The publicly traded debt of a large number of companies are traded at such low volumes that investors often must be patient when looking to add a quality name to their corporate bond portfolio.
Such is the case with NewMarket Corp. (NYSE: NEU).
With just over $200 million in long-term debt, there is only minimal trading in the security. The most recent trades have been at levels that should attract interest from investors. At $77.25, the 7.125% bonds maturing in 2016 are yielding over 11.5% to maturity, and 18.2% to the 2011 call at 103.563.
NewMarket is a Richmond, Va., based holding company with primary business in formulated packaging of lubricants and fuel additives.
Among the holdings of the company are Afton Chemical, Ethyl Corporation, NewMarket Services and NewMarket Development Company.
The company's chemical related products include HiTEC, GREENBURN, TecGARD, BioTEC, Axcel and MMT. Each of these labels is sold primarily through service stations and auto parts dealers. And NewMarket Development owns 64 acres of property in downtown Richmond.
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