The price increases continue. Over the last 4 weeks almost everything is higher. The exceptions are the highest risk - ICGE and VPHM. The ICGE now has the highest YTM that it has had in a long time @ 76.45%. I still think that it is over-priced since the likelihood of payment is slim, but the company did make a small buy last quarter at .45, so there is some hope. TQNT is down a little, which I don't understand, since the common is up. The rest are up, led by CPN. I sure regret having been scared out of it at ~55, for a loss. Oh well.
I still like the SFE, but have not bought more yet. I also haven't sold the remaining SEPR '05, which I keep saying that I will do if the price is a little higher. I guess that I don't know what I will do with the money.
I also have been following the XMSR convert which has done spectacularly well because the common has been on fire. The 7.75% of '06 is now at 108.625, with only a 38% premium over conversion. Since I think that the common is overpriced, I won't buy the convert, but I might do an arbitrage (at least on paper for fun).
ANAD - 52.125 24.14% (75.75 13.81%) [80.375 12.03%]
CPN - 36.375 60.17% (72.375 24.95%) [83.125 16.28%]
ICGE - 35.0 65.94% (49.50 55.32%) [40.00 76.45%]
PMCS - 64.25 16.83% (86.375 8.53%) [89.50 7.44%]
RFMD - 78.0 13.52% (91.50 8.00%) [92.00 7.75%]
SFE - 57.75 22.6% (71.625 16.94%) [72.625 16.70%]
SEPR '07 - 49 24.97% (76.375 13.02%) [80.00 11.74%]
SEPR '06 - 54.375 23.93% (81.75 12.19%) [86.25 10.55%]
SEPR '05 - 76.125 17.13% (92.50 10.28%) [95.375 9.04%]
TERN - 60.0 17.77% (65.50 16.53%) [67.50 15.86%]
TQNT - 77.125 10.70% (85.00 8.63%) [83.125 9.38%]
VTSS - 72.0 19.20% (88.50 10.81%) [92.00 8.81%]
Others:
AFFX - 82.625 9.86% (88.75 8.23%) [92.00 8.81%]
MLNM - 78.125 12.39% (85.625 10.21%) [92.375 7.93%]
JNPR - 74.25 12.67% (88.50 8.25%) [92.50 7.75%]
VPHM - 38.125 34.81% (49.25 28.42%) [48.50 29.36%]
VRTX - 74.00 12.29% (81.625 10.27%) [82.75 9.98%] |
