Should We Follow Methuselah to the Cheap Formica Rental Counter?
It's hard to do a search for high-yield bonds selling at a discount to par without running across the Senior Unsecured bonds of Hertz Global Holdings, Inc. (NYSE: HTZ), specifically:
SOURCE: E*Trade Securities
They would fit so neatly into a bond ladder and the yields look pretty attractive. Should we be interested? The company has been a poor performer for years, at times seeming to flirt with Chapter 11.
By buying the bonds, we would be riding on the coattails of corporate raider Methuselah, 969-year-old billionaire Carl Icahn, who own 34.95% of HTZ. Does he see some secret value ordinary investors do not in this black and yellow machine that turns dollars into dimes?
