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9.17% average 47 month maturity | Third Quarter Review





Now that we have completed the Third Quarter 2013. We’re providing a simple recap of our posted bonds that we have researched and published with a summary of updated numbers and reviews on the companies and their dominant if not monopolistic position.  This 11 bond summary for the last 3 months of plus the average, the numbers appear outstanding after the average net yield was 9.17% with a average 47 month maturity or 3.91 years.  72% was placed in US dollars, with the following breakdown:


·         8 Yankee FX 1 and FX 2 with an average yield of 9.23% and maturity of 3.93 years.

·         1 Russian Ruble FX2 and FX3

·         1 Brazil Real  FX2 and FX3

·         1 Canadian Dollar FX2 and FX3

Click to find out more about FX1, FX2 & FX3 dollar weighted Portfolio’s


8.25% Yields, Gajah Tunggal, Yankee bond

55 month maturity.

The increase in net income was a 65% increase from the prior 2011.

Issuer: Gajah Tunggal

Coupon: 7.75%

Ratings: B2/B+

Maturity: 02/06/2018

Pays: Semi-Annual

Price:  98.125

Yield to Maturity: 8.25%

Rubber Tires Asia

Portfolios: FX1-FX2

More Gajah Tunggal bond information:8.25% Yields, Gajah Tunggal

10% Yields with Trade & Development Bank of Mongolia bond

25 month maturity.

The bank had record earnings, and a solid growth in deposits and assets as it is becoming the largest Mongolian banks by assets.

Issuer: Trade & Development Bank of Mongolia

Coupon: 8.5

Ratings: B1

Maturity: 10/15/2015

Price:  ~97.35

Yield to Maturity: ~10%

Asian mining

Portfolios: FX1-FX2

More Mongolia Bank Bond Information: 10% Yields Trade & Development Bank

9.85% Yields – Alto Palermo’s Yankee bond

50 month maturity.

Profitable high end mall provided good profits and low debt, with highly value real estate assets.

Issuer: Alto Palermo

Coupon: 7.875

Ratings: -/B+/B+

Maturity: 5/11/2017

Pays: Semi-annually

Price:  94

Yield to Maturity: ~9.85 %

South American Trophy Real Estate

Portfolios: FX1-FX2

More Alto Palermo’s Bond Information: 9.85% Yields – Alto Palermo’s

 9.66 % Yields Ferrexpo bond

31 month maturity.

Net income exceeding average. Ferrexpo reduced freight expenses by a whopping 33 percent,  which helped in bringing many stock upgrades.

Issuer: Ferrexpo

Coupon: 7.875

Ratings: B+/B2/B

Maturity: 4/07/2016

Pays: Semi-annually

Price:  95.95

Yield to Maturity: ~9.66%

European Steel Industry

Portfolios: FX1-FX2

More Ferrexpo bond information; 9.66 % Yields Ferrexpo

8.4% With NordGold Yankee bond

56 month maturity

Revenues in H1 2013 increased by 17% from H1 2012 to US$617.1 million. The increase was mainly due to higher production volumes and gold sales, but was somewhat offset by lower realized gold prices (down 10%).

Issuer: NordGold

Coupon: 6.375%

Maturity: 5/07/2018

CUSIP: N64523AA6

Rating: Ba3

Pays: Semi-annually

Price:  92.25

Yield to Maturity: ~8.4%

World Gold

Portfolios: FX1-FX2

More NordGold bond information:8.4% Yield NordGold

11.22 % Yields From Aeropuertos Argentina 2000’s 7+ Year bond.

This is a sinking bond where ½ of the principal will be returned in 4 years giving, thus giving a non reconciled  this increase safety and current cash flow, 75 month maturity.

Issuer: Aeropuertos Argentina 2000

2012 Year review in Argentine Pecos, Revenues up 66%, Net Income up 46%

showing excellent gains in revenues, and has good operating and net income.

Issuer: Aeropuertos Argentina

Coupon: 10.75%

Maturity: 12/1/2020

Ratings: B1/B-

Pays: Quarterly

Price: 98.5

Yield to Maturity: ~11.22 %

South American Airport Monopoly

Portfolios: FX1-FX2

More Aeropuertos Argentina 2000 bond information:11.22 % Aeropuertos Argentina

8.9 % Yields, Berau Coal, Yankee bond

42 month maturity

First half of 2013 Takeaway: Last Quarter Production up 19% from H1 2012, Coal price for H1 2013 fell 20%, Production cost of sales down 10%, Major cost reduction initiatives underway, EBITDA of $74m (H1 2012: $139m), Operating Loss of $11m (H1 2012: Profit $52m)Group Net Debt of $389m (31 December 2012: $514m). Looking at become much more efficient financial with new leadership.

