Thanks, Mike. Rob Please excuse my typos and misspellings. Thank you. Sent from my iPhone On Sep 6, 2026, at 21:50, Dr. Michael Crain <craincpa@gmail.com> wrote: If you have the information, you analyze the default risk of each note’s debtor. Otherwise, you are making an educated guess of which ratings to assign to the notes. Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 5, 2026, at 5:05 PM, Rob Levis <levis@levisconsult.com> wrote: Thank you, Mike and John. The Estate has numerous Notes with varying degrees of security and terms. I am thinking the yields on specific categories of bonds as determined by the rating agencies is the most sensible approach and which category is applicable to the Notes in the portfolio will depend upon the facts regarding each of the Notes. I don’t think a specific “Guideline Company” type of an analysis will add much value to the exercise. Thoughts? Thank you, all, in advance. Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain <craincpa@gmail.com> Sent: Saturday, September 5, 2026 12:08 PM To: John Schumacher <JCS@tfpov.com>; Rob Levis <levis@levisconsult.com>; LLC ERC (listserv@ercllc.net) <listserv@ercllc.net> Cc: Dan Grosdidier <Dan@levisconsult.com> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv@ercllc.net<mailto:listserv@ercllc.net>> Reply-To: John Schumacher <JCS@tfpov.com<mailto:JCS@tfpov.com>> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis@levisconsult.com<mailto:levis@levisconsult.com>>, ERC listserve <listserv@ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan@levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher@truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv@ercllc.net<mailto:listserv@ercllc.net>> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv@ercllc.net<mailto:listserv@ercllc.net>) <listserv@ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan@levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 <image001.png>
Rob, for whatever its worth and in case helpful, BDO recently audited my fair value measurements on a portfolio of contingent notes. The debtor had a lot of debt on its balance sheet and they requested that I perform a “synthetic credit rating analysis” of the debtor? They seemed to imply that it was somewhat straightforward to add this to the scope of the valuation. They referenced in a call using CapIQ tools/resources. I am not sure I performed the analysis they wanted, as I never assigned a credit rating to the debtor in this case. I did find the attached template of CapIQ, and I in fact applied this template. I used the template to support that the debtor’s credit health scored inferior to the GPCs I was using for the WACC, which fed into my risk neutral conversion. In my judgement, this then supported the source I ultimately used for the counter-party credit risk factor (rate on mezz debt they had issued a few years prior), and BDO ultimately accepted this after further audit procedures on the mezz debt issuance. John John Schumacher, CFA Email: jschumacher@truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis <levis@levisconsult.com> Sent: Sunday, September 6, 2026 10:58 PM To: Dr. Michael Crain <craincpa@gmail.com> Cc: John Schumacher <JCS@tfpov.com>; LLC ERC <listserv@ercllc.net>; Dan Grosdidier <Dan@levisconsult.com> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Thanks, Mike. Rob Please excuse my typos and misspellings. Thank you. Sent from my iPhone On Sep 6, 2026, at 21:50, Dr. Michael Crain <craincpa@gmail.com<mailto:craincpa@gmail.com>> wrote: If you have the information, you analyze the default risk of each note’s debtor. Otherwise, you are making an educated guess of which ratings to assign to the notes. Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 5, 2026, at 5:05 PM, Rob Levis <levis@levisconsult.com<mailto:levis@levisconsult.com>> wrote: Thank you, Mike and John. The Estate has numerous Notes with varying degrees of security and terms. I am thinking the yields on specific categories of bonds as determined by the rating agencies is the most sensible approach and which category is applicable to the Notes in the portfolio will depend upon the facts regarding each of the Notes. I don’t think a specific “Guideline Company” type of an analysis will add much value to the exercise. Thoughts? Thank you, all, in advance. Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain <craincpa@gmail.com<mailto:craincpa@gmail.com>> Sent: Saturday, September 5, 2026 12:08 PM To: John Schumacher <JCS@tfpov.com<mailto:JCS@tfpov.com>>; Rob Levis <levis@levisconsult.com<mailto:levis@levisconsult.com>>; LLC ERC (listserv@ercllc.net<mailto:listserv@ercllc.net>) <listserv@ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan@levisconsult.com<mailto:Dan@levisconsult.com>> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv@ercllc.net<mailto:listserv@ercllc.net>> Reply-To: John Schumacher <JCS@tfpov.com<mailto:JCS@tfpov.com>> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis@levisconsult.com<mailto:levis@levisconsult.com>>, ERC listserve <listserv@ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan@levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher@truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv@ercllc.net<mailto:listserv@ercllc.net>> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv@ercllc.net<mailto:listserv@ercllc.net>) <listserv@ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan@levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 <image001.png>
participants (3)
-
Dr. Michael Crain -
John Schumacher -
Rob Levis