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In my article, "6 New Bonds To Consider For Your Portfolio," I shared details of six newly issued corporate bonds now available for purchase on the secondary market. I also mentioned that the yield environment from the investor's standpoint is still quite challenging. Corporations are issuing bonds with coupons many investors will find shockingly low.

Through my articles, I like to provide investors with lots of different ideas they can further explore. What may be appropriate for one investor may not be appropriate for another investor. With this in mind, in my aforementioned article, I discussed three ways of approaching lower yielding bonds: add the bonds to a watch list of bonds to buy on a dip; split your investment in a company through a part-stock, part-bond allocation; and split your investment in a company through a part-bond, part out-of-the-money short put allocation. I'd now like to offer a fourth alternative to a 100% allocation in some of the recent lower yielding new issue corporate bonds.

On the secondary market, there are several longer-term bonds in the lower investment grade / upper non-investment grade spectrum that are currently yielding over 6%. These yields are significantly higher than those mentioned in my recent article on newly issued corporates. However, it's important to note that many of the companies with yields over 6% have businesses that are very sensitive to the economic cycle. Therefore, there is a strong likelihood that during the next economic slowdown, the bonds of these companies will experience a widening of spreads relative to their benchmark Treasuries (NYSEARCA:TLT). If the credit risk of the following companies, combined with greater than 6% yields, meets your investment objectives, but the threat of higher spreads or higher interest rates scares you, consider dollar-cost averaging into a position over time.

Without further ado, here are details for four corporate bonds currently yielding more than 6%:

Alcoa's (NYSE:AA) senior unsecured note (CUSIP: 013817AK7) maturing 2/1/2037 has a 5.95% coupon and is asking 97.78 cents on the dollar (6.126% 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-.

Cliffs Natural Resources' (NYSE:CLF) senior unsecured note (CUSIP: 18683KAC5) maturing 10/1/2040 has a 6.25% coupon and is asking 99.48 cents on the dollar (6.289% 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-.

Martin Marietta Materials' (NYSE:MLM) senior unsecured note (CUSIP: 573284AJ5) maturing 5/1/2037 has a 6.25% coupon and is asking 100.875 cents on the dollar (6.18% 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.

Masco Corporation's (NYSE:MAS) senior unsecured note (CUSIP: 574599AT3) maturing 8/1/2029 has a 7.75% coupon and is asking 106.50 cents on the dollar (7.085% yield-to-maturity before commissions). It is non-callable and pays interest semi-annually. Moody's currently rates the note Ba2; S&P rates it BBB-.

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: Earn More Than 6% With These 4 Bonds

Additional disclosure: I am long CUSIPs 574599AT3 and 18683KAC5.