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Baby Bonds

The term "baby bonds" refers to publicly traded debt instruments, that investors can buy and sell on the major stock exchanges such as the NYSE and the Nasdaq. Although issued with a specific "par value" (typically $25), these bonds may trade higher or lower following issuance, all depending on company developments and market conditions. Maturity date differs bond by bond, and coupon payments while typically quarterly, may also differ bond by bond. Credit rating and seniority in the capital structure also differ, but the typical baby bond is junior to some other debt in the capital structure such as credit facilities with a bank. The typical baby bond can also be "called" by the company at par, at some future date, so investors should take that into consideration before paying a premium to par value. As a rule of thumb generalization, lower yielding baby bonds are viewed by the market as carrying less risk, while higher yielding bonds are viewed as carrying more risk, but special situations and liquidity-driven trading are also important to watch for, when considering investing in baby bonds. This list is to be considered a starting point for further research.

 • 10 High Yield Baby Bonds
 • BDC Baby Bonds

The below table of baby bonds data updates nightly

Baby Bond Parent Yield Premium/
Discount
to Par
MSFU Direxion Daily Msft Bull 1.5X Shares 0.82%83.52%
GGLL Direxion Daily Googl Bull 1.5X Shares 1.08%38.30%
AMZU Direxion Daily Amzn Bull 1.5X Shares 1.10%36.80%
BDCX Etracs Quarterly Pay 1.5X Leveraged Marketvector B AMNA1.11%35.04%
NVDU Direxion Daily Nvda Bull 1.5X Shares 1.12%33.62%
MLPR Etracs Quarterly Pay 1.5X Leveraged Alerian Mlp IN AMNA1.30%14.97%
AAPU Direxion Daily Aapl Bull 1.5X Shares 1.67%-10.28%
HROWM Harrow Inc - 11.875% Senior Notes Due 2027 HROW1.76%6.52%
FTWO EA Series Trust Strive Faang 2.0 Etf BBLU1.81%10.80%
CEFD Etracs Monthly Pay 1.5X Leveraged Closed-end Fund AMNA1.90%-20.90%
MVRL Etracs Monthly Pay 1.5X Leveraged Mortgage Reit ET AMNA2.04%-26.56%
NVDS Axs 1.25X Nvda Bear Daily Etf AAA2.47%-49.48%
BKDT Brookdale Senior Living Inc 7.00% Tangible Equity BKD3.84%82.24%
TSL Graniteshares 1.25X Long Tsla Daily Etf COMB4.44%-71.84%
TSLL Direxion Daily Tsla Bull 1.5X Shares BRZU4.57%-67.16%
PFH Prudential Financial Inc 4.125% Junior Subordina PRU5.03%-18.00%
GPJA Georgia Power Company Series 2017a 5.00% Junior SU 5.08%-1.64%
HNNAZ Hennessy Advisors Inc - 4.875% Notes Due 2026 HNNA5.09%-4.30%
HTFB Horizon Technology Finance Corporation 4.875% Note HRZN5.13%-5.00%
SOJE Southern Company (the) Series 2020c 4.20% Junior S SO5.13%-18.20%
EMP Entergy Mississippi Llc First Mortgage Bonds 4.9 5.16%-5.08%
AFGE American Financial Group Inc 4.500% Subordinated AFG5.17%-12.92%
GAINN Gladstone Investment Corporation - 5.00% Notes Due GAIN5.18%-3.40%
EAI Entergy Arkansas Llc First Mortgage Bonds 4.875% 5.22%-6.68%
FCRX Crescent Capital Bdc Inc 5.00% Notes Due 2026 CCAP5.22%-4.20%
