AGIIL bonds have rallied quite a bit off the nonsensical lows, trading now around 21.2-21.4, a 7% gain from the entry point (19.9). I'll probably hold on for a couple more percentage points, but these have gone from "very cheap" to only "cheap".
I just bought some PYS at 20.5. This is an exchange traded trust of RRD bonds (the RRD 6.625 of 4/14/2029), with a coupon of 6.3. The underlying bonds are trading at $91, which to me puts a fair value of the PYS at around 22.05. I'll look to exit this trade around 21.5 for a 5% gain. You'll clip a about a 7.5% yield in the meantime.
I also bought some XKE around 6.7. This is a trust of Toys 'R Us bonds maturing in 2021. This trust has been decimated by retail investors liquidating on the back of a alarming Bloomberg article (which contained no new information). Non-retail focused bonds, bank loans, and credit default swaps have been seasonably stable over the same period. Toys R Us is a horrible credit to be sure, but I'm playing this for a trade, hoping to exit around 7.2-7.4. You'll clip a 16% current yield in the meantime, or a 20.5% yield to maturity, but this isn't really a buy and hold unless you have a view on the credit story.