Underpriced High-Yield Baby Bonds And Preferreds - Investor Misunderstanding Creates Bargains: ECC And OXLC

Summary

• We discuss some term preferred stocks and baby bonds that offer high yields but are actually quite safe due to the market’s misunderstanding of these securities.
• These securities are issued by closed end funds, which have legal leverage limits, making default hard to imagine, yet they offer oversized yields.
• In the baby bond category, we discuss the very safe Eagle Point Credit baby bonds and why they are so safe despite the nice yield-to-maturity.
• In the term preferred stock category, we discuss Eagle Point Credits term preferred ECCB and Oxford Lane’s term preferreds OXLCM, OXLCO and OXLCP.
• Looking for a portfolio of ideas like this one? Members of High Dividend Opportunities get exclusive access to our model portfolio. Get started today »

Co-author Preferred Stock Trader

Introduction

Very recently we published part one of our two-part series on baby bonds and term preferred stocks from companies with legal leverage limits. While the market has still not fully recovered, we think this is a great space to invest due to the safety and the high yields that still exist, but these opportunities are quickly disappearing.

In part 1, we discussed baby bonds from business development companies (BDCs) which have legal leverage limits of 67%. In this article, part 2, we focus on baby bonds and term preferred stocks that have been issued by closed-end funds which have even tighter leverage limits. CEFs cannot exceed 50% leverage.

Closed-End-Funds (CEFs)

CEFs are mutual funds that trade on the stock exchange. They have very strict liability limits. That is why you see preferred stocks from CEFs, like those preferred issues by Gabelli (GUT.PC) for example, and Highland Income Fund (HFRO.PA), given A1 ratings by Moody's, the highest rating of any preferred stocks you will find. But we have identified two CEFs that have preferred stocks and/or baby bonds that are not rated and therefore offer investors generous yields due to investors not understanding the safety of these securities. When we say this, we don’t mean to imply that our recommended CEF baby bonds and term preferred stocks would deserve a rating close to an A1 rating, but simply that preferreds/bonds from a CEF have inherent safety due to the rules they must follow. Due to these leverage limits, we are not aware of any CEFs that have defaulted on their debt or term preferred shares.

Oxford Lane Term Preferred Stocks

OXLCM, OXLCO, OXLCP

Oxford Lane Capital (OXLC) is a closed-end-fund that invests in Collateralized Loan Obligations (CLOs). As a CEF it has even more strict leverage limits than BDCs. If a CEF has any outstanding bonds, the value of these bonds cannot exceed 40% of assets, and its preferred stock, when added to other debt, must be less than its NAV which generally means it can use preferred stock to take leverage up to a maximum of 50%.

CLOs, in general, carry a higher risk and are more volatile investments in terms of its "mark to market valuation." Although the CLOs of a fund may all be in good standing with all interest payments being made, they are required to be marked-to-market at the value at which they can be sold. With the unexpected large sell-off in fixed-income that has occurred this year, as a result of COVID-19, OXLC has experienced a significant mark-to-market write-down, thus causing a significant NAV decrease.

OXLC’s Current Situation Looks Fine

OXLC is in an enviable position in that its stock generally trades above NAV. This makes issuing shares easy and accretive to NAV and has allowed it to keep its leverage low.

Source: SEC Filing Form N2

As can be seen from the above chart, the “per share market value at end of period” for the last 5 years has been greater than NAV at the end of each year. Additionally, you can see that the number of shares has grown massively, quadrupling over five years. So, although NAV took a big hit in the latest quarter, and is at least temporarily down 50% from five years ago, the size of the company is actually bigger now than it was five years ago due to the massive increase in the share count. Therefore, we don’t see the risks being greater now than they have been over the past five years as its leverage is likely unchanged.

Very recently OXLC announced a program to buy back $40 million worth of their three term-preferred stocks in the open market. This indicates to us that their liquidity position is good as they likely sold more stock in the open market since the end of the March quarter. The announced preferred stock buyback has 3 excellent benefits for preferred stockholders:

• This will further deleverage the company by reducing debt.
• Buying back debt at a discount to par will increase OXLC’s NAV.
• It provides a price backstop for preferred stockholders.

The fact that OXLC management thinks their own preferred stock is a good place to put money simply confirms what we believe.

