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Durig Fixed Income 2 (FX2) Bond Portfolio: 12-Month Recap

Durig Fixed Income 2 (FX2) Bond Portfolio: 12-Month Recap

On this article we evaluation the efficiency of Durig’s Fastened Revenue 2 (FX2) Portfolio to discover the connection between general efficiency and portfolio composition over a 1-year interval.  Later on this article we offer a brief assessment of all every bond we now have beneficial to our shoppers during the last yr.

The comparatively normal benchmarks proven under are in comparison with the Yr-to-Date (YTD) and Trailing 1 yr, Trailing three yr and Trailing 5 yr returns, offered by the Excessive-Yield Bond Mutual Fund database offered by Morningstar. We estimate that Morningstar tracks the efficiency of and benchmarks near 800 Excessive-Yielding Bond Mutual Funds, and on April 18th, 2018that is how our shoppers aggregated FX2 portfolios in comparison with Morningstar’s high-yield bond fund database.

From our benchmark portfolio evaluation under, it seems that FX2 has significantly outperformed its friends in every of the standardized benchmarks listed above.  See extra of FX2’s efficiency right here.

YTD

Yr-to-Date, aggregated FX2 returns are up 7.03%.

  1. Highland Opportunistic Credit score Z (HNRZX), 5.88% YTD
  2. Highland Opportunistic Credit score A (HNRAX), 5.74% YTD
  3. Highland Opportunistic Credit score C (HNRCX), 5.57% YTD
  • The typical YTD return among the many high-yield bond mutual funds listed was  zero.24%
  • FX2 aggregated yr up to now returns have been 2,829% above the typical YTD return of the high-yield bond mutual funds listed

Trailing 1 Yr

For a Trailing 1 Yr interval, aggregated FX2 returns have been up 15.23%.

  1. DDJ Opportunistic Excessive Yield I (DDJCX), 9.83%
  2. DDJ Opportunistic Excessive Yield Institutional (DDJIX), 9.82%
  3. DDJ Opportunistic Excessive Yield II (DDJRX), 9.46%
  • The typical Trailing 1 Yr return among the many high-yield bond mutual funds listed was four.22%
  • FX2 aggregated Trailing 1 Yr  returns have been 261% above the typical Trailing 1 Yr  return of the high-yield bond mutual funds listed

Trailing three Yr

For a Trailing three Yr interval, aggregated FX2 returns have been up 13.84%.

  1. Artisan Excessive Revenue Advisor (APDFX), 7.31%
  2. Artisan Excessive Revenue Investor (ARTFX), 7.13%
  3. Credit score Suisse Strategic Revenue I (CSOIX), 6.76%
  • The typical Trailing three Yr return among the many high-yield bond mutual funds listed was three.94%
  • FX2 aggregated Trailing three Yr  returns have been 251% above the typical Trailing three Yr  return of the high-yield bond mutual funds listed

Trailing 5 Yr

For a Trailing 5 Yr interval, aggregated FX2 returns have been up 10.29%.

  1. Fairholme Targeted Revenue (FOCIX), eight.16%
  2. Constancy Capital & Revenue (FAGIX), 6.77%
  3. Constancy Advisor Excessive Revenue Benefit I (FAHCX), 6.54%
  • The typical Trailing 5 Yr return among the many high-yield bond mutual funds listed was three.95%
  • FX2 aggregated Trailing 5 Yr  returns have been 160.5% above the typical Trailing 5 Yr  return of the high-yield bond mutual funds listed

Danger/Reward

Not solely are FX2’s complete returns superior to primarily all of our friends, however our beta, alpha, max upside seize & draw back seize ratios are surprisingly strong as nicely, permitting for extra upside participation with considerably decreased draw back seize.  

* See Disclosure at Finish of Article


Over the previous twelve months, Durig Capital has registered excellent leads to its Fastened Revenue 2 (FX2) Managed Revenue Portfolio. This portfolio is comprised of debt devices issued in US dollars in addition to Canadian dollars. In 2017 Durig Capital efficiently targeted on in search of larger yielding bond points from corporations with enhancing monetary metrics. The next is a evaluate of the 39 bond evaluations (from 32 totally different issuers) that have been really helpful to our shoppers throughout 2017, see the entire set of suggestions right here. Every issuer is highlighted, together with a abstract of the really helpful bond and a quick replace on the issuer.

4 of those suggestions (from three totally different issuers) have been debt devices denominated in Canadian dollars. Every abstract that follows lists the issuer, coupon fee, maturity, credit standing, the yields on the time of advice, the acquisition worth, the present worth indication (as a proportion of par), in addition to a quick replace on the issuer.

