Retire2023
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Nice, but it looks like they are gone. The buy button is non-functional, or maybe that's because it's after hours?
We are entering a "Golden Period" for fixed income investing
- Thread starter Freedom56
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COcheesehead
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The bond market opens 90 minutes before Wall Street and stays open 60 minutes after. There is no after hours trading.
Retire2023
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Thanks, I should know that. 
jazz4cash
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Learning to navigate Vanguard's website.....Fidelity seems so much easier. I searched for a 10 year maturity range for muni bonds from my home state. 25 hits on VG compared to 549 at Fido! I must be doing something wrong.
Katoslake
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My Fidelity managed bond account manager bought bonds paying 0.5% with maturities beyond 1 year. I asked why and they said that rates were lower when they bought them. Maturing 11/2023.
I’m not happy
Freedom56
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Your Fidelity bond account manager is a moron. He/she clearly doesn't understand that when yields approach zero for bonds with durations in excess of one year, they are not investible. At that point, you can do what I do, hold cash.
COcheesehead
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Thinking out loud here…
I’ve been buying bonds all along as rates have risen and I feel my ladders are in better shape than I could have expected a year or two ago, but what about this tax loss, sale of the century moment we have been talking about. What if the Fed starts talking back the rate increases, the level or the frequency, even a bit - like what came out today - and folks start to buy bond funds again. Maybe the opposite occurs and instead of tax loss deals, managers suck up all the good inventory. Nah or ya?
I’ve been buying bonds all along as rates have risen and I feel my ladders are in better shape than I could have expected a year or two ago, but what about this tax loss, sale of the century moment we have been talking about. What if the Fed starts talking back the rate increases, the level or the frequency, even a bit - like what came out today - and folks start to buy bond funds again. Maybe the opposite occurs and instead of tax loss deals, managers suck up all the good inventory. Nah or ya?
lawman
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I dunno but I have noticed my active managed bond fund is up around 3% in the last month or two..
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COcheesehead
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I have a lot of mark to markets in the green too.
Freedom56
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I think you have to look at the big picture. Bond funds still yield a fraction of what money market funds yield and nevermind comparing them to CDs, treasuries, or high grade corporate bonds. Dumb money is flowing into passive bond funds. Don't forget that bond ETFs can be shorted and so can treasuries. At one point HYG had a short interest of 62% now it's down to 44%. A lot of the bounce has been short covering of the 5, 10, 30 year treasuries and bond ETFs. There were no surprises in the Fed minutes that would indicate that they intend to pivot and start cutting rates. I resumed my bond/CD buying this year after waiting since March 2020 to buy once again. I was hoarding cash from coupon payments, maturities, and called securities earning very little. Treasuries, CDs, and corporate bonds became un-investable in 2021 through the first half of 2022. Bond funds continued to buy at a record pace in 2021 as issuers raced to refinance their debt at record low coupons. Much of the $8 trillion of national debt added through treasury sales were at record low coupons. Bond funds are bloated with historically low coupon debt. So informed investors looking for yield will not invest in funds yielding .75% to 2.4% for short to long duration funds. We are now at a point where you can earn a reasonable level of income from CDs, treasuries, and high grade corporate bonds with little to no risk. So far I have added about $114K to my interest income stream with purchases this year alone from my bond ladder. My ladder now has an average maturity of 4.8 years with a YTM of 7.6% and an average coupon of 6.1%. As long as the Fed continues to raise rates, The bleeding will continue. I wouldn't give up hope on the fire sale. It will eventually come.
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lawman
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Goldman Sachs 5yr 6.1% look pretty good to me..Is Goldman Sachs one of the banks some are avoiding?
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Freedom56
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No. I'm holding $400K of the Goldman Sachs 6.75% 5 year notes.
i may buy it as well .. so you wont be alone if it becomes a problem..
Just trying to see if something better will come along as this would be the last of the dry powder
Chuckanut
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I hope the end of the year fire sale comes soon. We are already over halfway through November.
Vincenzo Corleone
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cusip?
Freedom56
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38150APM1
It was issued at the end of October 2022. I believe many people here bought this one or the 10 year 7% notes from Goldman Sachs during the same week. At $215,000,000.00, the Goldman Sachs 6.75% offering was one of the largest retail corporate note issues this year.
lawman
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Looks like you got it at offering..The one I'm looking at is CUSIP 38150AQ99.
I never see any at Schwab that are as attractive as those Freedom is able to get.
Freedom56
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The new note deals are not flying off the shelf like they did over a week ago. Investors are looking for that leading 6 digit coupons or a lower yield with longer call protection. Call protected CDs with leading 5 digit coupons are gone but if the Fed sticks with their plan, they should return.
the 6.75 was a Schwab one as well but you are correct, i bought it at offering and i am also looking at Q99 too
OnTheBeach
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I have gone through several pages of posts regarding individual bonds. There have been several posts regarding corporate bonds paying 6.75% or so. In my tax bracket in NJ - that equates to 4.07% after tax. I have been invested in MUE since the beginning of this year which has an after tax yield of 4.66%. In my financial position, I think Muni bonds make more sense on an after tax basis. I have been looking at individual muni bonds (2032 maturity) with an after tax YTM of 4.3%. I know most investors avoid bond funds but it seems to be the best yield and more diversification than i can do on my own. Thoughts?
Trailwalker
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Freedom56
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MUE is a leveraged closed end fund (CEF). It was trading at $13 at the beginning of this year and it's trading at just over $10 now. So the distribution is moot given the unrealized capital loss. I personally have nothing against CEFs but buying them early in the year was bad timing. You really want to buy leveraged CEFs about one month before the last rate hike. Many of these CEFs are deleveraging as borrowing costs far exceed coupon rates of the securities they hold.
38150APU3,
38150APQ2,
not sure which one you are referring to... but a quick search of
https://finra-markets.morningstar.com/BondCenter/Results.jsp
showed the above 2
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