Term Preferred Stocks

Term preferred stocks are preferred stocks that have a redemption date which allows you to know exactly what your total return will be on these preferred stocks on the date of redemption. This is clearly a huge advantage over traditional preferred stocks, which are generally "perpetual" - where you have no idea what your total return will be some number of years into the future. Traditional preferred stocks can trade lower by many points and not recover whereas term preferreds tend to be much more stable due to the coming redemption at par. Traditional preferred stocks are structured to favor the issuing company because if rates fall, they can call the preferred stock, but if rates rise or the company faces financial trouble, they can leave the preferred stock outstanding indefinitely (and possibly at much lower prices). Term preferreds, on the other hand, are structured to favor the investor by providing a redemption date. We like term preferreds quite a bit because they really eliminate interest rate risk.

OXLC Term Preferred Stocks

OXLC has issued 3 term preferred stocks and has issued no bonds. These securities offer monthly dividends. Here are their stats:

1- Oxford Lane Capital Corp., 6.75% Cumulative Series 2024 Term Preferred (OXLCM)

• Current Price $23.34 (May 29)
• Current Stripped Yield-To-Redemption 8.8%
• Redemption Date: 6/30/2024
• Yield-To-Call 95%
• Call Date: 6/30/2020
• Annual Interest Payment $1.6875
• Ex-Dividend Dates: Approximately the 14^th of every month

2- Oxford Lane Capital Corp., 7.50% Cumulative Series 2023 Term Preferred (OXLCO)

• Current Price $23.82 (May 29)
• Current Stripped Yield-To-Redemption 9.4%
• Redemption Date: 6/30/2023
• Call Date: Any Time
• Annual Interest Payment $1.875
• Ex-Dividend Dates: Approximately the 14^th of every month

3- Oxford Lane Capital Corp. 6.25% Cumulative Series 2027 Term Preferred (OXLCP)

• Current Price $21.90 (May 29)
• Current Stripped Yield-To-Redemption 8.8%
• Redemption Date: 2/28/2027
• Yield-To-Call 11.7%
• Call Date: 2/28/2023
• Annual Interest Payment $1.5625
• Ex-Dividend Dates: Approximately the 14^th of every month

Which Term Preferred Stock To Buy?

We favor OXLCP and OXLCM. They both have the same yield-to-redemption and both trade below par offering upside price potential. OXLCM may be chosen for those who wish to own a term preferred stock whose redemption date is not so far off. OXLCP is better for those who want to lock in a nice yield for longer, and OXLCP has the most upside price potential of the three term preferreds. Although OXLCO currently has the highest yield to redemption, it has the least price upside, you are locking in the generous yield for the shortest time, and OXLCO already has experienced a partial call which may occur again if OXLCO trades above par. The call risk limits the upside price potential of OXLCO.

As can be seen from the chart below, both OXLCP and OXLCM have further price upside to return to the price relationship that existed between the three term preferreds before COVID-19 hit the market.

Four-Month Price Chart Comparing The OXLC Term Preferred Stocks

Source: Yahoo Finance

Bottom Line for OXLC Preferred

The bottom line here is that you are getting an excellent yield in a sector (CEFs) where, as far as we know, a preferred stock has never defaulted and where you have a redemption date so you know exactly what your return will be if you hold these term preferred stocks to redemption. The company is now very liquid and has the opportunity to buy back preferred shares at a discount, which will lower leverage and increase NAV. This puts OXLC in a very good position.

Eagle Point Credit Baby Bonds and Term Preferred Stock

ECCX, ECCY, ECCB

Eagle Point Credit (ECC) operates in the same business as OXLC. ECC offers a term preferred stock (ECCB) and two baby bonds (ECCX and ECCY). It's very unusual to be able to buy a baby bond issued by a CEF, and we love the combination of the high yield that you currently get on ECC’s baby bonds along with the great safety that these baby bonds offer.