Not included or calculated is the extra accrued curiosity that’s earned with the issuer’s coupon fee. As of as we speak, there have been no suggestions on this time interval that weren’t acquired, however two had restricted availability. 

*Yield indications on the time of suggestions for addition to particular person portfolios and presently indicated values usually are not introduced as general or yr thus far efficiency averages. Because of our institutional affiliation, we might acquire higher or differing yield/worth executions for our shoppers than is initially indicated in our stories. 


27.5% Intelsat

Issuer: Intelsat Luxembourg SA
Ticker: (NYSE:I)
Coupon: 7.750%
Maturity: 06/01/2021
Score: Ca / CCC-
Pays: Semi-annually
Worth:  59.25
Yield to Maturity: ~27.65%
Date of Assessment: March 9, 2018
Present Worth: 68.6

For the complete yr 2017, Intelsat recorded adjusted EBITDA of $1,665 million, or 77 % of income, elevated by 2 % from $1,651 million, or 75 % of income, for the full-year of 2016.  Full-year 2017 income was $2,149 million. Extra on Intelsat.

17% Legacy Reserves

Issuer: Legacy Reserves LP
Ticker: (NASDAQ:LGCY)
Coupon: eight.zero%
Scores: Caa3 / CC
Maturity: 12/01/2020
Pays:  Semi-annually
Worth: 80.650
Yield to Maturity: ~17.15%
Date of Evaluation: March 7, 2018
Present Worth: 82.65

For This fall 2017, Legacy Reserves generated document quarterly manufacturing of 49,185 Boe/d, a 7% improve relative to Q3’17, and report annual manufacturing of 44,967 Boe/d. As well as, for the complete yr 2017, the corporate generated adjusted EBITDA of $226.2 million for the yr ended December 31, 2017, representing a 45% year-over-year improve. Extra on Legacy Reserves.

25% Hornbeck Offshore

Issuer: Hornbeck Offshore Providers Inc.
Ticker: (NYSE:HOS)
Coupon: 5.875%
Maturity: four/01/2020
Scores: Caa3 / CCC
Pays: Semiannually
Worth:  70.18
Yield to Maturity: ~25.13%
Date of Assessment: March 1, 2018
Present Worth: 66.05

Hornbeck Offshore lately launched it fourth quarter 2017 outcomes. Revenues have been $56.2 million for the fourth quarter of 2017, a rise of $14.three million, or 34.1%, from $41.9 million for the fourth quarter of 2016; and a rise of $2.5 million, or four.7%, from $53.7 million for the third quarter of 2017. Extra on Hornbeck Offshore.

eight% StoneMor Companions

Issuer:  Stonemor Companions
Ticker: (NYSE:STON)
Coupon: 7.875%
Maturity: 6/01/2021
Scores: Caa1 /
Pays: Semiannually
Worth:  99.5
Yield to Maturity: ~eight.05%
Date of Evaluation: February 23, 2018
Present Worth: 100.107

For the third quarter of 2017, StoneMor Companions recorded revenues of $84.zero million, a rise of $three.three million over the prior yr interval. As well as, year-to-date money from operations have been $24.7 million, a rise of $6.2 million over the prior yr interval. Extra on StoneMor Companions.

15% Revlon

Issuer:  Revlon Shopper Merchandise Corp.
Ticker: (NYSE:REV)
Coupon: 5.750%
Maturity: 2/15/2021
Scores: Caa1 / CCC+
Pays: Semiannually
Worth:  78.50
Yield to Maturity: ~14.88%
Date of Assessment: February 9, 2018
Present Worth: 79.54

Revlon continued to speed up the belief of synergies and price reductions on the restructuring and integration of Elizabeth Arden, delivering $69 million of synergies and price reductions for the yr ended December 31, 2017, as in comparison with an anticipated supply of $55 million to $60 million for the yr. Extra on Revlon.

11.25% Alliance One

Issuer: Alliance One Worldwide Inc.
Ticker: (NYSE:AOI)
Bond Coupon: 9.875%
Maturity: 07/15/2021
Score: Caa2 / CCC
Pays: Semi-annually
Worth:  ~96.zero
Yield to Maturity: 11.25 %
Date of Assessment: February 6, 2018
Present Worth: 98.45

For the 9 months ending December 31, 2017, Alliance One gross sales elevated eight.eight% to $1,202.1 million. For a similar interval, gross revenue elevated 14.7% to $171.5 million and gross revenue as a proportion of gross sales improved to 14.three% from 13.5% final yr. Extra on Alliance One.