DTG Dte Energy Company 2021 Series E 4.375% Junior Sub DTE5.23%-16.40%
DTW Dte Energy Company 2017 Series E 5.25% Junior Subo DTE5.26%-0.28%
SOJD Southern Company (the) Series 2020a 4.95% Junior S SO5.26%-5.96%
DTB Dte Energy Company 2020 Series G 4.375% Junior Sub DTE5.29%-17.30%
GAINZ Gladstone Investment Corporation - 4.875% Notes DU GAIN5.30%-8.04%
SOJC Southern Company (the) Series 2017b 5.25% Junior S SO5.30%-0.92%
OXLCZ Oxford Lane Capital Corp - 5.00% Notes Due 2027 OXLC5.41%-7.60%
ENJ Entergy New Orleans Llc First Mortgage Bonds 5.0 5.49%-8.88%
OFSSH Ofs Capital Corporation - 4.95% Notes Due 2028 OFS5.52%-10.32%
TBB AT&T Inc 5.350% Global Notes Due 2066 T5.53%-3.24%
SFB Stifel Financial Corporation 5.20% Senior Notes DU SF5.57%-6.56%
AFGC American Financial Group Inc 5.125% Subordinated AFG5.59%-8.24%
KKRS KKR Group Finance CO IX Llc 4.625% Subordinated N KKR5.60%-17.48%
DUKB Duke Energy Corporation 5.625% Junior Subordinated DUK5.62%0.00%
PRS Prudential Financial Inc 5.625% Junior Subordina PRU5.62%0.08%
TBC AT&T Inc 5.625% Global Notes Due 2067 T5.64%-0.20%
NEWTZ Newtekone Inc - 5.50% Notes Due 2026 NEWT5.66%-2.76%
ENO Entergy New Orleans Llc First Mortgage Bonds 5.5 5.66%-2.80%
AFGD American Financial Group Inc 5.625% Subordinated AFG5.69%-1.16%
NEWTL Newtekone Inc - 5.75% Notes Due 2024 NEWT5.71%0.68%
CMSA Cms Energy Corporation 5.625% Junior Subordinated CMS5.72%-1.60%
RZB Reinsurance Group of America Incorporated 5.75% F RGA5.73%0.36%
CGABL The Carlyle Group Inc - 4.625% Subordinated Notes CG5.75%-19.52%
AEFC Aegon Funding Company Llc 5.10% Subordinated Notes 5.76%-11.42%
PRH Prudential Financial Inc 5.950% Junior Subordina PRU5.76%3.24%
PFXNZ Phenixfin Corporation - 5.25% Notes Due 2028 PFX5.83%-10.01%
AIZN Assurant Inc 5.25% Subordinated Notes Due 2061 AIZ5.83%-9.92%
CMSD Cms Energy Corporation 5.875% Junior Subordinated CMS5.89%-0.32%
AFGB American Financial Group Inc 5.875% Subordinated AFG5.92%-0.80%
RCC Ready Capital Corporation 5.75% Senior Notes Due 2 RC5.93%-3.02%
SREA Dba Sempra 5.750% Junior Subordinated Notes Due 20 SRE5.94%-3.20%
MGRD Affiliated Managers Group Inc 4.200% Junior Subo AMG5.95%-29.40%
CMSC Cms Energy Corporation 5.875% Junior Subordinated CMS5.97%-1.60%
ECCV Eagle Point Credit Company Inc 5.375% Notes Due 2 ECC5.99%-10.20%
GECCO Great Elm Capital Corp - 5.875% Notes Due 2026 GECC6.00%-2.12%
OXSQG Oxford Square Capital Corp - 5.50% Notes Due 2028 OXSQ6.03%-8.80%
MGRB Affiliated Managers Group Inc 4.750% Junior Subo AMG6.08%-21.92%
MGR Affiliated Managers Group Inc 5.875% Junior Subo AMG6.11%-3.88%
WHLRL Wheeler Real Estate Investment Trust Inc - 7.00% WHLR6.14%14.02%
AQNB Algonquin Power & Utilities Corp 6.20% Fixed-to-f AQN6.19%0.12%
SAT Saratoga Investment Corp 6.00% Notes Due 2027 SAR6.20%-3.20%
UNMA Unum Group 6.250% Junior Subordinated Notes Due 20 UNM6.22%0.48%
SSSSL Suro Capital Corp - 6.00% Notes Due 2026 SSSS6.26%-4.20%
KMPB Kemper Corporation 5.875% Fixed-rate Reset Junior KMPR6.28%-6.48%
HCXY Hercules Capital Inc 6.25% Notes Due 2033 HTGC6.30%-0.76%
