A few bonds I find interesting right now

I’m a weirdo who likes to research bonds in my spare time, here are a few fun ones I’ve found this week. 

Concentrix Corporation [cusip: 20602DAC5]

Coupon: 6.85

Yield: ~6.64

YTW: ~6.35

To me $CNXC appears to have steady rising revenues, with a manageable debt load indicated by a quick ratio over 1.  The bond itself isn’t call protected but also isn’t callable until May 2033.  I haven’t dug too much further into the company itself, and there is a moodys report available I haven’t read yet so for now this will stay on my watchlist.

JP Morgan Chase [cusip: 48130CE35]

New Issue

Coupon: 6.00

It’s technically a 25 yr bond, but it's callable after 3 yrs. So at the end of the day this is JP Morgan with an offering 2 full points above the US treasury. I did read the Moodys report on this one and they summed up $JPM really well in my opinion.  “JPMorgan Chase & Co. (JPM) has one of the strongest credit profiles in our rated banking universe”.  

Xerox [cusip: 984121CL5]

Junk Bond Alert

Coupon: 4.80

Yield: ~8.7%

YTW: ~12.9%

Typically I don’t even look at junk like this, but this one is a conundrum for me.  Xerox makes money if you don’t look at goodwill charges, but over the past 4 years the stock price has fallen from $26.91 to $5.80 today.  Market cap is well under a bil, but they should have revenues close to 6 bil this year.  Quick ratio is under 1, but it honestly doesn’t look that bad for a junk bond. If I was a guy who speculated on bonds, someone would have to talk me out of this one.