Swiss, Arguing with you cost me money as it takes me away from doing research on some distressed debt issues that I can make money on. And, I get to trade ideas with others that do the same. Here is a post today. LUMN debt has been hit hard. Trying to find value in some of the deserved or undeserved panic selling. Here I don;t have to argue over the definition of "utilized".
"Bot some of the QWEST bonds 6.875% 07/15/2028 912912AQ5 for an account with a little less risk tolerance. Looking at the 2021 10K the Qwest bonds had the same S&P rating for their unsecured as LUMN's secured. Of course, those rating have dropped. Looking forward to the 2022 10K to come out. Also, Embarq bond is of interest. Poorly rated though at Caa2 a Moody's with end of last year two notch downgrade. Probably due to "Our recent digital transformation efforts and continued focus on our fiber-based infrastructure assets have prompted management to reassess and ultimately change the accounting treatment of these indefinite-lived assets to align with our focus on growth products versus our declining copper-based products. As a result, during the first quarter of 2021, we reclassified an indefinite-lived intangible asset to finite-lived intangible asset."
Embarq Corp 7.995% 06/01/2036 29078EAA3 YTM of 18.95%. These bonds were at 125 two years ago. Now 47. Current yield of 16.9%
Moody's doesn't say much but they do say this; "Embarq Corporation is a wholly owned subsidiary of CenturyLink, Inc. Debt issued by Embarq
Corporation is not guaranteed by CenturyLink, Inc., but is structurally senior to CenturyLink, Inc.'s debt instruments. Please see full Credit Opinion posted under CenturyLink, Inc. As debt matures at Embarq, it will either be paid off of refinanced at the CenturyLink level.
That said, I bot more LUMN bonds today myself."
Moving on Swiss.
