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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
AVGOP Broadcom Inc - 8.00% Mandatory Convertible Prefer AVGO1.75%356.80%
JBK Lehman Abs 3.50 3.50% Adjustable Corp Backed TR CE 2.98%17.57%
IFFT International Flavors & Fragrances Inc 6.00% Tan IFF3.06%95.84%
DTP Dte Energy Company 6.25% Corporate Units DTE3.19%96.04%
DYNC Vistra Energy Corp 7.00% Tangible Equity Units 3.78%85.14%
CFXA Colfax Corporation 5.75% Tangible Equity Units CFX3.84%49.64%
EMP Entergy Mississippi Llc First Mortgage Bonds 4.9 4.59%6.84%
ELU Entergy Louisiana Inc First Mortgage Bonds 4.70 ELC4.64%1.36%
EAI Entergy Arkansas Llc First Mortgage Bonds 4.875% 4.67%4.32%
EAB Entergy Arkansas Llc First Mortgage Bonds 4.90% 4.68%4.76%
EAE Entergy Arkansas Llc First Mortgage Bonds 4.75% 4.70%0.96%
GPJA Georgia Power Company Series 2017a 5.00% Junior SU 4.84%3.36%
ENJ Entergy New Orleans Llc First Mortgage Bonds 5.0 4.92%1.72%
DTW Dte Energy Company 2017 Series E 5.25% Junior Subo DTE4.93%6.40%
AEFC Aegon Funding Company Llc 5.10% Subordinated Notes 5.02%1.52%
DUKH Duke Energy Corporation 5.125% Junior Subordinated DUK5.05%1.52%
SOJC Southern Company (the) Series 2017b 5.25% Junior S SO5.05%3.89%
EZT Entergy Texas Inc First Mortgage Bonds 5.625% Seri 5.07%10.88%
SFB Stifel Financial Corporation 5.20% Senior Notes DU SF5.07%2.48%
RZB Reinsurance Group of America Incorporated 5.75% F RGA5.09%12.96%
TBB AT&T Inc 5.350% Global Notes Due 2066 T5.09%5.08%
AIZP Assurant Inc 6.50% Series D Mandatory Convertibl AIZ5.10%27.33%
DRUA Dominion Energy Inc 2016 Series A 5.25% Enhanced D5.11%2.65%
SOJB Southern Company (the) Series 2016a 5.25% Junior S SO5.11%2.64%
ELJ Entergy Louisiana Inc First Mortgage Bonds 5.25 ELC5.13%2.24%
WTRU Aqua America Inc 6.00% Tangible Equity Units WTR5.15%16.52%
HCXZ Hercules Capital Inc 5.25% Notes Due 2025 HTGC5.16%1.82%
BOKFL Bok Financial Corporation - 5.375% Subordinated NO BOKF5.19%3.56%
DTQ Dte Energy Company 2012 Series C 5.25% Junior Subo DTE5.19%1.20%
DTJ Dte Energy Company 2016 Series B 5.375% Junior Sub DTE5.20%3.28%
CMSA Cms Energy Corporation 5.625% Junior Subordinated CMS5.21%7.96%
DUKB Duke Energy Corporation 5.625% Junior Subordinated DUK5.22%7.80%
BSA Brightsphere Investment Group Inc 5.125% Notes DU BSIG5.23%-1.96%
GMTA Gatx Corporation 5.625% Senior Notes Due 2066 GATX5.23%7.60%
TBC AT&T Inc 5.625% Global Notes Due 2067 T5.23%7.58%
FDUSG Fidus Investment Corporation - 5.375% Notes Due 20 FDUS5.24%2.64%
GLADL Gladstone Capital Corporation - 5.375% Notes Due 2 GLAD5.24%2.62%
VLYPO Valley National Bancorp - 5.5% Fixed TO Floating R VLY5.25%4.76%
ENO Entergy New Orleans Llc First Mortgage Bonds 5.5 5.28%4.20%
LMHB Legg Mason Inc 5.45% Junior Subordinated Notes D LM5.31%2.60%
FDUSL Fidus Investment Corporation - 5.875% Notes Due 20 FDUS5.33%10.20%
VLYPP Valley National Bancorp - 6.25% Fixed-to-floating VLY5.33%17.16%
PRS Prudential Financial Inc 5.625% Junior Subordina PRU5.33%5.60%
CMSD Cms Energy Corporation 5.875% Junior Subordinated CMS5.35%9.76%
PNNTG Pennantpark Investment Corporation - 5.50% Notes D PNNT5.40%1.76%
SJIJ South Jersey Industries Inc 5.625% Junior Subord SJI5.45%3.26%