1- Eagle Point Credit, 7.75% Series B Cumulative Term Preferred Stock due 10/30/2026 (ECCB)

• Term Preferred Stock
• Current Price $24.26 (May 29)
• Current Stripped Yield-To-Redemption 8.4%
• Redemption Date: 10/30/2026
• Yield-To-Call 10.3%
• Call Date: 10/30/2021
• Annual Interest Payment $1.9375
• Ex-Dividend Dates: Approximately the 10th of every month

2- Eagle Point Credit, 6.6875% Notes due 4/30/2028 (ECCX)

• Baby Bond
• Current Price $23.68
• Current Stripped Yield-To-Maturity 7.7%
• Redemption Date: 4/30/2028
• Yield-To-Call 13.7%
• Call Date: 4/30/2021
• Annual Interest Payment $1.672
• Ex-Dividend Dates: Approximately March 14, June 14, September 14, December 14

3- Eagle Point Credit, 6.75% Notes due 9/30/2027(ECCY)

• Baby Bond
• Current Price $23.40
• Current Stripped Yield-To-Maturity 8.0%
• Redemption Date: 9/30/2027
• Yield-To-Call 27.5%
• Call Date: 9/30/2020
• Annual Interest Payment $1.6875
• Ex-Dividend Dates: Approximately March 14, June 14, September 14, December 14

ECCB is ECC’s term preferred stock and, like OXLC’s term preferreds, it pays dividends monthly. It currently offers a nice 8.4% yield-to-redemption. We will not say more about ECCB because it's the same type of investment that we already explained in discussing OXLC’s term preferred stocks above.

What we are most interested to highlight are the baby bonds that ECC offers.

Safety of ECCX and ECCY Baby Bonds

ECC’s Current Estimated Capital Stack

Source: SEC Filing and Author

ECC already operates at a low leverage but the baby bonds offer an even larger layer of safety because ECC’s preferred stock (ECCB) offers protection to the baby bonds in the capital stack. ECC currently has an estimated common stock market capitalization of around $215 million but also has an additional $47 million of preferred stock outstanding. This amounts to $262 million of equity protecting only $84 million in debt. ECC has an enterprise value ('EV') of around $346 million with only $84 million in debt, making ECC’s baby bonds a very safe choice. ECC’s debt (baby bonds) represent only 24% of EV, an extremely low level of debt.

ECC also has been repurchasing its baby bonds. For example, ECC had $67 million of ECCX bonds outstanding at the beginning of the year and that shrunk to $55 million as of the first quarter. It may be lower now. So ECC also is using repurchases of their preferred stock and baby bonds to keep leverage low.

What To Buy?

Although we find ECCB attractive, the OXLC term preferreds currently offer a better yield-to-redemption and more price upside with OXLCP and OXLCM. It's the ECC baby bonds that we really find attractive due the massive amount of equity (common and preferred) that protects ECCX and ECCY. We really don’t have a preference between ECCX and ECCY, suggesting that investors simply buy whichever one is currently offering the highest yield-to-maturity. The baby bonds are a great choice for those who like SWAN (sleep well at night) investments and we are not sure where else you might find a baby bond that was issued by a CEF. ECCY and ECCX are very unusual opportunities and may be one-of-a-kind.

Bottom Line for ECC Baby Bonds and Preferred Stock

Although it's hard to imagine a scenario where a CEF becomes insolvent due to legal leverage limits, even in a case where ECC’s NAV goes negative and the fund liquidates, we believe owners of ECCX and ECCY would still have a strong likelihood of being made whole due to the outstanding preferred stock which provides a buffer to ECCX and ECCY. It's just extremely hard to find risk in ECCX and ECCY, yet they trade at yields to maturity that don’t do justice to their extremely good risk profile – and we are taking advantage of this injustice. In February, ECCB, ECCX and ECCY all traded over par and we believe they will do so again in the not too distant future. We see excellent total return potential in ECC’s fixed-income securities.

If any readers are aware of any other bonds issued by CEFs, we would certainly like to hear about them in the comments.

Summary/Conclusion

The thesis of this article is that risk in baby bonds and term preferred stocks that have been issued by CEFs are misunderstood and way overstated. This lack of understanding has created an excellent buying opportunity for certain term preferred stocks and baby bonds. As far as we know, preferred stocks and baby bonds from CEFs have never defaulted yet they are offering yields that would be more appropriate for riskier fixed-income securities.

