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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (36284)12/23/2009 4:47:42 PM
From: MCsweet  Read Replies (1) of 78774
 
The HRP notes (HRPN) recently issued at 20 with a 7.5% coupon are trading at 18.79. This looks to me to be priced cheaply versus other HRP debt, which trades around 7.0% yield.

Note that they are only 10 year maturity and are senior to the preferred, so lower interest-rate and credit risk versus the preferreds at yield-to-maturity that is close.

I am guessing they are cheap because of tax-loss selling.

MC
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