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  • Roger S. Conrad

Portfolio: Another Look at Energy Bonds

By Roger S. Conrad on Apr. 1, 2020

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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      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor