baby bond USD
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  1. #1
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    baby bond USD

    Apro questo thread per differenziarlo da quello relativo alle obbligazioni in USD , che ormai è sovraffollato e per mettere in evidenza strumenti poco conosciuti che comunque possono essere una discreta alternativa di diversificazione , sempre nell'ottica di non esagerare con l'esposizione ( gli all-in non li considero nemmeno)

    Qui la definizione di baby bond( spero che tutti capiate l'inglese)


    DEFINITION of Baby Bond
    A baby bond is a fixed income security issued in small dollar denominations, with a par value of less than $1,000. The small denominations enhance the attraction of baby bonds to average retail investor.


    BREAKING DOWN Baby Bond
    Baby bonds are issued mainly by municipalities, counties, and states to fund expensive infrastructure projects and capital expenditures. These tax-exempt municipal bonds are generally structured as zero-coupon bonds with a maturity of between eight and 15 years. The muni bonds are usually rated A or better in the bond market.


    Baby bonds are also issued by businesses as corporate bonds. Corporate issuers of these debt securities include utility companies, investment banks, telecom companies, and business development companies (BDCs) involved in funding small- and mid-sized businesses. The price of the corporate bonds is determined by the issuer’s financial health, credit rating, and available market data for the company. A company that cannot or does not want to issue a large debt offering can issue baby bonds as a way to generate demand and liquidity for the bonds. Another reason that a company may issue baby bonds is to attract small or retail investors who may not have the funds to purchase the standard $1,000 par value bond.

    For example, an entity that wanted to borrow money by issuing $4 million worth of bonds might not garner much interest from institutional investors for such a relatively small issue. In addition, with a $1,000 par value, the issuer will be able to sell only 4,000 bond certificates on the markets. However, if the company issues baby bonds instead for a $400 face value, retail investors will be able to affordably access these securities, and the company will have the capacity to issue 10,000 bonds in the capital markets.

    Baby bonds are typically categorized as unsecured debt, meaning the issuer or borrower does not pledge any collateral to guarantee interest payments and principal repayments in the event of default. Therefore, if the issuer defaults on its payment obligations, baby bondholders would get paid only after the claims of secured debt holders were met. However, following the standard structure of debt instruments, baby bonds are senior to a company’s preferred shares and common stock.

    One feature of baby bonds is that they are callable. A callable bond is one that can be redeemed early, that is, before maturity, by the issuer. When bonds are called, the interest payments also stop being paid by the issuer. To compensate baby bondholders for the risk of calling a bond prior to its maturity date, these bonds have relatively high coupon rates, ranging from around 5 percent to 8 percent.

  2. #2
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    sotto vi espongo un elenco dei piu importanti Baby bond quotati sul NYSE . Attenzione alla data di scadenza , al possibile richiamo .
    Il rating non è sempre correttissimo dunque sarebbe opportuno comunque verificarlo
    Anteprime Allegate Anteprime Allegate baby bond USD-1.jpg  

  3. #3
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    Questi altri che non hanno comunque indicazione di prezzo e rating , ma solo di rendimento
    Immagini Allegate Immagini Allegate baby bond USD-2.jpg 

  4. #4
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    altri..
    Anteprime Allegate Anteprime Allegate baby bond USD-2.jpg  

  5. #5
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    se dovesse interessare a molti vedremo magari di unire il tutto con un file xls aggiornato in tutte le sezioni , anche perchè sono veramente molti quelli in circolazione, tanti senza rating che comunque possono anche essere valutabili

  6. #6
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    eventualmente , aumentando il rischio , può essere una discreta alternativa anche questo unico strumento
    Invesco Preferred Portfolio ETF ( PGX) che investe in baby bond e in preferred shares ( a me non piacciono ma è giusto citarle )
    Anteprime Allegate Anteprime Allegate baby bond USD-1.jpg   baby bond USD-2.jpg   baby bond USD-3.jpg  

  7. #7
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    sotto il dettaglio del suo portafoglio
    Immagini Allegate Immagini Allegate baby bond USD-1.jpg baby bond USD-2.jpg 

  8. #8
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    appena quotata

    Brunswick Corporation: This New 6.375% Baby Bond IPO Is Now Trading On The NYSE
    Mar. 26, 2019 1:25 PM ET|5 comments | About: Brunswick 6.375 % Notes 2019-15.04.49 Global (BC.PC), Includes: BC, BC.PA, BC.PB
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    Summary
    Brunswick Corporation: This New 6.375% Baby Bond IPO Is Now Trading On The NYSE.

    Brief view of the company.

    Comparison with all other baby bonds that pay a fixed rate and have a maturity of between 20 and 40 years.

    Comparison with all investment-grade baby bonds.

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    In this article, we want to present a new Baby Bond issued by Brunswick Corporation (BC).