SREA Sempra Energy 5.750% Junior Subordinated Notes Due SRE5.45%5.44%
AFGB American Financial Group Inc 5.875% Subordinated AFG5.46%7.52%
CMSC Cms Energy Corporation 5.875% Junior Subordinated CMS5.46%7.56%
MGR Affiliated Managers Group Inc 5.875% Junior Subo AMG5.51%6.60%
NMFX New Mountain Finance Corporation 5.75% Notes Due 2 NMFC5.54%3.86%
NEWTL Newtek Business Services Corp - 5.75% Notes Due 2 NEWT5.55%3.54%
PRH Prudential Financial Inc 5.70% Junior Subordinat PRU5.56%2.56%
DTY Dte Energy Company 2016 Series F 6.00% Junior Subo DTE5.58%7.55%
AQNB Algonquin Power & Utilities Corp 6.20% Fixed-to-f AQN5.59%10.84%
PJH Prudential Financial Inc 5.75% Junior Subordinat PRU5.59%2.80%
OPINI Office Properties Income Trust - 5.875% Senior Not OPI5.61%4.80%
TPVY Triplepoint Venture Growth Bdc Corp 5.75% Notes D TPVG5.61%2.41%
SCA Stellus Capital Investment Corporation 5.75% Notes SCM5.62%2.40%
RZA Reinsurance Group of America Incorporated 6.20% F RGA5.63%10.20%
SWJ Stanley Black & Decker Inc 5.75% Junior Subordin SWK5.67%1.40%
MRCCL Monroe Capital Corporation - 5.75% Notes Due 2023 MRCC5.70%0.84%
EBAYL Ebay Inc - 6.0% Notes Due 2056 EBAY5.71%5.08%
CSWCL Capital Southwest Corporation - 5.95% Notes Due 20 CSWC5.72%4.04%
HWCPL Hancock Whitney Corporation - 5.95% Subordinated N HWC5.76%3.24%
OSLE Oaktree Specialty Lending Corporation 5.875% Senio OCSL5.78%1.64%
UNMA Unum Group 6.250% Junior Subordinated Notes Due 20 UNM5.78%8.20%
BPOPM Popular Inc - Popular Capital Trust II - 6.125% BPOP5.80%5.68%
TCGP The Carlyle Group L.P. - 5.875% Series A Preferred CG5.80%1.28%
TDA Telephone and Data Systems Inc 5.875% Senior Not TDI5.80%1.35%
INBKL First Internet Bancorp - 6.0% Fixed-to-floating RA INBK5.81%3.20%
CPTAG Capitala Finance Corp - 5.75% Convertible Notes D CPTA5.83%-1.44%
TCRW Thl Credit Inc 6.125% Notes Due 2023 TCRD5.83%5.00%
ENBA Enbridge Inc 6.375% Fixed-to-floating Rate Subordi ENB5.85%8.90%
GLADD Gladstone Capital Corporation - 6.125% Notes Due 2 GLAD5.86%4.52%
BHFAL Brighthouse Financial Inc - 6.25% Junior Subordi BHF5.89%6.04%
ISG Ing Group N.V. Perpetual Dent Secs 6.125% ING5.90%3.88%
SNHNI Senior Housing Properties Trust - 5.625% Senior NO SNH5.92%-4.98%
SAF Saratoga Investment Corp 6.25% Notes Due 2023 SAR5.95%4.96%
ZBK Zions Bancorporation N.A. 6.95% Fixed-to-floating ZION5.95%16.81%
AXO Axos Financial Inc 6.25% Subordinated Notes Due AX5.96%4.80%
WALA Western Alliance Bancorporation 6.25% Subordinated WAL5.96%4.80%
BPYPO Brookfield Property Partners L.P. - 6.375% Class A BPY5.98%6.56%
SOJA Southern Company (the) Series 2015a 6.25% Junior S SO5.98%4.56%
PBY Prospect Capital Corporation 6.25% Notes Due 2028 PSEC5.99%4.37%
GLADN Gladstone Capital Corporation - 6.00% Series 2024 GLAD6.00%0.01%
HCAPZ Harvest Capital Credit Corporation - 6.125% Notes HCAP6.00%2.00%
NEWTI Newtek Business Services Corp - 6.25% Notes Due 2 NEWT6.00%4.16%
OFSSI Ofs Capital Corporation - 5.95% Notes Due 2026 OFS6.03%-1.40%
LMHA Legg Mason Inc 6.375% Junior Subordinated Notes LM6.03%5.64%
RCB Ready Capital Corporation 6.20% Senior Notes Due 2 RC6.03%2.80%
HCXY Hercules Capital Inc 6.25% Notes Due 2033 HTGC6.04%3.48%
GAINL Gladstone Investment Corporation - 6.375% Series E GAIN6.05%5.34%
