For information purposes. I'm looking for companies with complex capital structures with multiple levels of subordination. In addition, I'm also looking for where to find bond indentures. While information on equities is quite easy to find, bond information is so difficult.
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Look at conglomerates and holdco's. Before you know it you'll be scratching your head wondering how tf cash flows between entities and how debt interest is even paid lmao! Also gets really interesting in the event of liquidation
IHH, CP All
Look at capital heavy companies which have multiple semi-independent businesses and subsidiaries issuing debt guaranteed by the parent.
Broadcom.
Look at large energy companies
Don't think anyone's answered your question on where to find indentures, but they're in the exhibits of the filings. So here's a 101 on that. Let's say we're doing American airlines.
1. Start with the latest Q, go to the debt section, and see what tranches you want to pull.
2. Let's say we're interested in the 11.75% senior secured notes due 2025, first thing is to check the exhibit of the Q.
3. Its not there so then you check to see if they'll give you an issue date. If you can get an issue date, then you can pull the corresponding 8-K and the indenture will like be there. I'm not seeing an issue date.
4. Check the most recent K. There, we know it was issued in June 2020 but the indenture is also included as an exhibit on 219 of the 2020 10-K.
If you've got bamsec or factset, you can pull from there too and thats usually less tedious, but figured I'd at least cover it for folks without the data services.
Centurylink
https://www.peabodyenergy.com/Peabody/media/MediaLibrary/Investor-Prese…
Arqiva in 2018
Enron, worldcom
Porsche AG
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