unsecured debt ratings for ULCC / Frontier Airlines ?

[Quanto]

It appears Frontier Group Holdings, Inc. (ULCC) has no publicly traded bonds (at least according to my broker).
View attachment 331836

The file ftp://ftp.nasdaqtrader.com/symboldirectory/bondslist.txt lists all companies that have bonds trading.
It lists only a few companies. Can it be true? Or are there also other US marketplaces for bonds trading, besides that?
I'm not an expert in bonds trading, but does it below really say that one of the bonds of Vodafone Group Plc pays 6.25% p.a.?
Here's the file from last Friday:

Symbol|Security Name|Financial Status
AAPL24|Apple Inc. Senior Notes Due 2024|N
AAPL25|Apple Inc. Senior Notes Due 2025|N
AAPL25A|Apple Inc. 0.000% Notes due 2025|N
AAPL26|Apple Inc. Senior Notes Due 2026|N
AAPL27|Apple Inc. Senior Notes Due 2017|N
AAPL29|Apple Inc. Senior Notes 2029|N
AAPL29A|Apple Inc. Senior Notes Due 29 1.375|N
AAPL31|Apple Inc. 0.500% Notes due 2031|N
AAPL42|Apple Inc. Senior Notes Due 2042|N
AMGN26|Amgen Inc. 2.000% Senior Notes due 2026|N
AVY25|Avery Dennison Corporation 1.250% Senior Notes due 2025|N
AZN24|AstraZeneca PLC AstraZeneca Finance LLC $1,600,000,000 0.700% Notes due 2024|N
AZN25|Astrazeneca PLC 3.375% Notes Due 2025|N
AZN26|Astrazeneca PLC 0.700% Notes due 2026|N
AZN26A|AstraZeneca PLC AstraZeneca Finance LLC $1,250,000,000 1.200% Notes due 2026|N
AZN27A|Astrazeneca PLC 3.125% Notes Due 2027|N
AZN28|AstraZeneca PLC AstraZeneca Finance LLC $1,250,000,000 1.750% Notes due 2028|N
AZN28A|AstraZeneca PLC AstraZeneca Finance LLC $1,100,000,000 4.875% Notes due 2028|N
AZN29|Astrazeneca PLC 4.000% Notes Due 2029|N
AZN30|Astrazeneca PLC 1.375% Notes due 2030|N
AZN30A|AstraZeneca PLC AstraZeneca Finance LLC $650,000,000 4.900% Notes due 2030|N
AZN31|AstraZeneca PLC AstraZeneca Finance LLC $750,000,000 2.250% Notes due 2031|N
AZN33|AstraZeneca PLC AstraZeneca Finance LLC $500,000,000 4.875% Notes due 2033|N
AZN37|Astrazeneca PLC 6.450% Notes due 2037|N
AZN42|Astrazeneca PLC 4.000% Notes due 2042|N
AZN45|Astrazeneca PLC 4.375% Notes due 2045|N
AZN48|Astrazeneca PLC 4.375% Notes due 2048|N
AZN50|Astrazeneca PLC 2.125% Notes Due 2050|N
AZN51|AstraZeneca PLC 3.000% Notes due 2051|N
BKNG24|Booking Holdings Inc. Senior Notes due 2024|N
BKNG25|Booking Holdings Inc. 0.100% Senior Notes Due 2025|N
BKNG26|Booking Holdings Inc. 4.000% Senior Notes due 2026|N
BKNG27|Booking Holdings Inc. Senior Notes due 2027|N
BKNG28|Booking Holdings Inc. 0.500% Senior Notes due 2028|N
BKNG28A|Booking Holdings Inc. 3.625% Senior Unsecured Notes due 2028|N
BKNG29|Booking Holdings Inc. 4.250% Senior Notes due 2029|N
BKNG31|Booking Holdings Inc. 4.500% Senior Notes due 2031|N
BKNG33|Booking Holdings Inc. 4.125% Senior Unsecured Notes due 2033|N
BKNG34|Booking Holdings Inc. 4.750% Senior Notes due 2034|N
BKR40|Baker Hughes Company Baker Hughes Holdings LLC $1,145,657,000 5.125% Senior Notes Due 2040|N
CMCS26|Comcast Corporation 0.000% Notes due 2026|N
CMCS27|Comcast Corporation Euro Notes due 2027|N
CMCS29|Comcast Corporation 1.5 Sterling Notes due 2029|N
CMCS29A|Comcast Corporation 0.250% Notes due 2029|N
CMCS32|Comcast Corporation 0.75 Euro Notes due 2032|N
CMCS36|Comcast Corporation 1.875 Sterling Notes due 2036|N
CMCS40|Comcast Corporation 1.25 Euro Notes due 2040|N
