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It's been quite some time since I updated readers with the details of newly issued corporate bonds trading on the secondary market. Unfortunately, the yield environment from the investor's standpoint is still quite challenging. If you want corporate bond yields at any kind of decent level, you either have to extend maturities or move down in credit quality.

Below, you will find the details of six recently issued corporate bonds. Among the group is one non-senior unsecured note as well as one non-investment-grade bond. I'd like to start with the details of those two first:

Prudential Financial's (NYSE:PRU) junior subordinated note (CUSIP: 744320AL6) maturing 9/15/2042 has a fixed-to-floating rate coupon. Prior to 9/15/2022, the coupon will be a fixed rate of 5.875%. Thereafter, the coupon will float at three-month LIBOR plus 417.5 basis points. It pays interest semi-annually, has a make whole call until 9/15/2022, and is thereafter continuously callable at 100. Moody's currently rates the note Baa3; S&P rates it BBB+. There is currently an offer for this bond on the secondary market at 101.75. However, I was unable to find an offer on any of the three retail investor bond platforms I checked. If you are interested in purchasing this note, consider having your broker check for offers on Bloomberg.

Constellation Brands' (NYSE:STZ) senior unsecured note (CUSIP: 21036PAJ7) maturing 3/1/2023 has a 4.625% coupon and is asking 102 cents on the dollar (4.386% 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 BB+.

Of the remaining four corporates, one has 10 years to maturity, and the remaining three are all 30-year bonds.

Celgene Corporation's (NASDAQ:CELG) senior unsecured note (CUSIP: 151020AH7) maturing 8/15/2022 has a 3.25% coupon and is asking 99.461 cents on the dollar (3.314% 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+.

Kinder Morgan Energy Partners' (NYSE:KMP) senior unsecured note (CUSIP: 494550BN5) maturing 8/15/2042 has a 5.00% coupon and is asking 100.972 cents on the dollar (4.937% yield-to-maturity before commissions). It pays interest semi-annually, has a make whole call until 2/15/2042, and is thereafter continuously callable at 100. Moody's currently rates the note Baa2; S&P rates it BBB.

Altria Group's (NYSE:MO) senior unsecured note (CUSIP: 02209SAM5) maturing 8/9/2042 has a 4.25% coupon and is asking 97.514 cents on the dollar (4.40% 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 BBB.

MetLife's (NYSE:MET) senior unsecured note (CUSIP: 59156RBD9) maturing 8/13/2042 has a 4.125% coupon and is asking 100.107 cents on the dollar (4.119% yield-to-maturity before commissions). It has a make whole call and pays interest semi-annually. Moody's currently rates the note A3; S&P rates it A-.

Concerning the three 30-year senior unsecured notes mentioned above: If, after performing your due diligence on the companies, you decide the credit risk is acceptable but find the yields to be simply too low, there are alternatives to forgetting about the bonds altogether. Here are three possibilities:

First, add the bonds to a watch list of bonds to buy on a dip.

Second, consider a part-stock, part-bond allocation. Through the part-stock allocation, your investment in a company would still have upside potential in terms of capital gains as well as income growth potential through any growth to the dividend. Through the part-bond allocation, your investment would maintain a bit more of a focus on safety to the principal and lower volatility than would an investment 100% at the bottom of the capital structure.

Third, consider a part-bond, part out-of-the-money short put allocation. The part-bond position would maintain a bit more of a focus on safety to the principal and lower volatility while yielding 4% to 5%. The short put position would provide an opportunity to increase the yield of the overall position by collecting premiums from out-of-the-money puts sold against the stock. If the puts are ever assigned to you, you would then have a position as described above in the part-stock, part-bond paragraph.

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: 6 New Bonds To Consider For Your Portfolio