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First, the good news: Believe it or not, there are actually non-financial companies still issuing investment grade debt with yields of 4.39% or greater. Now, the bad news: I'm referring to 30-year bonds.

As I mentioned in my article, "Financial Repression Spreads Across Income Markets," Treasuries aren't the only part of the fixed income world in which yields have plummeted to historically low levels. As corporate bond yields have also come down, investors in search of yield might feel compelled to move into the lower reaches of credit quality or into longer-dated maturities.

For those investors who are interested in moving into longer-dated maturities, please see below the details of five recently issued investment grade corporate bonds with coupons of 4.50% to 5.00% and with 30 years until maturity.

Kroger's (NYSE:KR) senior unsecured note (CUSIP: 501044CR0) maturing 4/15/2042 has a 5.00% coupon and is asking 104.029 cents on the dollar (4.744% yield-to-call before commissions). It pays interest semi-annually, has a make whole call until 10/15/2041, and is thereafter continuously callable at par. Moody's currently rates the note Baa2; S&P rates it BBB.

Molson Coors Brewing Company's (NYSE:TAP) senior unsecured note (CUSIP: 60871RAD2) maturing 5/1/2042 has a 5.00% coupon and is asking 104.635 cents on the dollar (4.71% 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-.

WellPoint's (NYSE:WLP) senior unsecured note (CUSIP: 94973VAY3) maturing 5/15/2042 has a 4.625% coupon and is asking 100.871 cents on the dollar (4.571% yield-to-maturity before commissions). It has a make whole call and pays interest semi-annually. Moody's currently rates the note Baa1; S&P rates it A-.

Aetna's (NYSE:AET) senior unsecured note (CUSIP: 00817YAJ7) maturing 5/15/2042 has a 4.50% coupon and is asking 99.698 cents on the dollar (4.518% yield-to-maturity before commissions). It pays interest semi-annually, has a make whole call until 11/15/2041, and is thereafter continuously callable at par. Moody's currently rates the note Baa1; S&P rates it A-.

Lowe's Companies' (NYSE:LOW) senior unsecured note (CUSIP: 548661CX3) maturing 4/15/2042 has a 4.65% coupon and is asking 104.266 cents on the dollar (4.39% yield-to-call before commissions). It pays interest semi-annually, has a make whole call until 10/15/2041, and is thereafter continuously callable at par. Moody's currently rates the note A3; S&P rates it A-.

If you are comfortable with the credit risk associated with any of the aforementioned companies but are nervous about purchasing a long-dated bond at current yields, here are three ideas that might be of use as you think through how you might fit such a bond might into your portfolio.

1. Buy-the-dip doesn't just apply to stocks; it applies to bonds as well. If you find a bond that is of interest to you, but you think it's overpriced at current levels, add it to a watch list and wait for a pullback in price. You also might consider averaging into the position, just as equity investors do with stocks, buying a little at a time until you are fully invested.

2. If you are interested in purchasing a long-dated corporate bond yielding roughly 4% to 5%, think about also simultaneously purchasing some type of investment that might act as an inflation hedge to your fixed income holdings. For instance, you might consider purchasing a 30-year bond and gold at the same time. Or, perhaps a 30-year bond paired with oil-related stocks or the S&P 500 (NYSEARCA:SPY) would fit the bill.

3. If you already own Treasuries or other corporate bonds higher up the rating scale and you are comfortable with the credit risk of one of the companies mentioned above, you may have the following opportunity available to you: book profits on the higher rated bond and roll the original principal into a different individual bond, which will mature at par, that provides you the same or more income.

For example, if you own the 4.375% coupon, 5/15/2041 maturing Treasury (CUSIP: 912810QQ4) that you bought at par, you might consider booking the current roughly 27% unrealized capital gain and rolling the original principal into the 4.625% coupon WellPoint bond mentioned in this article. Furthermore, if you wait until you have a long-term capital gain on the Treasury position, you will save money in taxes, versus holding the bond and eventually realizing that 27% unrealized gain in the form of interest payments taxed at ordinary income rates. And, you could consider using the gains from the Treasury to invest in a security you believe would provide an inflation hedge over time, as previously mentioned in this article.

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 more information on any of these notes, including 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: 5 Brand New Bonds Yielding Over 4%