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BlueList Partners, LLC

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BlueList Partners, LLC

Overview:

At BlueList Partners our goal is to preserve capital, provide reliable income, and create portfolios that have a low correlation and offer balance to more volatile and higher risk investments. Avoiding excess speculation, we carefully analyze and manage risk while investing opportunistically to improve returns. Leveraging our years of experience in trading, research and portfolio management BLP seeks to add value by incorporating an open-ended, performance enhancing trading platform, macro and issue specific credit analysis and proactive, tax efficient portfolio management. Balanced with a common sense approach based on seasoned judgment, BlueList Partners seeks to achieve after-fee returns that compete with the Barclays Municipal Bond and Aggregate Indices with less volatility and interest rate risk.

A BlueList Partners (BLP) principal noticed that a large issuer of debt was refinancing their bonds but was doing so in a way that was contrary to bond indenture procedure. Simply stated, funds used to retire bonds needed to be on hand with the bond paying agent 30 days prior to a notice of call. In this case, however, the issuer incorrectly provided notice of a pending call to bondholders first, then 30 days later provided the paying agent funds to refinance the loan—procedurally backwards. Negotiations with the issuer and bond trustee produced $16,255 of added interest to bondholding clients.
When Detroit, Michigan filed for bankruptcy in July of 2013, a principal of BLP researched all of the cities outstanding debt. Dismissing most debt as too speculative, the principal focused on insured Detroit Water Supply System revenue bonds. Bond characteristics included: approximately eighty- percent of rate payers were not Detroit residents; user rates were relatively low and affordable; net revenues adequately covered debt service and under federal law revenue bonds issued to fund essential public services are afforded special status within a bankruptcy filing and are therefore not impaired by the city's general financial reorganization. Moreover, the bonds were protected with highly rated bond insurance from Assured Guaranty (A2/AA-) or Berkshire Hathaway (Aa1/AA+). When the market was indiscriminately selling all issues with the name Detroit, we were buying water revenue bonds that were paying a significant yield premium over the market without undue credit quality risk

History:

Many years ago THE BLUE LIST, wrapped in twine with other business dailies, arrived early in the morning to the front door of US financial firms. THE BLUE LIST advertised new and updated fixed income offerings. Arriving early was a must for brokers and traders in order to obtain for clients the most attractive bonds at the best prices and yields. That spirit, arriving early to snip the twine, to go the extra mile, constantly searching for yield without undue risk, is the essence of BlueList Partners (BLP).

Pictured to the right is the last edition of THE BLUE LIST delivered in May, 2001.

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