• ECCX and ECCY are baby bonds from CEF Eagle Point Credit that offer an 8% YTM. As far as we know, these are the only tradable baby bonds from a CEF. Although Eagle Point Credit is a CEF that invests in CLOs, the low leverage at which ECC operates (and is legally forced to operate), as well as the fact that preferred stock ECCB provides significant protection for these 8.0% yielding baby bonds, makes these an excellent choice for a fixed-income-portfolio. Due to leverage limits on CEFs, it's unimaginable how these bonds might default and we believe that investors should lock in very safe 8% YTMs wherever they can find them while the going is good.

• ECCB (YTM 8.4%), OXLCM (YTM 8.8%) and OXLCP (YTM 8.8%) are term preferred stocks from CEFs Eagle Point Credit and Oxford Lane Capital. We love preferred stocks that have a redemption date as this eliminates the biggest downfall of preferred stocks – the fact that they are perpetual and may never recover from significant drops in price. The high yield-to-redemption that these provide, along with the fact that CEFs have strict leverage limits which mitigate the risk of these preferred stocks, makes these excellent investments given their yields-to-redemption.

We believe that in a zero interest rate world, locking in safe high yields, while they still exist, is the smartest thing that investors can do right now. It would not be surprising if one year from now we find ourselves, again, in an environment of 5 to 5.5% yields on safe fixed-income securities.

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Analyst’s Disclosure: I am/we are long OXLC, ECC, OXLCM, OXLCP, ECCX, ECCY. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Comments

[erni1000]

I am interested in ECCX and ECCY, the two baby bonds.
These are due in 2027 and 2028. Will these be booked out on the day and the proceeds credited to my account? How much is the redemption amount? What does yield to call and call date mean?

[2whiteroses]

@erni1000

www.investopedia.com/...

www.investopedia.com/...

[Preferred Stock Trader]

Proceeds will be credited to your account automatically on the redemption date and you will get $25 per share - so it will be a long term gain. A "call" means that the company can buy back the preferred stock at $25 after the "call date" has passed, so the company does not have to wait until the maturity date to redeem these preferred stocks. But since ECCX and ECCY trade below $25, that is not something to worry about. If they do call ECCX/ECCY at $25 sooner than the redemption date, your yield to redemption will be even higher that what the article says.

[Paddy1234]

The higher the rate...the higher the risk!

[PendragonY]

@Paddy1234

No, not necessarily. For instance, REITs tend to have higher rates but that doesn't mean they are higher risk.

[thebellsareringing]

i will continue to own $OXLC with a very large number of shares. I anticipate a dividend reduction that will remain attractive to HY investors. Overtime, I believe the CLO market will be a positive ROI.

[PendragonY]

@thebellsareringing

That is my thinking as well.

[Park1000]

Oops.. The NAV is less than $3, so its trading at 30% premium After today's 17% drop... But downside from here is only $4 (cant go below zero rt?) but upside could be as high as the sky..

[great quarter]

100% of your investment is still 100% of your investment no matter how low the share price is

[63C-Vette]

REPOSTING......I currently own about 4,000 shares of OXLC common, at a sizable loss on paper. My question is whether I should continue to hold this. The stock has appreciated close to 50% in the last week and has a yield of 52%, which will is likely to get cut. Can I please get your opinion on this? Does the recent jump bode well for hanging onto OXLC and what do you foresee about the dividend being reduced? Many thanks.

[PendragonY]

I continue to hold OXLC.

[jsbohan]

This might be a good opportunity to educate readers, like me, on the virtues and pitfalls of Baby bonds vs target date preferreds, and provide a list of both available now, highlighting those below par, along with a safety rating.

[ijeff]

How is it possible preferreds like OXLCP traded around $11 in March? I might be irrational but that pretty much scared me off them. It implies a risk much greater than I imagined. Many of the current preferreds I own are still well below their coupon price. Thankfully I didn't sell them and all of them have improved their price since then but most are still well below coupon. Will they ever trade at even or premium again? With the nice yields it sure seems like they should at least trade near even unless the market is still factoring in a lot of risk.

[Tack]

@ijeff The massive momentary decline in prices of every quality of baby bond and preferred implied fear and irrationality, not risk. The risk levels hardly changed at all for most of them, but the market went through temporary insanity, as it usually does in a crisis. The volatility of these issues is through the roof in such times because they are very liquid, not because their risk profiles suddenly collapsed.

[ijeff]

Tack, That makes sense. Rather than be fearful in March, I wish I had found some of these issues like OXLCP and bought them back then. This year has been a good learning experience for me regarding Preferred stock volatility. Never even owned a Preferred stock until last year.

