Three unusual bonds for large investors

Oliver Butt sets out three bonds that offer both a high return for big spenders.

867-salmon-634

Chilean salmon could prove lucrative
(Image credit: © 2016 Wolfgang Kaehler)

Bonds often appear dull cousins to equities. Not only do prices tend not to move far from par, but also the credits themselves are likely to be more stable with less of a story about them.

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IssueNova AustralPilgangooraMaster Marine
CurrencyUSDUSDUSD
Coupon8.25%12%16%
TypeFirst lienSecuredPIK
FrequencySemi-annualQuarterlyQuarterly
Maturity26 May 202121 June 202230 July 2019
Denomination$150,000$200,000$1
SizeUS$300mUS$300mUS$81m
ISINNO0010795602NO0010797608NO0010793656