    Our goal is purely to inform you about the product while refraining ourselves from an investment recommendation. Even though the product may not be of interest to us and our financial objectives, it definitely is worth taking a look at.

    The New Issue
    Before we submerge into our brief analysis, here is a link to the 424B5 Filing by Brunswick Corporation - the prospectus.

    Source: SEC.gov

    For a total of 8M notes issued, the total gross proceeds to the company are $200M. You can find some relevant information about the new baby bond in the table below:

    Source: Author's spreadsheet

    The Brunswick Corporation 6.375% Senior Notes due 2049 (BC.PC) pays a non-qualified interest at a rate of 6.3755%. The new issue bears a "BBB-" Standard & Poor's rating and is callable as of 04/15/2024, maturing on 04/15/2049. BC-C is currently trading a little above its par value at a price of $25.19 and has a 6.27% Yield-to-Call and a 6.35% Yield-to-Maturity. The interest paid by this baby bond is not eligible for the preferential 15% to 20% tax rate. This results in the "qualified equivalent" YTC and YTM sitting around 5.23% and 5.29%, respectively.

  9. #9
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    American Financial Group: This 5.875% Baby Bond Is Now Trading On The NYSE
    Mar. 23, 2019 1:16 AM ET | About: American Financial Group, Inc. (AFG), Includes: AFGE, AFGH
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    Summary
    Overview of American Financial Group's new baby bond - AFGB.

    Brief look at the company.

    Comparison with the sector.

    Comparison with all other baby bonds that pay a fixed rate and have a maturity of between 30 and 50 years.

    Comparison with all investment-grade baby bonds.

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    Introduction
    In this article, we want to present a new Baby Bond issued by American Financial Group (NYSE:AFG).

    Our goal is purely to inform you about the product while refraining ourselves from an investment recommendation. Even though the product may not be of interest to us and our financial objectives, it definitely is worth taking a look at.

    The New Issue
    Before we submerge into our brief analysis, here is a link to the 424B5 Filing by American Financial Group, Inc. - the prospectus (Source: SEC.gov).

    For a total of 5M notes issued, the total gross proceeds to the company are $125M. You can find some relevant information about the new baby bond in the table below:



    Source: Author's spreadsheet

    American Financial Group 5.875% Subordinated Debentures due 2059 (NYSE:AFGB) pay a fixed interest at a rate of 5.875%. The new issue bears a "BBB-" Standard & Poor's rating, is callable as of 03/30/2024 and is maturing on 03/30/2059. AFGB is currently trading close to its par value at a price of $25.10 and has a 5.80% Yield-to-Call and a 5.86% Yield-to-Maturity. The interest paid by this baby bond is not eligible for the preferential 15% to 20% tax rate. This results in the "qualified equivalent" YTC and YTM sitting around 4.88% and 4.84%, respectively.

  10. #10
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    NextEra Energy Capital Holdings: A New 5.65% Baby Bond IPO
    Mar. 22, 2019 11:22 AM ET|28 comments | About: NextEra Energy, Inc. (NEE), Includes: NEE.PI, NEE.PJ, NEE.PK
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    Summary
    Overview of NextEra Energy Capital Holdings' new baby bond - NEE-N.

    Brief look at the company.

    Comparison to the other securities in the NextEra Energy Capital Holdings' capital structure.

    Comparison with all other baby bonds that pay a fixed rate and have a maturity of between 50 and 70 years.

    Comparison with all investment grade baby bonds.

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    Introduction
    In this article, we want to present a new Baby Bond issued by NextEra Energy Capital Holdings, a wholly owned subsidiary of NextEra Energy, Inc. (NEE).

    Our goal is purely to inform you about the product while refraining ourselves from an investment recommendation. Even though the product may not be of interest to us and our financial objectives, it definitely is worth taking a look at.

    The New Issue
    Before we submerge into our brief analysis, here is a link to the 424B2 Filing by NextEra Energy Capital Holdings - the prospectus.

    Source: SEC.gov

    For a total of 24M notes issued, the total gross proceeds to the company are $600M. You can find some relevant information about the new baby bond in the table below:

    Source: Author's spreadsheet

    NextEra Energy Capital Holdings 5.65% Series N Junior Subordinated Debentures due March 1, 2079 (NYSE: NEE-N) pay a fixed interest at a rate of 5.65%. The new issue bears a 'BBB' Standard & Poor's rating, is callable as of 06/15/2024, and is maturing on 03/01/2079. NEE-N is currently trading a little above its par value at a price of $25.20 and has a 5.53% Yield-to-Call and a 5.60% Yield-to-Maturity. The interest paid by this baby bond is not eligible for the preferential 15% to 20% tax rate. This results in the "qualified equivalent" YTC and YTM sitting around 4.61% and 4.67%, respectively.

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