KCAPL Portman Ridge Finance Corporation - 6.125% Notes D PTMN6.05%1.16%
OCSLL Oaktree Specialty Lending Corporation - 6.125% Sen OCSL6.05%1.28%
QVCD Qvc Inc 6.375% Senior Secured Notes Due 2067 6.05%5.31%
PBB Prospect Capital Corporation 6.25% Notes Due 2024 PSEC6.09%2.60%
GAINM Gladstone Investment Corporation - 6.25% Series D GAIN6.10%2.48%
AFGE American Financial Group Inc 6.25% Subordinated AFG6.12%2.16%
CMFNL Investcorp Credit Management Bdc Inc - 6.125% NO ICMB6.14%-0.20%
HTFA Horizon Technology Finance Corporation 6.25% Notes HRZN6.14%1.73%
CTY Qwest Corporation 6.125% Notes Due 2053 CTAA6.15%-0.48%
MVCD Mvc Capital Inc 6.25% Senior Notes Due 2022 MVC6.15%1.64%
SNHNL Senior Housing Properties Trust - 6.25% Senior Not SNH6.16%1.40%
WHFBZ Whitehorse Finance Inc - 6.50% Notes Due 2025 WHF6.16%5.52%
THGA The Hanover Insurance Group Inc 6.35% Subordinat THG6.18%2.80%
AQNA Algonquin Power & Utilities Corp 6.875% Fixed-to- AQN6.19%11.08%
BPOPN Popular Inc - Popular Capital Trust I -6.70% Cum BPOP6.24%7.44%
OXSQZ Oxford Square Capital Corp - 6.25% Notes Due 2026 OXSQ6.24%0.20%
OFSSL Ofs Capital Corporation - 6.375% Notes Due 2025 OFS6.25%2.03%
TCBIL Texas Capital Bancshares Inc - 6.50% Subordinate TCBI6.26%3.88%
ARGD Argo Group International Holdings LTD. 6.5% Senio ARGO6.28%3.48%
RCP Ready Capital Corporation 6.50% Senior Notes Due 2 RC6.31%2.98%
KTN Structured Products Corp 8.205% Corts 8.205% Corpo 6.35%29.20%
OXSQL Oxford Square Capital Corp - 6.50% Notes Due 2024 OXSQ6.36%2.15%
GECCL Great Elm Capital Corp - 6.50% Notes Due 2022 GECC6.39%1.68%
OFSSZ Ofs Capital Corporation - 6.50% Notes Due 2025 OFS6.39%1.80%
CTBB Qwest Corporation 6.5% Notes Due 2056 CTAA6.39%1.68%
RILYO B. Riley Financial Inc - 6.75% Senior Notes Due RILY6.40%5.52%
MBINP Merchants Bancorp - 7.00% Fixed-to-floating Rate S MBIN6.41%9.28%
ESGRO Enstar Group Limited - Depository Shares 7.00% Per ESGRP6.44%8.64%
RILYN B. Riley Financial Inc - 6.50% Senior Notes Due RILY6.44%0.92%
CTZ Qwest Corporation 6.625% Notes Due 2055 CTAA6.46%2.48%
ECCX Eagle Point Credit Company Inc 6.6875% Notes Due ECCA6.47%3.31%
CTDD Qwest Corporation 6.75% Notes Due 2057 CTAA6.48%4.12%
RCA Ready Capital Corporation 7.00% Convertible Senior RC6.48%8.00%
PBC Prospect Capital Corporation 6.875% Notes Due 2029 PSEC6.50%5.80%
MCV Medley Capital Corporation 6.125% Senior Notes Due MCC6.52%-6.00%
ECCY Eagle Point Credit Company Inc 6.75% Notes Due 20 ECCA6.54%3.17%
SAB Saratoga Investment Corp 6.75% Notes Due 2023 SAR6.55%3.00%
MCX Medley Capital Corporation 6.50% Notes Due 2021 MCC6.57%-1.00%
OXLCM Oxford Lane Capital Corp - 6.75% Series 2024 Term OXLC6.58%2.52%
AJXA Great Ajax Corp 7.25% Convertible Senior Notes DU AJX6.60%9.88%
TCRZ Thl Credit Inc 6.75% Notes Due 2022 TCRD6.63%1.80%
RILYI B. Riley Financial Inc - 6.875% Senior Notes Due RILY6.64%3.48%
GJV Synthetic Fixed-income Securities Inc 7.00% Fixed GJO6.64%5.40%
GECCM Great Elm Capital Corp - 6.75% Notes Due 2025 GECC6.65%1.45%
OCCIP Ofs Credit Company Inc - 6.875% Series A Term PR OCCI6.67%3.00%
SBNA Scorpio Tankers Inc 6.75% Senior Notes Due 2020 STNG6.70%0.80%
CTV Qwest Corporation 6.875% Notes Due 2054 CTAA6.73%2.12%
AGNCM Agnc Investment Corp - Depositary Shares Rep 6.87 AGNC6.74%1.88%
