I agree 100% with masking while shopping, social distancing, etc. We do the same when grocery shopping, and use sanitizer every time we get back in the car, wash hands whenever getting back home, and we are in one of two homes 99% of our time now.

But I'd never expect to you to be in a scene like this ever, covid or no covid:



https://www.fotosearch.com/AKS006/015sp_bt0011_003_m/


I pictured your fishing spots to be more like brad pitt's in A River Runs Through It, where social distancing gets measured by football field lengths.
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Blacktree,

That's "combat fishing" and something I've never seen, though my ex-Alaska neighbor reports he's done a bit of it. These days also, due to a disabling back injury, my days of hiking into deep canyons and wading waters almost no one ever fishes are over. I had wanted to launch a pram and hit the spring crappie bite. But 'shelter-in-place' has kept me home, as has dealing with current markets.

Totally crazy stuff is going on that has turned 'investing' --in the customary sense of that word-- into the worst kind of high-risk gambling. Short-term trading, OTOH, like holding-periods of no more than 13 minutes, is making a lot of sense. The money is good, and the opportunities are plentiful.

But back to your original question about buying small lots of bonds. As you know, there is no 'bond market', but networks of underlying decks that the brokers re-quote from (plus --occasionally-- their own in-house inventory). Each desk sets its own price and purchase mins. But only the lot with the lowest price is quoted NBBO. That might require a min of 10 or 25 or 100, whereas you might want just 2.

However, if you pull the book --aka, the order queue-- you can often find a desk offering a smaller sized lot, albeit at a higher price. Often enough, the price is just pennies more and not an impediment, especially if the broker with the lowest commish will do the trade for you.

You do know that FINRA offers historical bond data, as well as charts of how a bond has traded? Very, very useful for estimating over-bought/over-sold.

Arindam
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