In this week’s issue, we provide a peek behind the curtain of Porter & Co.’s Distressed Investing advisory, detailing a deeply discounted debt opportunity in a sector that has been left for dead in the post-COVID world.
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Owing to an oversupply of office space, the bond price of this commercial real estate company has declined as if a bankruptcy is likely. In this issue, we will show you why we think the bonds are worth more than that – possibly much more.
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We have found one bond among more than a dozen issued by these two newly merged companies that we consider well very protected from the financial perils that the new company might experience. And because of this, it has an extra high yield, which can lead to extra high profits.
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In the midst of the market tumult and a broken merger, this company’s bonds felt a sharp decline in price. For analyst Martin Fridson this distress has created a very appealing new opportunity.
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This issue features of one of the largest and best-known online education companies in the world. The bonds declined 75% from their highs as the business stagnated in 2023 but now offer good value. As we detail in the analysis, these are speculative bonds with a meaningful chance of gain, a possibility of bankruptcy, and a real chance of loss.
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The issue will feature a prominent U.S. airline whose bonds trade at a steep discount. It’s a company with nearly 25 years of success and an industry-best customer-service record. Plus, we include an equity that provides some downside protection and lots of upside.
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In this issue, we’ll examine one of the few solid internet companies that escaped the dot-com carnage. This online merchandiser has a capital efficient business model and almost 10 years of impressive growth, making this bond a bargain at the right price.
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Bank loans are becoming harder to obtain. Meanwhile, credit ratings on corporate bond issuers are improving. The freight train represented by credit tightening is hurtling down the track, but it hasn’t arrived at the station yet.
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As escalating default and bankruptcy rates make bond investors increasingly risk-averse, we can expect to see a growing number of basically sound companies’ bonds trading at depressed prices. And that means opportunities for distressed debt investors will increase materially over the next year.
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Most investors believe the Fed is done or nearly done with its inflation-fighting interest rate hikes – and so far, no recession is in sight. That means perceived risk will remain subdued in the high yield bond sector… for now.
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