AMGFIN 5 5/8 3/15/2023 & 5 3/8 11/15/2029 Corp

Springleaf Finance Corp

Credit


Publicly traded companies mentioned herein: OneMain Holdings Inc (OMF)

Highlights 

The presenter is long Springleaf Finance Corporation’s AMGFIN 5 5/8 3/15/2023 & 5 3/8 11/15/2029 senior unsecured corporate debentures. Of the two, he prefers the bonds that mature in 2029 as they trade in the low-80s, while the 2023 bonds trade closer to par with very little risk. He believes these securities are attractive at current levels because Springleaf still has access to the ABS markets and owns a number of warehouse facilities. Per Regulation FD the company filed recently, they should be able to fund these facilities through 2021. With no funding issues and the 2023s trading close to par, Springleaf still has access to high yield markets. 

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Idea Discussion

Commentor 1 - 2 weeks ago

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