[tizod]

I disagree as no one refers to the underlying fundamentals of what makes this up. They are inherently at risk right now, no matter the leverage. You just can't sell stock and gain leverage when the assets get valued to zero. Its like hearing from REIT guys saying the value of the land is $XXXX. That was then, but now with a rash of availability the value drops by 50-60-70%. What then? If these were so "safe" and "easy" they would not have this return.

[User 44703246]

Good stuff as usual. I’m long ECC and the baby bonds as well. I like how management is using the "at-the-market" offering program to issue shares at a premium to NAV in order to buy their own debt at a discount plus make investments in a period of extreme dislocation in the CLO market.

Per their quarterly report ”the weighted average effective yield of new CLO equity investments made by the Company during the quarter, which includes a provision for credit losses, was 47.42% as measured at the time of investment.”

Go ahead and sign me up for more of those purchases. Rarely do you get a chance to buy ECC close to NAV. Eagle Point has exceptional track records in their LP funds as well.

[MG1234]

@Rida Morwa can you comment on the asset quality of these CEFs. discounts and NAv is on thing, but given their small size, one bad default in their loan books/asset side can have a big effect

[Preferred Stock Trader]

They own a significant number of CLOs. One default will have no impact on the preferreds or baby bonds.

[myfunmoney]

Actually I dont mind preferred that don't have a required term limit if their interest stays the same and isn't adjusted to LIBOR+ an amount after callable.....I'll sit on a preferred paying 14% all day long if it doesn't get called at par if the rate doesn't readjust after mature date

[Rida Morwa]

@myfunmoney Agreed, we have been loading up on preferred during this dip!

[CEFspert]

I've been avoiding these loan cos for years. (and the tiny rate spread/flat yield curve also stunk)
And who knows how this will shake out.
The defaults have just started.
No thanks.

[Rida Morwa]

@CEFspert Thank you for reading and commenting, it is going to be an interesting few months.

[NV_GARY]

While the OXLC term shares have the 200% coverage requirement, ECCB goes a step further:
"The Company is required to redeem the preferred at $25 per share plus accrued and unpaid dividends if they fail to maintain an asset coverage ratio of 200% (see page S-12 of the prospectus for further details). If the Company fails to redeem the preferred pursuant to the mandatory redemption required on 10/30/2026, or in any other circumstance in which the issuer is required to redeem the shares, then the Fixed Dividend Rate will increase by two percent (2.00%) for so long as such failure continues "

(not noted in article- nor that Notes pay interest, so it is better to hold them in a tax-advantaged account)

[NV_GARY]

Oh- almost forgot- looks like ECCB is issuing up to another 1 million shares:
www.sec.gov/...

Gotta buy baby shoes... or buy back preferreds.

[Preferred Stock Trader]

@NV_GARY Good info. Thanks for sharing. Do you really mean ECCB is issuing more shares or ECC common stock is being issued?

[NV_GARY]

I guess you did not look at the prospectus :
$125,000,000 of Common Stock
Up to 1,000,000 Shares of 7.75% Series B Term Preferred Stock due 2026 Liquidation Preference $25 per share
We are offering up to $125,000,000 aggregate offering price of our common stock and up to 1,000,000 shares of our 7.75% Series B Term Preferred Stock due 2026, or the “Series B Term Preferred Stock,” with an aggregate liquidation preference of  $25,000,000 pursuant to this prospectus supplement and the accompanying prospectus. We have entered into an at market issuance sales agreement, dated November 22, 2019, and amended June 1, 2020, or the “Sales Agreement,” with B. Riley FBR, Inc. (“BRFBR”) and National Securities Corporation (“National”), which we refer to as the placement agents or each a placement agent, relating to the sale of shares of common stock and Series B Term Preferred Stock offered by this prospectus supplement and the accompanying prospectus.

[Just a factory worker]

Hey hope this isn't a stupid question but they don't issue a k-1 do they?

[Preferred Stock Trader]

No K-1s. By the way, bonds never have K-1s.

[motorstreet]

Thanks Rida, always enjoy your articles. Just bought some OXLCM at $23.47. One question...how are you calculating the stripped YTR?