EEFT26|Euronet Worldwide, Inc. 1.375% Senior Notes due 2026|N
EQIX27|Equinix, Inc. 0.250% Senior Notes due 2027|N
EQIX33|Equinix, Inc. 1.000% Senior Notes due 2033|N
HON24A|Honeywell International Inc. 0.000% Senior Notes due 2024|N
HON27|Honeywell International Inc. 3.500% Senior Notes due 2027|N
HON28A|Honeywell International Inc. 2.250% Notes due 2028|N
HON32|Honeywell International Inc. 0.750% Senior Notes due 2032|N
HON32A|Honeywell International Inc. 3.750% Senior Notes due 2032|N
HON34|Honeywell International Inc. 4.125% Senior Notes due 2034|N
KHC25|Kraft Heinz Foods Company Floating Rate Senior Notes due 2025|N
MDLZ27|Mondelez International, Inc. 1.625% Notes due 2027|N
MDLZ28|Mondelez International, Inc. 0.250% Notes due 2028|N
MDLZ33|Mondelez International, Inc. 0.750% Notes due 2033|N
MDLZ35|Mondelez International, Inc. 2.375% Notes due 2035|N
MDLZ35A|Mondelez International, Inc. 4.500% Notes due 2035|N
MDLZ41|Mondelez International, Inc. 1.375% Notes due 2041|N
MDLZ45|Mondelez International, Inc. 3.875% Notes due 2045|N
MELI26|MercadoLibre, Inc. 2.375% Sustainability Notes due 2026|N
MELI31|MercadoLibre, Inc. 3.125% Notes due 2031|N
MSFT28|Microsoft Corporation 3.125% Notes due 2028|N
MSFT33|Microsoft Corporation 2.625% Notes due 2033|N
NDAQ29|Nasdaq, Inc. 1.75% Senior Notes Due 2029|N
NDAQ30|Nasdaq, Inc. 0.875% Notes due 2030|N
NDAQ32|Nasdaq, Inc. 4.500% Senior Notes due 2032|N
NDAQ33|Nasdaq, Inc. 0.900% Senior Notes due 2033|N
PCAR26|PACCAR Financial Corp. 1.100% Fixed Medium-Term Note, Series P Due May 11, 2026|N
PEP24|PepsiCo, Inc. 0.250% Senior Notes due 2024|N
PEP26|PepsiCo, Inc. Senior Notes Due 2026|N
PEP27|PepsiCo, Inc. Senior Notes 2027|N
PEP28|PepsiCo, Inc. Senior Notes Due 2028|N
PEP28A|PepsiCo, Inc. 0.500% Senior Notes due 2028|N
PEP29|PepsiCo, Inc. 3.200% Senior Notes due 2029|N
PEP31|PepsiCo, Inc. Senior Notes 2031|N
PEP32|PepsiCo, Inc. 0.400% Senior Notes due 2032|N
PEP33|PepsiCo, Inc. 0.750% Senior Notes due 2033|N
PEP34|PepsiCo, Inc. 3.550% Senior Notes due 2034|N
PEP39|PepsiCo, Inc. Senior Notes due 2039|N
PEP50|PepsiCo, Inc. 1.050% Senior Notes due 2050|N
VOD24|Vodafone Group Plc 3.750% Notes due January 2024|N
VOD24A|Vodafone Group Plc Floating Rate Notes due January 2024|N
VOD25|Vodafone Group Plc 4.125% Notes due May 2025|N
VOD28|Vodafone Group Plc 4.375% Notes due May 2028|N
VOD32|Vodafone Group Plc 6.250% Notes due November 2032|N
VOD37|Vodafone Group Plc 6.150% Notes due February 2037|N
VOD38|Vodafone Group Plc 5.000% Notes due May 2038|N
VOD43|Vodafone Group Plc 4.375% Notes due February 2043|N
VOD48|Vodafone Group Plc 5.25% Notes due May 2048|N
VOD49|Vodafone Group Plc 4.875% Notes due June 2049|N
VOD50|Vodafone Group Plc 4.25% Notes due September 2050|N
VOD53|Vodafone Group Plc 5.625% Notes due 2/10/2053|N
VOD59|Vodafone Group Plc 5.125%Notes due June 2059|N
VOD63|Vodafone Group Plc 5.750% Notes due 2/10/2063|N
VOD79|Vodafone Group Plc Capital Securities due April 2079|N
VOD81A|Vodafone Group Plc U.S.$500,000,000 NC5.25 Capital Securities Due 2081|N
VOD81B|Vodafone Group Plc U.S.$1,000,000,000 NC10 Capital Securities Due 2081|N
VOD81C|Vodafone Group Plc U.S.$950,000,000 NC30 Capital Securities Due 2081|N
WBA25|Walgreens Boots Alliance, Inc. 3.600% Notes due 2025|N
WBA26|Walgreens Boots Alliance, Inc. 2.125% Notes due 2026|N
File Creation Time: 0112202418:01|||||