HWCPZ Hancock Whitney Corporation - 6.25% Subordinated N HWC6.33%-1.28%
BNH Brookfield Finance Inc 4.625% Subordinated Notes 6.37%-27.40%
AAIN Arlington Asset Investment Corp 6.000% Senior Note AAIC6.38%-6.00%
RCB Ready Capital Corporation 6.20% Senior Notes Due 2 RC6.38%-2.80%
OXSQZ Oxford Square Capital Corp - 6.25% Notes Due 2026 OXSQ6.41%-2.52%
OXSQL Oxford Square Capital Corp - 6.50% Notes Due 2024 OXSQ6.42%1.28%
ATLCL Atlanticus Holdings Corporation - 6.125% Senior NO ATLC6.45%-5.00%
MGRE Affiliated Managers Group Inc 6.750% Junior Subo AMG6.59%2.40%
TPGXL Tpg Inc - 6.950% Fixed-rate Junior Subordinated N 6.62%5.04%
HTFC Horizon Technology Finance Corporation 6.25% Notes HRZN6.62%-5.60%
BIPH Brookfield Infrastructure Corporation 5.000% Subor BIP6.63%-24.64%
BEPH Brookfield Brp Holdings (canada) Inc 4.625% Perpe 6.68%-30.80%
BIPI Bip Bermuda Holdings I Limited 5.125% Perpetual SU 6.68%-23.32%
RILYO B. Riley Financial Inc - 6.75% Senior Notes Due RILY6.71%0.60%
GECCM Great Elm Capital Corp - 6.75% Notes Due 2025 GECC6.76%-0.08%
ECCX Eagle Point Credit Company Inc 6.6875% Notes Due ECC6.82%-1.92%
RZC Reinsurance Group of America Incorporated 7.125% RGA6.82%4.40%
ZIONL Zions Bancorporation N.A. - 6.95% Fixed-to-floatin ZION6.85%1.45%
AQNA Algonquin Power & Utilities Corp 6.875% Fixed-to- AQN6.85%0.40%
CUBB Customers Bancorp Inc 5.375% Subordinated Notes D CUBI6.89%-21.99%
BEPI Brookfield Brp Holdings (canada) Inc 4.875% Perpe 6.93%-29.68%
BNJ Brookfield Finance Inc 4.50% Perpetual Subordinat 6.93%-35.04%
AIC Arlington Asset Investment Corp 6.750% Notes Due 2 AAIC6.94%-2.68%
SBBA Scorpio Tankers Inc 7.00% Senior Notes Due 2025 STNG6.95%0.72%
TRINL Trinity Capital Inc - 7.00% Notes Due 2025 TRIN6.96%0.54%
TFSA Terra Income Fund 6 Llc 7.00% Notes Due 2026 7.00%0.00%
OXLCL Oxford Lane Capital Corp - 6.75% Notes Due 2031 OXLC7.06%-4.40%
RILYM B. Riley Financial Inc - 6.375% Senior Notes Due RILY7.06%-9.64%
ARGD Argo Group International Holdings LTD. 6.5% Senio ARGO7.10%-8.48%
ECCW Eagle Point Credit Company Inc 6.75% Notes Due 20 ECC7.10%-4.88%
ATHS Athene Holding LTD. 7.250% Fixed-rate Reset Junior 7.11%1.96%
APOS Apollo Global Management Inc 7.625% Fixed-rate R APO7.12%7.08%
ASBA Associated Banc-corp 6.625% Fixed-rate Reset Subor ASB7.20%-8.00%
RILYK B. Riley Financial Inc - 5.50% Senior Notes Due RILY7.24%-24.00%
BEPJ Brookfield Brp Holdings (canada) Inc 7.250% Perpe 7.25%0.00%
ATCOL Atlas Corp - 7.125% Notes Due 2027 7.26%-1.80%
AJXA Great Ajax Corp 7.25% Convertible Senior Notes DU AJX7.28%-0.40%
UZE United States Cellular Corporation 5.500% Senior N USM7.42%-25.92%
CSWCZ Capital Southwest Corporation - 7.75% Notes Due 20 CSWC7.46%3.92%
NSS Nustar Logistics L.P. 7.625% Fixed-to-floating RA 7.48%1.96%
RWAYL Runway Growth Finance Corp - 7.50% Notes Due 2027 RWAY7.49%0.07%
UZF United States Cellular Corporation 5.500% Senior N USM7.51%-26.76%
FGN F&G Annuities & Life Inc 7.950% Senior Notes Due FG7.59%4.72%
