TIBX 9% 9/30/2029

Citrix

Credit, TMT, Software


Publicly traded companies mentioned herein: Broadcom Inc (AVGO)

Highlights

The presenter is long Citrix’s 2029 second lien bonds that are trading at ~95 and a 10.25% yield. There seems to be a narrative that credit spreads are tight, but he finds that lower rate credit instruments are trading cheaper than historically and at valuations more attractive than current equity valuations. This seems like a prime example as investors can earn a LDD% yield while creating the business at ~5x EBITDA. 

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Idea Discussion

Commentor 1 - 2 weeks ago

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