16% EP Power

Issuer:  Everest Acquisition Finance, LLC
Ticker: N/A
Coupon: 7.750%
Maturity: 09/01/2022
Scores: Caa3 / CCC+
Pays: Semiannually
Worth:  72.05
Yield to Maturity: ~16.71%
Date of Evaluate: February 1, 2018
Present Worth: 69.three

For the complete yr 2017, EP Power had adjusted EBITDAX of $691 million. Additionally, for the yr ended December 31, 2017, common day by day manufacturing was 82.three MBoe/d, together with 46.1 MBbls/d of oil.  Extra on EP Power.

12.79% 99 Cent Solely Shops

Issuer:  99 Cent Solely Shops
Ticker: N/A
Coupon: 11.zero%
Maturity: 12/15/2019
Scores: Caa2 / CCC
Pays: Semiannually
Worth: ~97.zero
Yield to Maturity: ~12.79%
Date of Assessment: January 18, 2018
Present Worth: 99.85

99 Cent Shops just lately posted its outcomes for its FY 2018 third quarter. Internet gross sales elevated to $553.6 million, up 10.7% in comparison with the prior yr Additionally, same-store gross sales elevated by 11.three% in comparison with the prior yr. Extra on 99 Cent Shops.

22% Northern Oil and Fuel

Issuer: Northern Oil and Fuel
Ticker: (NYSE:NOG)
Coupon: eight.00%
Scores: Caa3 / CCC+
Maturity: 06/01/2020
Pays:  Semiannually
Worth: 74.three
Yield to Maturity: ~22.175%
Date of Evaluate: December 20, 2017
Present Worth: 94.5

Northern Oil and Fuel just lately launched its This fall and full yr 2017 outcomes. For This fall, manufacturing elevated 22% yr over yr and 9.three% sequentially to 1,540,237 Boe. Additionally, adjusted EBITDA for the fourth quarter of 2017 was $48.5 million, in comparison with Adjusted EBITDA of $35.1 million for the fourth quarter of 2016. Extra on Northern Oil and Fuel.

9% Chuck E Cheese

Issuer: CEC Leisure Inc.
Ticker: CEC
Coupon: eight.00%
Scores: Caa2 / CCC
Maturity: 02/15/2022
Pays:  Semi-annually
Worth: 96.25
Yield to Maturity: ~9.09%
Date of Evaluation: December 12, 2017
Present Worth: 85.105

For the twelve months ended December 31, 2017, CEC Leisure (the mum or dad firm for Chuck E Cheese), reported internet money from working actions of $104.5 million and adjusted EBITDA of $187.four million. Extra on Chuck E. Cheese.

11.three% Bristow Group

Issuer: Bristow Group
Ticker: (NYSE:BRS)
Coupon: 6.250%
Scores: Caa2 / B-
Maturity: 10/15/2022
Pays:  Semiannually
Worth: 81.38
Yield to Maturity: ~11.31%
Date of Assessment: November 22, 2017
Present Worth: 86.63

Bristow Group lately reported its fiscal 2018 third quarter outcomes for the three months ended December 31, 2017. For the quarter, adjusted EBITDA elevated by 52.6% from $22.9 million in Q3 FY 2017 to $35 million. Complete working revenues for the quarter additionally elevated by 6.5%.  Extra on Bristow Group.

19.75% Legacy Reserves

Issuer: Legacy Reserves LP
Ticker: (NASDAQ:LGCY)
Coupon: eight.zero%
Scores: Caa3 / CC
Maturity: 12/01/2020
Pays:  Semi-annually
Worth: 74
Yield to Maturity: ~19.78%
Date of Evaluation: November 16, 2017
Present Worth: 82.65

For This fall 2017, Legacy Reserves generated report quarterly manufacturing of 49,185 Boe/d, a 7% improve relative to Q3’17, and report annual manufacturing of 44,967 Boe/d. As well as, for the complete yr 2017, the corporate generated adjusted EBITDA of $226.2 million for the yr ended December 31, 2017, representing a 45% year-over-year improve. Extra on Legacy Reserves.

