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In the never-ending quest for yield in a zero-interest-rate environment, I recently searched for the highest yielding corporate bonds with less than ten years to maturity and investment grade ratings from both Moody's and S&P. What I found were yields as high as 7.348% as well as plenty of other bonds yielding over 5%. Here are the five companies with the highest yielding bonds that fit the criteria just described. In the case in which a company had more than one CUSIP on the list, I provide details on the highest yielding bond of the group and then list the remaining CUSIPs for those investors interested in conducting their own research.

Jefferies Group (JEF) tops the list with its senior unsecured note (CUSIP: 472319AF9) maturing 7/15/2019. It has a coupon of 8.50% and is asking 106.50 cents on the dollar (7.348% yield-to-maturity before commissions). It has a make whole call and pays interest semi-annually. Moody's currently rates the note Baa2; S&P rates it BBB. It was originally offered at a price of 98.914, and the offer size was $400 million. The current amount outstanding is $700 million. The offer date was June 25, 2009. Currently, the 8/15/2019 U.S. Treasury note (CUSIP: 912828LJ7) is yielding 1.476%, which means Jefferies Group's note is asking 587.2 basis points more than a corresponding Treasury note. Other CUSIPs from Jefferies Group appearing among the highest yielders include: 472319AH5, 472319AK8.

Genworth Financial's (NYSE:GNW) senior unsecured note (CUSIP: 37247DAP1) maturing 9/24/2021 has a coupon of 7.625% and is asking 103.85 cents on the dollar (7.065% yield-to-maturity before commissions). It has a make whole call and pays interest semi-annually. Moody's currently rates the note Baa3; S&P rates it BBB. It was originally offered at a price of 100, and the offer size was $400 million. The offer date was March 22, 2011. Currently, the 8/15/2021 U.S. Treasury note (CUSIP: 912828RC6) is yielding 1.935%, which means Genworth Financial's note is asking 513 basis points more than a corresponding Treasury note. Other CUSIPs from Genworth Financial appearing among the highest yielders include: 37247DAN6, 37247DAM8, 37247DAK2.

Computer Sciences' (NYSE:CSC) senior unsecured note (CUSIP: 205363AL8) maturing 3/15/2018 has a coupon of 6.50% and is asking 101.976 cents on the dollar (6.105% yield-to-maturity before commissions). It has a make whole call, conditional puts for a change of control, and pays interest semi-annually. Moody's currently rates the note Baa1; S&P rates it BBB+. It was originally offered at a price of 99.575, and the offer size was $1 billion. The offer date was February 27, 2009. Currently, the 2/15/2018 U.S. Treasury note (CUSIP: 912828HR4) is yielding 1.095%, which means Computer Sciences' note is asking 501 basis points more than a corresponding Treasury note.

Best Buy's (NYSE:BBY) senior unsecured note (CUSIP: 086516AL5) maturing 3/15/2021 has a coupon of 5.50% and is asking 96.307 cents on the dollar (6.032% yield-to-maturity before commissions). It pays interest semi-annually, has a make whole call until 12/15/2020, and is thereafter continuously callable at par. Moody's currently rates the note Baa2; S&P rates it BBB-. It was originally offered at a price of 99.695, and the offer size was $650 million. The offer date was March 8, 2011. Currently, the 2/15/2021 U.S. Treasury note (CUSIP: 912828PX2) is yielding 1.788%, which means Best Buy's note is asking 424.4 basis points more than a corresponding Treasury note.

Countrywide Financial's (NYSE:BAC) subordinated note (CUSIP: 222372AJ3) maturing 5/15/2016 has a coupon of 6.25% and is asking 101.24 cents on the dollar (5.914% yield-to-maturity before commissions). It is non-callable and pays interest semi-annually. Moody's currently rates the note Baa2; S&P rates it BBB+. It was originally offered at a price of 99.729, and the offer size was $1 billion. The offer date was May 11, 2006. Currently, the 5/15/2016 U.S. Treasury note (CUSIP: 912828FF2) is yielding 0.613%, which means Countrywide Financial's note is asking 530.1 basis points more than a corresponding Treasury note. Other CUSIPs from Bank of America/Countrywide/Merrill Lynch appearing among the highest yielders include: 22238HAF7, 060505CL6, 060505DA9, 59022CCS0.

If you are interested in purchasing any of these securities but are nervous about counterparty risk wreaking havoc on your portfolio, learn how to hedge individual bonds in, "Protect Your Income Portfolio With Cross-Asset Hedging."

Please be aware that prices in the over-the-counter U.S. bond market may vary depending on the broker you use. I discuss this in my article, "Are You Paying Too Much For Your Bonds?" The current prices may also differ greatly from those listed at the time this article was written. For additional information on any of these notes, including any additional call or put features, please contact your broker or read the indenture.

Also, please do your own due diligence on the financial profiles of the companies mentioned in this article. Only you can determine if taking the counterparty risk of purchasing individual bonds is suitable for you.

Source: The Highest Yielding Investment Grade Corporate Bonds

Additional disclosure: I am long CUSIP 086516AL5 (BBY). I am also long BAC CUSIPs, although none mentioned in this article.