Figure 238 basis over two year bonds that yield under 1% has 30 year TSYs yielding around 3.3%.

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Last month, average interest rates on high yielding corporate debt stood at 8.84% compared to 1.9% for 10 year TSYs.

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See: U.S. Treasurys Killing High Yield Bonds, But Are TSYs Sustainable?

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TeleCommunication Systems (TCS) (Nasdaq: TSYS), is a leader in location-based technology whose mobile services empower consumers to make quick, smart decisions when they're on the go.

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Cohanzick believes that high yield spreads are currently priced to produce 170% greater after-tax yields versus 10 year TSYs after adjusting for future default losses and taxes.

FORBES: Betting On High Yield Bonds To Beat Equities In 2012

Some of the largest merchant acquirers and processors have already committed to offering PayPal, including Vantiv, WorldPay, Global Payments, First American Payments, Heartland Payment Systems and TSYS. Other leading acquirers and processors continue to join on a regular basis.

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