11.four% Entrec Company

Issuer: Entrec Inc.
Ticker: (TSX:ENT)
Worth: $zero.23 CAD (as of 11/14/2017)
Conversion Worth: $1.00 CAD
Coupon: eight.5%
Scores: N/A
Maturity: 06/30/2021
Pays:  Month-to-month
Worth: 91.6
Yield to Maturity: ~11.four%
Date of Evaluate: November 14, 2017
Present Worth: 64.95

Entrec’s 2017 income elevated by 30% to $148.7 million from $114.1 million in 2016.  The corporate’s U.S. progress technique continued to speed up with U.S. income up 216% from 2016. Additionally in 2017, adjusted EBITDA greater than doubled to $11.6 million. Extra on Entrec Company.

7.85% McClatchy Firm

Issuer: McClatchy Firm
Ticker: (NYSE:MNI)
Coupon: 9.00%
Scores: B1 / B
Maturity: 12/15/2022
Pays:  Semi-annually
Worth: 104.75
Yield to Maturity: ~ 7.85%
Date of Assessment: November three, 2017
Present Worth: 104.93

For This fall 2017, the McClatchy Firm lowered 2017 internet debt by $162.eight million to $705.6 million, enhancing firm leverage to four.46X EBITDA. It additionally redeemed $75 million of 9% bonds in January 2018, decreasing secured debt to $365 million. Extra on McClatchy Firm.

17.eight% Denbury Assets

Issuer: Denbury Assets Inc.
Ticker: (NYSE:DNR)
Coupon: 6.375%
Scores: Caa2 / CCC+
Maturity: 08/15/2021
Pays:  Semi-annually
Worth: 69.35
Yield to Maturity: ~ 17.83%
Date of Evaluate: October 31, 2017
Present Worth: 90.41

For the fourth quarter of 2017, Denbury Assets had adjusted internet revenue of $48 million, greater than triple the adjusted internet revenue for third quarter 2017. As well as, money circulate from operations was $124 million, a rise of 89% over third quarter 2017. Extra on Denbury Assets.

9% SuperValu Inc.

Issuer: SuperValu, Inc.
Ticker: (NYSE:SVU)
CUSIP: 868536AW3
Bond Coupon: 7.750%
Maturity: 11/15/2022
Score: B3/B-
Pays: Semiannually
Worth: 94.85
Yield to Maturity: ~9.04%
Date of Assessment: October 20, 2017
Present Worth: 99.78

For the third quarter (three months ended December 2, 2017), SuperValu registered a 31% improve in internet gross sales over the earlier yr’s interval, with internet gross sales totaling $three.9 billion. As well as, the corporate posted internet earnings from operations for the third quarter of $18 million.  Extra on SuperValu.

9.5% Uniti Group

Issuer: Uniti / CSL Capital
Ticker: (NASDAQ:UNIT)
CUSIP: 20341WAD7
Bond Coupon: eight.250%
Maturity: 10/15/2023
Score: Caa1/CCC+
Pays: Semiannually
Worth: 94.475
Yield to Maturity: ~9.48%
Date of Evaluate: October 17, 2017
Present Worth: 97.92

For the complete yr 2017, Uniti registered wholesome will increase in revenues and internet money from working actions. Revenues have been up 19% year-over-year at $916 million. Internet money from working actions additionally elevated from $376 million in 2016 to $405.2 million in 2017. Extra on Uniti.

12.5% Baker Company

Issuer:  BakerCorp Worldwide
Coupon: eight.250%
Maturity: 06/01/2019
Scores: Caa3 / CCC
Pays: Semiannually
Worth: 93.85
Yield to Maturity: ~12.49%
Date of Assessment: October 10, 2017
Present Worth: 97.84

For the three months ended October 31, 2017, complete income was $73.eight million, up eight% from the identical interval in 2016. Extra on Baker Company.

107% Cumulus Media

Issuer: Cumulus Media Holdings, Inc.
Ticker: CMLS
Bond Coupon: 7.750%
Maturity: 05/01/2019
Score: Ca/CC
Pays: Semiannually
Worth: 31.zero
Yield to Maturity: ~107%
Date of Evaluation: September 28, 2017
Present Worth: 17.zero

For the yr ended December 31, 2017, Cumulus reported internet income of $1,135.7 million, a lower of zero.5% from the yr ended December 31, 2016. In November 2017, Cumulus filed voluntary petitions for aid beneath Chapter 11 of the U.S. Code in U.S. Chapter Courtroom.  Extra on Cumulus Media.

eight.1% Males’s Wearhouse

Issuer: Males’s Wearhouse / Tailor-made Manufacturers
Ticker: (NYSE:TLRD)
Coupon: 7.000%
Maturity: 07/01/2022
Scores: B3/CCC+
Pays: Semiannually
Worth: 95.375
Yield to Maturity: ~eight.12%
Date of Evaluation: September 26, 2017
Present Worth: 104.zero

For This fall 2017, complete internet gross sales elevated eight.four% to $859.9 million over This fall 2016. Additionally, Tailor-made Manufacturers, Inc. just lately introduced that it has refinanced its present time period mortgage due June 2021, extending its maturity to April 2025. Extra on Males’s Wearhouse.

