In the March 25 Energy Commentary “Energy Bonds are Ripe Again,” we highlighted an emerging fixed income opportunity in bonds of battered energy companies up and down the value chain.
Unlike common stock dividends, interest payments on energy bonds can’t be cut without plunging companies into bankruptcy. And while that’s certainly a possibility now for an unusually large number of companies in the sector, it’s still an extremely low probability event for many others.
Other than for floating rate debt, bond interest payments are never increased from issue date to redemption. As a result, all else equal, inflation will erode principal.
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In October 2012, renowned energy expert Elliott Gue launched the Energy & Income Advisor, a twice-monthly investment advisory that's dedicated to unearthing the most profitable opportunities in the sector, from growth stocks to high-yielding utilities, royalty trusts and master limited partnerships.
Elliott and Roger on May. 28, 2020
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