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No. of Recommendations: 1
ytm,

You wrote, I think this is very unique. Any Tenneco bond holders here?? These bonds were investment grade quality if memory serves correctly. Than Pactiv took over & the credit rating dropped & then Reynolds Group took out Pactiv & credit rating drops yet again.

Today the 2025's 7.95% coupon can be bought in upper $79 handle & if you are selling, will get mid/lower $70's.

The 2027's 8.375% coupon can be bought at $80 handle. THere is also a 2017 float with a whopping 8.125% coupon selling @ $94 handle.

I am a big fan of this product space. Wondering if anyone out here is accumulating and/or also watching these particular bonds. The 2017's look appealing here.


Interesting. I had Tenneco bonds on my short list back in 2009, but never bought. I don't have a great reason for not buying them. I did most of my shopping in the preferred space back then and only purchased a few regular corporate bonds.

I've not been doing much trolling for bonds lately, but I have some cash sitting around. Some of my non-financial preferreds have been called, so something like this might be an attractive diversification. It might be interesting to analyze the trade and maybe pick up a couple.

Thanks,
- Joel
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