16% Jones Power Holdings

Issuer: Jones Power Holdings LLC
Ticker: (NYSE:JONE)
Bond Coupon: 6.750%
Maturity: 04/01/2022
Score: Caa2/NR
Pays: Semiannually
Worth: 71.2
Yield to Maturity: ~15.86%
Date of Evaluation: September 15, 2017
Present Worth: 57.zero

Jones Power registered will increase in complete working revenues for the three month and twelve month durations ending December 31, 2017. For the three months ending December 31, 2017, Jones Power had revenues of $54.four million, a rise of 38% over the earlier yr interval. For the twelve months ending December 31, 2017, Jones power recorded a 48% improve in revenues over 2016 revenues. Extra on Jones Power Holdings.

9.four%  Kindred Healthcare

Issuer: Kindred Healthcare
Ticker: (NYSE: KND)
Bond Coupon: eight.750%
Maturity: 01/15/2023
Scores: B3 / B-
Pays: Semiannually
Worth:  89.three
Yield to Maturity: ~9.four%
Date of Evaluation: September 14, 2017
Present Worth: 107.37

Kindred Healthcare shareholders lately permitted the corporate’s acquisition by TPG Capital, Welsh, Carson, Anderson & Stowe and Humana Inc. The transaction is predicted to be finalized and shut in summer time 2018. Extra on Kindred Healthcare.

7.four% Albertsons

Issuer: Albertsons Corporations LLC
Ticker: ABS
Coupon: 6.625%
Maturity: 6/15/2024
Scores: B3 / B+
Pays: Semiannually
Worth: 95.99
Yield to Maturity: ~7.39%
Date of Evaluation: September 7, 2017
Present Worth: 94.44

In February, Albertsons introduced that it merge with Ceremony Assist. The mixed firm is predicted to generate professional forma 2018 revenues of $83 billion and professional forma EBITDA of $three.7 billion. The built-in firm will function roughly four,900 places, four,350 pharmacy counters, and 320 clinics throughout 38 states and Washington, D.C. Extra on Albertsons.

25% W & T Offshore

Issuer:  W & T Offshore Inc.
Ticker: (NYSE:WTI)
Coupon: eight.50%
Maturity: 06/15/2019
Scores: Ca / CC
Pays: Semiannually
Worth:  76.125
Yield to Maturity: ~25.95%
Date of Evaluate: August 30, 2017
Present Worth: 98.27

W&T Offshore lately launched its 2017 outcomes. The corporate recorded money from working actions for 2017 of $159.four million, a rise of $145.2 million over 2016. Extra on W & T Offshore.

13% Ferrellgas Companions

Issuer: Ferrellgas Companions LP
Ticker: (NYSE:FGP)
Bond Coupon: eight.625%
Maturity: 6/15/2020
Score: Caa2 / CCC+
Pays: Semiannually
Worth: 89.75
Yield to Maturity: ~13.07%
Date of Assessment: August 25, 2017
Present Worth: 93.94

Ferrellgas just lately launched quarterly outcomes for its Q2 fiscal 2018. Internet of non-cash fees, Ferrellgas’ internet earnings elevated 26% over Q2 2017, totaling $47.three million. Extra on Ferrellgas Companions.

14% Jones Power

Issuer: Jones Power Holdings LLC
Ticker: (NYSE:JONE)
Bond Coupon: 6.750%
Maturity: 04/01/2022
Score: Caa2/NR
Pays: Semiannually
Worth: 76.125
Yield to Maturity: ~13.88%
Date of Evaluate: August 17, 2017
Present Worth: 57.zero

Jones Power registered will increase in complete working revenues for the three month and twelve month durations ending December 31, 2017. For the three months ending December 31, 2017, Jones Power had revenues of $54.four million, a rise of 38% over the earlier yr interval. For the twelve months ending December 31, 2017, Jones power recorded a 48% improve in revenues over 2016 revenues. Extra on Jones Power.

9.5% Seitel Inc.

