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In 'The Highest Yielding Investment Grade Corporate Bonds', I provided readers with the details of five corporate bonds yielding more than 5.9%, having less than ten years to maturity, and having investment grade ratings from both Moody's and S&P. While searching for the highest yielding investment grade corporate bonds, I noticed that there are quite a bit of split rated bonds among the highest yielders. Specifically, there were many split rated bonds with one investment grade rating from either Moody's or S&P and one non-investment grade rating from the other rating agency.

For investors interested in semi-investment grade (NYSEARCA:LQD), semi-high-yield (NYSEARCA:HYG) bonds, the following list might be of interest. The five companies represented in this list have the highest yielding bonds among those with maturities of less than ten years and one investment grade rating from either Moody's or S&P. The yields in the list range from 6.135% to 7.158%. In terms of the spread to Treasuries, these corporates trade at a premium of 429.6 to 553.9 basis points. 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 some of the remaining CUSIPs for those investors interested in conducting their own research.

SLM Corp.'s (NASDAQ:SLM) senior unsecured note (CUSIP: 78490FYA1) maturing 6/15/2021 has a coupon of 6.10% and is asking 92.812 cents on the dollar (7.158% yield-to-maturity before commissions). It is continuously callable at 100 and pays interest monthly. Moody's currently rates the note Ba1; S&P rates it BBB-. It was originally offered at a price of 100, and the offer size was just $2.246 million. The offer date was April 24, 2006. Currently, the 5/15/2021 U.S. Treasury security (CUSIP: 912828QN3) is yielding 1.855%, which means SLM's note is asking 530.3 basis points more than a corresponding Treasury. Other CUSIPs from SLM appearing among the highest yielders include: 78442FEH7, 78490FYE3, 78490FXW4, 78490FXZ7.

International Lease Finance Corp.'s senior unsecured note (CUSIP: 459745GK5) maturing 1/15/2022 has a coupon of 8.625% and is asking 111.25 cents on the dollar (7.028% yield-to-maturity before commissions). It is non-callable and pays interest semi-annually. Moody's currently rates the note B1; S&P rates it BBB-. It was originally offered at a price of 100, and the offer size was $650 million. The offer date was December 19, 2011. Currently, the 11/15/2021 U.S. Treasury security (CUSIP: 912828RR3) is yielding 1.984%, which means International Lease Finance's note is asking 504.4 basis points more than a corresponding Treasury. Other CUSIPs from International Lease Finance Corp. appearing among the highest yielders include: 459745GF6, 459745GH2.

Icahn Enterprises L.P.'s (NASDAQ:IEP) senior unsecured note (CUSIP: 451102AH0) maturing 1/15/2018 has a coupon of 8.00% and is asking 104.625 cents on the dollar (6.639% yield-to-par call before commissions). It pays interest semi-annually and has the following call schedule: Beginning 1/15/2014, it is continuously callable at 104; beginning 1/15/2015, it is continuously callable at 102; and beginning 1/15/2016, it is continuously callable at par. The note also has conditional puts for a change of control. Moody's currently rates the note Ba3; S&P rates it BBB-. It was originally offered at a price of 99.275, and the offer size was $1.15 billion. The current amount outstanding is $1.449850 billion. The offer date was June 21, 2010. Currently, the 1/31/2018 U.S. Treasury security (CUSIP: 912828PT1) is yielding 1.10%, which means Icahn Enterprises' note is asking 553.9 basis points more than a corresponding Treasury. Other CUSIPs from Icahn Enterprises appearing among the highest yielders include: 451102AD9.

The Gap's (NYSE:GPS) senior unsecured note (CUSIP: 364760AK4) maturing 4/12/2021 has a coupon of 5.95% and is asking 98.60 cents on the dollar (6.151% yield-to-maturity before commissions). It pays interest semi-annually, has a make whole call until 1/12/2021, and is thereafter continuously callable at par. This note also has a conditional put at 101. Moody's currently rates the note Baa3; S&P rates it BB+. It was originally offered at a price of 99.65, and the offer size was $1.25 billion. The offer date was April 7, 2011. Currently, the 5/15/2021 U.S. Treasury security (CUSIP: 912828QN3) is yielding 1.855%, which means Gap's note is asking 429.6 basis points more than a corresponding Treasury.

Ameren Energy Generating Company's (NYSE:AEE) senior unsecured note (CUSIP: 02360XAL1) maturing 4/15/2018 has a coupon of 7.00% and is asking 104.375 cents on the dollar (6.135% yield-to-maturity before commissions). It has a make whole call and pays interest semi-annually. Moody's currently rates the note Ba1; S&P rates it BBB-. It was originally offered at a price of 100, and the offer size was $300 million. The offer date was June 3, 2008. Currently, the 5/15/2018 U.S. Treasury security (CUSIP: 912828HZ6) is yielding 1.155%, which means Ameren Energy's note is asking 498 basis points more than a corresponding Treasury. Other CUSIPs from Ameren Energy's appearing among the highest yielders include: 02360XAM9.

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: Top 5 Part High-Yield, Part Investment Grade Bonds