[Preferred Stock Trader]

We subtract the accrued dividend from the current price and then calculate YTM.

[motorstreet]

Thanks. Do you include capital appreciation up to par as well in that calc?

[posane3]

Thanks for the article. I am currently keeping all my dividends and not reinvesting, since I depend on most of that cash flow for living expenses, and I anticipate some more dividend reductions (I hold ECC and OXLC, among others). However, once I have enough squirreled away to get through anticipated meltdowns, I think these term preferreds and baby bonds look very inviting. Thanks again.

[Preferred Stock Trader]

You're welcome. Thanks for reading. The term preferreds and baby bonds are worlds safer than OXCL and ECC - really a totally different investment althogether.

[Rida Morwa]

@posane3 Thank you for reading and commenting, good idea to hold a reserve.

[waldipup]

On March 12 $30Mil. of the 2023 OXLCO's were redeemed .
www.quantumonline.com/...

On May 21 , they announced an additional $40Mil. market Pref buyback :
Oxford Lane Capital's (NASDAQ:OXLC) board authorizes a program to repurchase up to $40M of preferred stock.
Under the program, OXLC may buy 7.50% series 2023 term preferred stock, 6.75% series 2024 term preferred stock, and 6.25% series 2027 term preferred stock.
seekingalpha.com/...

[NV_GARY]

At least it's not a tender offer. Authorization doesn't really promise anything- but it might happen.

[User 16582472]

This article finally settles it: I'm way too dumb to understand bonds and preferreds. Back to DKNG!

[Preferred Stock Trader]

I doubt that you are too dumb. Just read up a bit.

[bbob68]

Hey DDOG, It can be complicated. That's why we have Rida.

[BigRich406]

This notion that the "market" is mis-pricing these investments IMHO is absurd. The high yield is the market saying, hey this is more risky than other investments - invest carefully. These investments are priced where they should be given the uncertainty of the economy and the underlying holdings. It's no more complicated than that. This mentality that HDO knows better than the market's pricing mechanisms is why HDO failures like MLPQ crashed to zero before HDO could tell its subscribers to bail.

[Preferred Stock Trader]

Personally, I don't believe in the efficient market and that everything is priced correctly. Preferred stocks and baby bonds are an area dominated by retail investors who often don't know a lot and panic when they should be buying. I have been trading preferreds for more than 20 years and have beaten the benchmarks handily, so I know that these securities are often mispriced.

[Kingstocktrader224]

I always find people are not telling the truth when they brag about what they did...I let the numbers talk, so prove it

[great quarter]

I think there is a fundamental difference between identifying value in the preferreds market in undercovered, under publicized, or misunderstood companies and seeing a preferred trading at 94% of par that is issued by a fund that invests in hugely complicated and risky securities and overlays another level of liabilities on top of it. CLO equity is dangerous. There's no reason these prefs shouldn't yield 8%, or even more at all.

[bondsmoker]

Will have to take a look at these - getting tough to find a decent yield without taking on too much risk.

Well - been tough for a long time - there was just a brief blip in recent couple months. Now back to tough again.

[Rida Morwa]

@bondsmoker We did take advantage of the dips and pick up preferreds at scream deal prices. However, trying to determine who will succeed in a post-COVID-19 lockdown world is a key aspect of any actively managed portfolio.

[Prudencepreferred]

Very daring to recommend buying into a CLO invested entity without a detailed discussion of underlying holdings, deteriorating liquidity, cashflow, and market access of those same holdings

[waldipup]

Yeah but it's not the equity .

[Preferred Stock Trader]

As long as they obey the law and keep leverage at legal levels, it really doesn't much matter.

[21811041]

@Preferred Stock Trader,

Perhaps I misunderstand your "it doesn't really matter" comment, but it sounds as though you're saying the underlying holdings (the CLOs) don't matter.

If that is what you meant, it seems to me it matters a great deal if enough loans within the CLOs they own default, since the equity tranche of a CLO is the last to be paid. With all the financial turmoil from COVID, it seems very likely that default rates will increase. The AAA tranches will be safe, but the equity tranches will suffer in that scenario. If the equity tranche payments to OXLC and ECC dry up, just how would OXLC and ECC pay the bond interest or the preferred dividends?

[annel1]

Hey, I cannot get to chat room says I have to install Rocket.chat?