Issuer: Seitel Inc.
Ticker:  N/A
Bond Coupon: 9.500%
Maturity: 04/15/2019
Score: Caa2 / CCC+
Pays: Semiannually
Worth: ~100.5
Yield to Maturity: ~9.50%
Date of Evaluation: July 28, 2017
Present Worth: 100.zero

For the complete yr 2017, Seitel has money move from working actions of $40.four million, in comparison with $30.5 million in 2016, representing a rise of 32.four%. Extra on Seitel Inc.

9.5% Group Well being Techniques

Issuer: Group Well being Methods
Ticker: (NYSE:CYH)
Bond Coupon: 6.875%
Maturity: 02/01/2022
Score: Caa1 / CCC+
Pays: Semiannually
Worth: 91.2
Yield to Maturity: ~9.5%
Date of Assessment: July 25, 2017
Present Worth: 58.1

Group Well being Methods accomplished its divestiture of six hospitals on October 1, 2017, and two hospitals on November 1, 2017, bringing its complete accomplished divestitures throughout 2017 to the beforehand introduced 30 hospitals that had been topic to definitive agreements. Along with the beforehand introduced divestiture of those 30 hospitals, the Firm continues to obtain curiosity from acquirers for sure of its hospitals. Extra on Group Well being Methods.

14% Aurora Diagnostics

Issuer: Aurora Diagnostics
Bond Coupon: 12.250%
Maturity: 01/15/2020
Score: N/A
Pays: Semiannually
Worth: ~95
Yield to Maturity: ~14%
Date of Evaluation: July 21, 2017

Throughout 2017, Aurora Diagnostics expanded its presence by buying 5 further top quality pathology practices. As well as, Aurora has simply accomplished the acquisition of a pathology apply in Portland, Oregon bringing the entire variety of Aurora practices to 32. Extra on Aurora Diagnostics.

eight% LSB Industries

Issuer: LSB Industries Inc.
Ticker: (NYSE:LXU)
Bond Coupon: eight.500%
Maturity: 08/01/2019
Score: Caa1 / CCC
Pays: Semiannually
Worth: 100.50
Yield to Worst: ~7.98%
Date of Evaluation: July 13, 2017
Present Worth: 102.35

For the twelve months ending December 31, 2017, LSB Industries reported EBITDA of $35.four million, as in comparison with a lack of $27.5 million for the prior yr interval.  Extra on LSB Industries.

13.9% Alliance One

Issuer: Alliance One Worldwide, Inc.
Ticker: (NYSE:AOI)
Bond Coupon: 9.875%
Maturity: 07/15/2021
Score: Caa2/CCC
Pays: Semiannually
Worth: 87.875
Yield to Maturity: ~13.92%
Date of Evaluation: July 7, 2017
Present Worth: 98.45

For the 9 months ending December 31, 2017, Alliance One gross sales elevated eight.eight% to $1,202.1 million. For a similar interval, gross revenue elevated 14.7% to $171.5 million and gross revenue as a proportion of gross sales improved to 14.three% from 13.5% final yr. Extra on Alliance One.

20% Legacy Reserves

Issuer: Legacy Reserves LP
Ticker: (NASDAQ:LGCY)
Coupon: eight.zero%
Scores: Caa3 / CC
Maturity: 12/01/2020
Pays: Semiannually
Worth: 71.1
Yield to Maturity: ~20.02%
Date of Assessment: June 21, 2017
Present Worth: 82.65

For This fall 2017, Legacy Reserves generated document quarterly manufacturing of 49,185 Boe/d, a 7% improve relative to Q3’17, and document annual manufacturing of 44,967 Boe/d. As well as, for the complete yr 2017, the corporate generated adjusted EBITDA of $226.2 million for the yr ended December 31, 2017, representing a 45% year-over-year improve. Extra on Legacy Reserves.

12.7% Entrec

Issuer: Entrec Inc.
Ticker: (TSX:ENT)
Worth: $zero.23 CAD (as of 11/14/2017)
Conversion Choice Worth: $1.00 CAD
Coupon: eight.50%
Maturity: 06/30/2021
Scores: N/A
Pays: Month-to-month
Worth: 87.zero
Yield to Maturity: ~12.7%
Date of Assessment: June 16, 2017
Present Worth: 64.95

Entrec’s 2017 income elevated by 30% to $148.7 million from $114.1 million in 2016.   The corporate’s U.S. progress technique continued to speed up with U.S. income up 216% from 2016. Additionally in 2017, adjusted EBITDA greater than doubled to $11.6 million. Extra on Entrec.