TDE Telephone and Data Systems Inc 6.875% Senior Not TDI6.74%2.00%
UZA United States Cellular Corporation 6.95% Senior NO USM6.80%2.16%
UZC United States Cellular Corporation 7.25% Senior NO USM6.83%6.12%
AIY Apollo Investment Corporation 6.875% Senior Notes AINV6.85%0.42%
SSWA Seaspan Corporation 7.125% Notes Due 2027 SSW6.90%3.28%
AIW Arlington Asset Investment Corp 6.625% Notes Due 2 AI6.92%-4.24%
HGH Hartford Financial Services Group Inc (the) 7.87 HIG6.96%13.04%
UZB United States Cellular Corporation 7.25% Senior NO USM6.97%3.96%
COWNZ Cowen Inc - 7.35% Senior Notes Due 2027 COWN7.05%4.20%
RILYH B. Riley Financial Inc - 7.375% Senior Notes Due RILY7.06%4.48%
RILYG B. Riley Financial Inc - 7.25% Senior Notes Due RILY7.08%2.40%
AIC Arlington Asset Investment Corp 6.750% Notes Due 2 AI7.09%-4.84%
COWNL Cowen Inc - 7.75% Senior Notes Due 2033 COWN7.13%8.64%
JMPD Jmp Group Llc 7.25% Senior Notes Due 2027 7.16%1.28%
SOHOK Sotherly Hotels LP - 7.25% Senior Unsecured Notes SOHO7.18%0.99%
JMPE Jmp Group Llc 6.875% Senior Notes Due 2029 JMP7.19%-4.44%
NSS Nustar Logistics L.P. 7.625% Fixed-to-floating RA 7.19%6.04%
NGHCZ National General Holdings Corp - 7.625% Subordinat NGHC7.26%5.04%
RILYZ B. Riley Financial Inc - 7.50% Senior Notes Due RILY7.32%2.43%
KMPA Kemper Corporation 7.375% Subordinated Debentures KMPR7.33%0.60%
ECCB Eagle Point Credit Company Inc 7.75% Series B Ter ECCA7.35%5.44%
RILYL B. Riley Financial Inc - 7.50% Senior Notes RILY7.38%1.68%
SLTB Scorpio Bulkers Inc 7.50% Senior Notes Due 2019 SALT7.43%0.88%
GBLIL Global Indemnity Limited - 7.875% Subordinated Not GBLI7.50%5.04%
GBLIZ Global Indemnity Limited - 7.75% Subordinated Note GBLI7.59%2.08%
MFO Mfa Financial Inc 8.00% Senior Notes Due 2042 MFA7.67%4.28%
SOHOB Sotherly Hotels Inc - 8.0% Series B Cumulative RE SOHO7.75%3.24%
SOHOO Sotherly Hotels Inc - 7.875% Series C Cumulative SOHO7.77%1.40%
TANNL Travelcenters of America Inc - 8.00% Senior Note TA7.79%2.72%
NYMTO New York Mortgage Trust Inc - 7.875% Series C CU 7.82%0.76%
JMPB Jmp Group Inc 8.00% Senior Notes Due 2023 JMP7.83%2.12%
TANNZ Travelcenters of America Inc - 8.00% Senior Note TA7.85%1.92%
NYMTM New York Mortgage Trust Inc - 7.875% Series E FI 7.88%0.00%
PIHPP 1347 Property Insurance Holdings Inc - 8.00% Cum PIH7.89%1.34%
NYMTN New York Mortgage Trust Inc - 8.00% Series D Fix 7.91%1.16%
SOHON Sotherly Hotels Inc - 8.25% Series D Cumulative R SOHO7.95%3.72%
WTREP Watford Holdings LTD. - 8.25% Cumulative Redeemabl WTRE8.09%2.00%
TANNI Travelcenters of America Inc - 8.25% Senior Note TA8.11%1.68%
SBLKZ Star Bulk Carriers Corp - 8.30% Senior Notes Due SBLK8.14%2.00%
see below see below see below 8.55% -22.48%
see below see below see below 8.62% -10.08%
see below see below see below 8.68% 3.73%
see below see below see below 9.27% -21.80%
see below see below see below 9.48% -27.48%
see below see below see below 9.85% -1.00%
see below see below see below 15.78% -59.60%
see below see below see below 21.23% -57.60%
see below see below see below 30.21% -74.76%
see below see below see below 30.56% -75.05%

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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