GLADZ Gladstone Capital Corporation - 7.75% Notes Due 20 GLAD7.62%1.76%
RILYG B. Riley Financial Inc - 5.00% Senior Notes Due RILY7.70%-35.08%
GAINL Gladstone Investment Corporation - 8.00% Notes Due GAIN7.74%3.32%
UZD United States Cellular Corporation 6.250% Senior N USM7.75%-19.34%
WHFCL Whitehorse Finance Inc - 7.875% Notes Due 2028 WHF7.82%0.71%
MFICL Midcap Financial Investment Corporation - 8.00% NO MFIC7.89%1.44%
CGBDL Carlyle Secured Lending Inc - 8.20% Notes Due 20 CGBD7.96%2.96%
RWAYZ Runway Growth Finance Corp - 8.00% Notes Due 2027 RWAY7.96%0.48%
SAJ Saratoga Investment Corp 8.00% Notes Due 2027 SAR7.97%0.40%
NEWTI Newtekone Inc - 8.00% Fixed Rate Senior Notes DU NEWT7.99%0.12%
NMFCZ New Mountain Finance Corporation - 8.250% Notes DU NMFC8.02%2.84%
SAY Saratoga Investment Corp 8.125% Notes Due 2027 SAR8.06%0.80%
GEGGL Great Elm Group Inc - 7.25% Notes Due 2027 GEG8.29%-12.54%
SAZ Saratoga Investment Corp 8.50% Notes Due 2028 SAR8.40%1.20%
PMTU Pennymac Mortgage Investment Trust 8.50% Senior NO PMT8.42%0.92%
HROWL Harrow Inc - 8.625% Senior Notes Due 2026 HROW8.62%0.10%
MFAN Mfa Financial Inc 8.875% Senior Notes Due 2029 MFA8.68%2.28%
GECCZ Great Elm Capital Corp - 8.75% Notes Due 2028 GECC8.70%0.60%
METCL Ramaco Resources Inc - 9.00% Senior Notes Due 20 METC8.77%2.63%
RWTN Redwood Trust Inc 9.125% Senior Notes Due 2029 RWT8.95%2.00%
SWKHL Swk Holdings Corporation - 9.00% Senior Notes Due SWKH8.98%0.20%
RILYN B. Riley Financial Inc - 6.50% Senior Notes Due RILY9.18%-29.20%
ATLCZ Atlanticus Holdings Corporation - 9.25% Senior Not ATLC9.21%0.40%
DHCNI Diversified Healthcare Trust - 5.625% Senior Note DHC9.29%-39.47%
MITN AG Mortgage Investment Trust Inc 9.500% Senior N MITT9.34%1.68%
RILYZ B. Riley Financial Inc - 5.25% Senior Notes Due RILY9.58%-45.20%
MHLA Maiden Holdings LTD. 6.625% Notes Due 2046 MHLD9.62%-31.16%
ABLLL Abacus Life Inc - 9.875% Fixed Rate Senior Notes ABL9.80%0.79%
DHCNL Diversified Healthcare Trust - 6.25% Senior Notes DHC9.81%-36.32%
SNCRL Synchronoss Technologies Inc - 8.375% Senior Not SNCR9.85%-15.00%
RILYT B. Riley Financial Inc - 6.00% Senior Notes Due RILY10.00%-40.00%
MHNC Maiden Holdings North America LTD. 7.75% Notes DU MHLD10.65%-27.20%
QVCD Qvc Inc 6.375% Senior Secured Notes Due 2067 10.65%-40.16%
QVCC Qvc Inc 6.250% Senior Secured Notes Due 2068 10.74%-41.80%
SPKY Convexityshares Trust Convexityshares Daily 1.5X S 10.80%-86.11%
see below see below see below 11.38% -47.28%
see below see below see below 11.93% -45.52%
see below see below see below 12.25% -89.80%
see below see below see below 12.32% -34.04%
see below see below see below 14.69% -56.60%
see below see below see below 16.07% -59.56%
see below see below see below 16.16% -58.24%
see below see below see below 16.25% -40.00%
see below see below see below 20.65% -58.84%
see below see below see below 25.74% -66.00%

For the 10 highest yielding baby bonds, see:
10 High Yield Baby Bonds

For a specialized list of BDC Baby Bonds, see:
BDC Baby Bonds

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