I sold my US Steel (X) bonds at par.
music selection: “All We Are” — Warlock
On 16MAY2019, I bought 8 units of CUSIP 912909AN8 for 87.4850 cents on the dollar. I paid 8 dollars in commissions and 90.28 in accrued interest. This action put 7,097.28 in capital at risk. The bond had a stated coupon rate of 6.2500. I sold today at par (100). I paid 15.75 in commissions and fees and received 4.17 in accrued interest. I collect 1,000 even in coupon payments over the holding period. Total proceeds were 8,988.42. I held the bonds for 670 days. My annualized return is thus 14.52%. That is a good yield for a bond that was always “money good”. I had very limited risk in the trade and beat the long term average for the S&P handily. I am still looking for more discounted bonds to by and have a few good till canceled limit orders open (“stink bids”). The spread on high yield versus the Treasury is abysmal though and there are few attractive opportunities.
Devour your prey raptors!