The market for high-yielding products continues to dwindle as anything with a yield has been bidded up to the roof, and the products remaining with a yield have qualities that warrant them trading as such. The following is a comprehensive list of convertible debentures that have a yield to maturity of 8% or above:
| Company | Ticker | Coupon | Date | Term | Price | YieldToMaturity |
| Yellow Media Inc | YLO.DB.A | 6.25% | 1-Oct-17 | 5.6 | 12.1 | 70.00% |
| Perpetual Energy | PMT.DB.D | 7.25% | 31-Jan-15 | 2.9 | 75.75 | 18.40% |
| Perpetual Energy | PMT.DB.E | 7.00% | 31-Dec-15 | 3.8 | 73.75 | 16.54% |
| Armtec Infrastructure | ARF.DB | 6.50% | 30-Jun-17 | 5.3 | 70 | 14.85% |
| Boyuan Construction | BOY.DB.A | 10.00% | 31-Oct-15 | 3.7 | 87 | 14.72% |
| Tree Island Wire | TIL.DB | 10.00% | 26-Nov-14 | 2.7 | 90 | 14.57% |
| Perpetual Energy | PMT.DB.C | 6.50% | 30-Jun-12 | 0.3 | 98 | 12.99% |
| Royal Host REIT | RYL.DB.B | 6.00% | 31-Oct-15 | 3.7 | 81.5 | 12.46% |
| Royal Host REIT | RYL.DB.D | 5.90% | 30-Jun-14 | 2.3 | 88.1 | 11.93% |
| Ivanhoe Energy | IE.DB | 5.75% | 30-Jun-16 | 4.3 | 80.5 | 11.62% |
| Lanesbourough REIT | LRT.DB.G | 9.50% | 28-Feb-15 | 3.0 | 95 | 11.53% |
| Royal Host REIT | RYL.DB.C | 6.25% | 30-Sep-13 | 1.6 | 92.64 | 11.52% |
| Data Group | DGI.DB.A | 6.00% | 30-Jun-17 | 5.3 | 82.5 | 10.36% |
| Altus Group | AIF.DB | 5.75% | 31-Dec-17 | 5.8 | 81.25 | 10.09% |
| Gen Donlee Income | GDI.DB | 7.00% | 30-Jun-14 | 2.3 | 94 | 9.96% |
| Brigus Gold Corp. | BRD.DB.U | 6.50% | 31-Mar-16 | 4.1 | 90.01 | 9.52% |
| Clearwater Seafoods | CLR.DB.B | 10.50% | 31-Dec-13 | 1.8 | 102 | 9.26% |
| Discovery Air | DA.DB.A | 8.38% | 30-Jun-16 | 4.3 | 98.5 | 8.79% |
| Superior Plus | SPB.DB.E | 5.75% | 30-Jun-17 | 5.3 | 88 | 8.61% |
| GreatBasin Gold | GBG.DB | 8.00% | 30-Nov-14 | 2.7 | 98.85 | 8.47% |
| Superior Plus | SPB.DB.F | 6.00% | 30-Jun-18 | 6.3 | 88.55 | 8.37% |
| Anderson Energy | AXL.DB.B | 7.25% | 30-Jun-17 | 5.3 | 97 | 8.07% |
Suffice to say, most of these companies have “issues” pertaining to the solvency of the underlying entity. They were also trading much lower during the mini-credit crisis back in October-November; for example, Data Group and Superior Plus, which are both cash-producing entities, were trading 25 cents on the dollar lower.
I don’t need to say anything about Yellow Media, which also makes money. Perpetual Energy has positive cash flow, but being in the oil and gas industry, has tremendous capital investment requirements and has debt ratios that is not terribly favourable to the subordinated debt holders.
Any plans for a Superior post? You have not done so in a while.