16.75% Comstock Assets

Issuer: Comstock Assets, Inc.
Ticker: (NYSE:CRK)
Bond Coupon: 7.750%
Maturity: 04/01/2019
Score: Ca / CCC
Pays: Semiannually
Worth: ~86.5
Yield to Maturity: ~16.75%
Date of Evaluate: June 9, 2017
Present Worth: 97.1

For the complete yr 2017, Comstock Assets registered a rise of 45.three% in complete revenues, rising from $175.7 million in 2016 to $255.three million in 2017. Extra on Comstock Assets.

40.5% Gran Colombia Gold

Issuer: Gran Colombia Gold, Inc.
Ticker: (TSX:GCM.TO)
Worth: $1.44 CAD (06/05/2017)
Conversion Choice Worth: $1.95 USD (roughly ~$2.63 CAD as of June 5, 2017)
Coupon: 1% Money / 2% PIK fee
Maturity: 08/11/2018
Scores: N/A
Pays: Month-to-month
Worth:  63.5
Yield to Maturity: ~40.5%
Date of Assessment: June 9, 2017
Present Worth: 99.68

Gran Colombia’s 2017’s gold manufacturing was up 16% from 2016. Adjusted EBITDA elevated by 14% over 2016 and is nearly double the quantity reported for 2015. 2017 extra money move got here in as anticipated at $16.four million. Extra on Gran Colombia Gold.

14% GNC

Issuer: GNC Holdings
Ticker: (NYSE:GNC)
Worth: $7.27 (as of 5/25/2017)
Conversion Worth: $66.06/share
Coupon: 1.5%
Scores:  N/A
Maturity: 08/15/2020
Pays: Semiannually
Worth:  68.5
Yield to Maturity: ~14.04%
Date of Assessment: Might 26, 2017
Present Worth: 80.10

For the complete yr 2017, GNC generated internet money from working actions of $220.5 million, a 5.9% improve in contrast with the prior yr of $208.2 million. Extra on GNC.

22.four% California Assets Company

Issuer: California Assets Company
Ticker: (NYSE:CRC)
Bond Coupon: 5.5%
Maturity: 09/15/2021
Score: Ca / D
Pays: Semiannually
Worth:  81.zero
Yield to Maturity: ~13.84%
Date of Evaluation: Might 24, 2017
Present Worth: 83.60

Money offered by working actions for the complete yr of 2017 was $248 million. Complete day by day manufacturing volumes averaged 129,000 BOE per day for the complete yr of 2017. Oil volumes averaged 83,000 barrels per day, NGL volumes averaged 16,000 barrels per day, and fuel volumes averaged 182,000 MCF per day. Extra on California Assets Company.

10.04% Avid Know-how

Issuer: Avid Know-how Inc
Ticker: (NASDAQ:AVID)
Worth: $5.33
Conversion Worth: 21.94/share
Coupon: 2.zero%
Scores: N/A
Maturity: 06/15/2020
Pays: Semiannually
Worth:   79.25
Yield to Maturity: ~10.04%
Date of Evaluate: Might 17, 2017
Present Worth: 82.75

For the fourth quarter 2017, Avid’s adjusted free money circulate was $four.eight million, above steerage. This was the fifth consecutive quarter of constructive adjusted free money movement. For the complete yr 2017, adjusted free money stream was up $59 million in comparison with 2016. Extra on Avid Know-how.

11.three% Baker Company

Issuer:  BakerCorp Worldwide
Ticker: N/A
Coupon: eight.250%
Maturity: 06/01/2019
Scores: Caa3 / CCC
Pays: Semiannually
Worth: 94.5
Yield to Maturity: ~11.three%
Date of Evaluation: Might 10, 2017
Present Worth: 97.84

For the three months ended October 31, 2017, complete income was $73.eight million, up eight% from the identical interval in 2016. Extra on Baker Company.

9% Ferrellgas Companions

Issuer: Ferrellgas Companions LP
Ticker: (NYSE:FGP)
Coupon: eight.625%
Maturity: 6/15/2020
Score: B2/B+
Pays: Semiannually
Worth: ~101
Yield to Worst Name: ~eight.zero% (@100 on 6/15/2018)
Yield to Maturity: ~eight.three%
Date of Evaluate: Might three, 2017
Present Worth: 93.94

Ferrellgas just lately launched quarterly outcomes for its Q2 fiscal 2018. Internet of non-cash fees, Ferrellgas’ internet earnings elevated 26% over Q2 2017, totaling $47.three million. Extra on Ferrellgas.