Issuer: Berau Coal Energy

Coupon: 7.50%

Ratings: B1/BB-

Maturity: 03/13/2017

Pays: Semi-Annual

Price:  95.0

Yield to Maturity: ~8.9 %

South Pacific coal

Portfolios: FX1-FX2

More Berau Coal bond information: 8.9 % Yields, Berau Coal

8.5% Yield in Rubles, Federal Grid Co bond

66 month maturity

Half year takeaway for 2013 in rubbles , Revenues up 14%, EBITDA down 3.8%, Operating profit of RUB 10,619 million, Adj. profit for the period RUB 7,878 million,  Adj. EPS 0.006 RUB, Government has restructured its ownership.

Issuer: Federal Grid Company

Coupon: 8.446%

Maturity: 3/13/2019

Ratings: Baa3/BBB

Pays: Semi-annual

Price: 99.75

Yield to Maturity: ~8.5%

Russian Utilities Monopoly

Portfolios: FX2-FX3

More Federal Grid bond information: 8.5% Yield Federal Grid Co

10.1 % Yields in Canadian dollars TransGlobe Energy’s convertible bonds

42 month maturity

Half year takeaway for 2013 in Canadian dollars. Revenues up 2%,  Funds flow from operations down 3%,  Profit per diluted share down 48%. Funds flow from operations guidance still at of $145 million ($1.92/share), Long term forecast of oil production reduced.

Issuer: TransGlobe Energy

Coupon: 6.00%

Ratings: NA

Maturity: 3/31/2017

Pays: Semi-annually

Price:  87.50

Yield to Maturity: ~10.1%

North American/ Middle East oil.

Portfolios: FX2-FX3.

More TransGlobe Energy bond information: 10.1 % Yields TransGlobe Energy

9.94 % Yields From This Brazilian Utility Company’s bonds

31 months maturity

Issuer: Companhia de Eletricidade do Estado do Bahia (COELBA)

Coupon: 11.75

Maturity: 4/27/2016

Rating: Baa2/BBB-

Pays:  Semi-annual

Price: 104.35

Yield to Maturity: ~9.94%

South American Power Utility Monopoly

Portfolios: FX2-FX3

More COELBA bond information:9.94 % Yields COELBA

 11.6 % Yields From Transportadora de Gas Del Sur’s Four Year Bonds

44 month maturity

Recap for 1st Half of 2013 in Argentina pesos’,  Revenue up 10%, Cost of Goods Sold was flat, gross profit up 25%. Strong operational improvements.

Issuer: Transportadora de Gas del Sur S.A

Coupon: 7.875%

Maturity: 5/14/2017

Ratings: B3/B-

Pays: Semi-annually

Price: ~88.5

Yield to Maturity: 11.6 %

South American Natural Gas Pipeline Monopoly

Portfolios: FX1-FX2

More TGS bond information:11.6 % Yields Transportadora de Gas Del Sur’s


We compared our last 8 bonds we placed in FX1 with USD Emerging Markets Bond ETF US (EMB)   This is a small sub-sample of highlighted issues, not a complete comparison that we do believe that should be reviewed.  We have focused more on short maturity certain bonds cycles when interest rates are climbing.  As you could see in several categories such as cost and current yields our approach is very attractive. Again we are a short modeled income house that holds most bonds to maturity, and has never seen a default.





iShares Emerging Markets Corporate Bond CEMB



5.38 years

iShares Core Total U.S. Bond Market ETF

2.43 %


6.89 years

Fixed Income 1 portfolio



3.93 years

Fixed Income 1 compared to the best.

The FX1 last 8 USD bonds provided a 99% higher boost in yielding than the  emerging corporate bond market.

The Fixed Income 1 last 8 bonds issues cost .42 basis points more than the very low cost AGG.

The last Fixed Income 1 8 bonds maturity is 26% shorter than the shorter CEMB ETF

*This is a proposed cost only.

We hope you could join our high income approach

Always putting your interests first.

To know more about this portfolio call our fixed income specialist at 971-327-8847

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Sign up for our free newsletter and be first to see our reviews

Updates to our Distressed Debt 1 Hedge Fund

Updates to our Fixed Income 2 (FX2) Segregated accounts

Durig’s FX2 SMA Ranked 1st by Informa