A Bond Deal Requiring Caution, Completed

(via alephblog.com)

A friend of mine told me the price talk for the Fidelity & Guaranty Life Holdings, Inc. bonds was 6.5%, but yield lust must have prevailed, because the coupon was 6.375% when the deal closed.  Almost all corporate bonds are priced at a slight discount, so the actual deal yield may have been...

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