11.5% Syniverse

Issuer:  Syniverse Holdings Inc.
Ticker: (NYSE:SVR)
Bond Coupon: 9.125%
Maturity: 01/15/2019
Scores: Caa3 / CCC+
Pays: Semiannually
Worth:  96.25
Yield to Maturity: ~11.54%
Date of Evaluation: April 19, 2017
Present Worth: 100.707

Adjusted EBITDA elevated $21.7 million, or 7.9%, to $297.2 million for the yr ended December 31, 2017 from $275.5 million for a similar interval in 2016. Extra on Syniverse.

18.6% W&T Offshore

Issuer:  W & T Offshore Inc.
Ticker: (NYSE:WTI)
Bond Coupon: eight.50%
Maturity: 06/15/2019
Scores: Ca / CC
Pays: Semiannually
Yield to Maturity: ~18.5%
Date of Evaluation: April 7, 2017
Present Worth: 98.27

W&T Offshore lately launched its 2017 outcomes. The corporate recorded money from working actions for 2017 of $159.four million, a rise of $145.2 million over 2016. Extra on W&T Offshore.

23% EV Power

Issuer: EV Power Companions LP
Ticker: (NASDAQ:EVEP)
Bond Coupon: eight.zero%
Maturity: four/15/2019
Scores: Caa3/CCC+
Pays: Semiannually
Worth: ~76
Yield to Maturity: ~23.three%
Date of Assessment: April 5, 2017
Present Worth: 46.964

EV Power just lately entered right into a restructuring settlement with its bondholders in addition to lenders of the corporate’s reserve based mostly lending facility. This settlement, when Chapter 11 proceedings have concluded, will end in 95% of the corporate’s fairness being transferred to the bondholders. Extra on EV Power.

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About Durig Capital

Durig Capital offers buyers with a specialised, clear fiduciary service at a really low value. Our FX2 (Discretionary Administration) Portfolio over time has tremendously outperformed our FX1 (Non-discretionary) Portfolio, giving considerably larger (at occasions double) the returns of FX1. Our skilled service allows entry to a broad spectrum of bond, excessive yields, and lower cost factors which might be typically present in much less environment friendly markets, however not evidenced in lots of bond providers.

Most of our shopper accounts are custodied in their very own identify at TD Ameritrade Institutional, a big low cost service supplier that’s SPIC insured, or at Interactive Brokers. We’ve got now began providing our extremely profitable FX2 service to shoppers of different Registered Funding Advisors by way of segregated accounts at TD Ameritrade. Please ask us to find out how this may be just right for you and your present advisor.

We monitor hundreds of bond points and their underlying fundamentals for months, typically years, earlier than discovering any that obtain or surpass the focused standards we’ve discovered to achieve success.  Our essential precedence is to offer the perfect alternatives for our shoppers.  Our bond evaluations are first distributed to our shoppers, then revealed on our web site and our free e-mail publication, and lastly on the Web and distributed to hundreds of potential shoppers and aggressive companies. Bond alternatives is probably not revealed if they’ve very restricted availability or liquidity, or seen as not being in the perfect pursuits of our shoppers. When excessive yielding bonds with enhancing fundamentals are acquired at decrease prices, Durig Capital believes that buyers will respect incomes larger incomes with our superior excessive revenue, low value, fiduciary providers.

Please observe that each one yield and worth indications are proven from the time of our analysis.  Our stories are by no means a suggestion to purchase or promote any safety. We aren’t a dealer/vendor, and studies are meant for distribution to our shoppers. Because of our institutional affiliation, we steadily get hold of higher yield/worth executions for our shoppers than is initially indicated in our reviews.  We welcome inquiries from different advisors which will even be all for our work and the chances of attaining greater yields for retail shoppers.

Disclosure: Bond evaluations are revealed on Looking for Alpha and on Bond-Yields.com. The abstract desk on this evaluate doesn’t mirror any future fluctuations in bond valuations, nor does it embrace the features or losses which have or may finally end result from change price foreign money modifications from buy to redemption. Nevertheless, it does supply a fairly fast snapshot of how our suggestions have been faring since adjusting our choice standards halfway by way of final yr to bond market circumstances and its ensuing volatility.

Disclosure: Previous efficiency is not any assure of future outcomes. FX2 is a composite of particular person (segregated) bond accounts comprised of particular person bond positions, with return averages each greater and decrease than the FX2 composite returns. Particular person (segregated) accounts are a special funding car than bond funds, providing extra simply custom-made asset allocation and tax accountability in comparison with having all of the investments held in a single single giant pool.

All the time placing your pursuits first,

Randy Durig
Registered Funding Advisor
DIR  971-732-5119

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