My buy dates were 2016 (8 year note), 2017 (7 Year), end of 2018 (6 Year Note), 2020 (4 year note). A significant market correction will bring all low yield investment grade and high yield bonds down. GE and Boeing are more leveraged and cash flow negative than this company and yet they are still rated investment grade. You can't rely on rating agencies to decide which bond issue is safe and which isn't. Centurylink (Lumen technology) has been buying back debt and reducing leverage over the past 6 quarters from free cash flow. Netflix is also rated junk, I would buy Neftlix notes before I would buy GE or Boeing notes.
Seagate is a storage technology company not an industrial. Demand for storage is growing and will continue. They are very profitable. Centurylink/Lumen technology is the largest Tier 1 ISP and has the most expansive network in the world. Just about every Tier 2 ISP uses their network and pays a toll. They also provide content delivery through their networks for companies like Netflix. It doesn't take a "world ending event" to cause a sell-off in fixed income. Look back over the past 8 years to see how frequently bonds and preferred stocks have sold off from prices 10-18% over par to 10-20% below par. Last March some exchange traded bonds and preferred stocks sold off as much as 60% below par (I was at the buying end of many of issues). Those same preferred stocks and exchange traded bonds are trading above par.
Market driven CDS rates are a much better indicator of credit quality than rating agencies that have serious conflicts of interest (i.e. they are paid by the companies that issue the bonds/notes). The data is not free but well worth it for managing a bond portfolio.
https://ihsmarkit.com/products/pricing-data-cds.html
You also have to consider the company's financial performance, balance sheets, and industry trends. You can get burned badly by relying on so called "investment grade" ratings from agencies.
https://theconversation.com/why-cre...-still-getting-away-with-bad-behaviour-117549
To give you some idea on just how clueless rating agencies are, read this report from S&P on Advanced Micro Devices from 2016. They rated AMD notes CCC+ after the company announced some of the most revolutionary products to the market. In 2020, S&P rated AMD notes investment grade.
https://www.streetinsider.com/Credi...);+Rates+New+Senior+Conv.+Notes/12010151.html