研究推荐以下几个美国High Yield债券（垃圾债）：
1。Ventas Cap Corp
票面年利率 9.0%
到期日5/1/2012
评级 Ba2
最差年殖利率: 7.07%
CUSIP: 92276MAD
2。Reliant Res Inc
票面年利率 9.5%
到期日 7/15/2013
评级 B2
最差年殖利率: 8.99%
CUSIP: 75952BAJ
3。Allis Chalmers Corp
票面年利率 9.0%
到期日 1/15/2014
评级 B3
最差年殖利率: 8.989%
CUSIP: 019645AB
4。Saxon Cap Inc
票面年利率 12.0%
到期日 5/1/2014
评级 B2
最差年殖利率: 11.7%
CUSIP: 80556PAA
8月10日
Issue Recommendation (Media, communication and technology sector)
1. Anixter International Inc. (AXE) 03/01/2015 Sr. Nts
Rating: Ba1
CUSIP 035287AB
Current Price: $91.50
OAS: 240bp
Yield: 7.30%
Offering date: 02/24/2005
Coverage: 2006(YTD) 2005 2004 2003
Total Debt/EBITDA 2.55 3.02 2.64 2.14
EBITDA/Interest Expense 8.85 7.62 11.30 8.75
EBIT/Interest Expense 8.10 6.83 9.92 7.21
Leverage:
Total Debt/Shareholders’ equity 46.0%
AXE is engaged in the distribution of communications and specialty wire and cable products, and fasteners and other small parts.
The company has very strong growth with its second quarter EPS at $1.15, 40% over the consensus. Its EBITDA/Int. increased to 8.85x from 7.62x, a sign of very good credit protection for a Ba1 issue.
The company noted that growth was particularly strong in the electrical and electronic wire & cable market due to strong end-market customer demand, global expansion of the markets served and higher copper prices. I believe this trend will continue for the rest of the year and carry forward into 2007.
2. Flextronics Intl Ltd (FLEX) 6.5% 05/15/2013 Sr. Sub Nts
Rating: Ba2
CUSIP 33938EAJ
Current Price: $97.00
OAS: 211bp
Yield: 7.06%
Offering date: 10/03/2003
FLEX is a Singapore-based company providing electronics manufacturing services (EMS) to original equipment manufacturers (OEMs) in industries, such as computing; mobile; consumer digital; industrial, semiconductor and white goods; automotive, marine and aerospace; infrastructure, and medical. It operates in Asia, Europe and Americas.
FLEX is very successful to use its global presence combining the cheaper labor manufacturing costs it can obtain in Asia and South America with its advanced engineering and supply chain management expertise. This company is a big beneficiary of the booming outsourcing trends in Asia and South America.
FLEX has its current Debt/EBITDA at 2.1x, Cash & short-term investment/Debt at 54% and Net Operating cashflow/Debt at 22.9%. I foresee a stable to positive outlook on its creditworthiness ahead.
回顾一下7月25日推荐的债券的表现，4家债券均为上涨，特别值得一提的是，Saxon Cap Inc 12%的债券在公司将被摩根斯坦利收购的消息刺激下，从买入时的101.25美元上涨至8月10日的125.00美元，将近25%的涨幅在债券市场是极为罕见的。