 

[ph1l]

The file ftp://ftp.nasdaqtrader.com/symboldirectory/bondslist.txt lists all companies that have bonds trading.
It lists only a few companies. Can it be true? Or are there also other US marketplaces for bonds trading, besides that?

My broker has more than 10,000 corporate bonds available, so I'd guess they are not all associated with NASDAQ.

I'm not an expert in bonds trading, but does it below really say that one of the bonds of Vodafone Group Plc pays 6.25% p.a.?

The coupon is 6.250%, but the yield to maturity is less, and it's make-whole callable.

 

[billpritjr]

It's said that their current debt (as of last Sept) is about $3.33 B :
https://companiesmarketcap.com/frontier-airlines/total-debt/

According to their last 10Q (see page 3 & 4) they have reduced their long term debt from $272 to $220M. They have paid $21M for the first 9 months of the FY so the math indicates a ~12-13% interest rate payment. I'm pretty sure this puts them in the B or CCC aka the lowest of the Junk Bond ratings.

If they were BB it would probably be around 8% interest rate.

Wow their stock only goes in one direction -- down. Their Smart Score (Tip Ranks) is the lowest and they have 36% short interest. This company looks it is going BK. Who knows maybe it will pull a Carvana come back.

[I own the XCCC ETF which a diversified CCC rated junk bond ETF that is how I interpret their 13% rating.]

Guys, why the "disparity" between one source stating 220M debt, and another saying 3.3 B.

Thank you.

 

[BMK]

Guys, why the "disparity" between one source stating 220M debt, and another saying 3.3 B.

Thank you.

Two different numbers and two different concepts.

Have a look at the attached 10-Q

As noted, the balance sheet is on page 3, but it is page 5 of the PDF

$220 million is long term debt, net as of 09/30/23

Don't know where the figure of $3.3 billion came from, but note that total liabilities are $4.394 billion for the period ending 09/30/23 and $3.99 billion for the period ending 12/31/22.

The original question in this post was about bonds. And I still say there may not be any publicly traded bonds outstanding. All bonds are debt, but not all debt is bonds.

 

[BMK]

Have a look at the attached 10-Q

Okay, so here is page 3 from the Form 10-Q that I forgot to attach

 

[ajacobson]

Be a bit cautious about using "old" ratings when they exist. Debt does not get re-rated unless there is a new issuance. As was mentioned look at their current cost of borrowing. No real reason to get an updated rating unless you're bringing new public debt to the market.

 

[BMK]

Debt does not get re-rated unless there is a new issuance.

That may be generally true. But many bonds do get updated ratings, whether it is because new debt is issued or for some other reason.

As an example, I've attached a Moody's report for a bond issued by PSEC in January 2021. Moody's published a rating in October 2023.

 

[ajacobson]

Quite wrong. The opinion is as of the 21 issue date. The companies pay the rating agencies for the opinion and nobody will spend the money.

 

[BMK]

The opinion is as of the 21 issue date.

On the report that I attached, it clearly says that the Rating Date is 02 Oct 2023.

This information appears at the bottom of the first page, in the lower left corner.

 

[BMK]

Quite wrong. The opinion is as of the 21 issue date.

And here's a Moody's report for a bond issued by Vornado Realty.

The lower left box of the first page has the following data:

Rating Date 04 Dec 2023
Sale Date 12 Dec 2017