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Non-Tech : Convertible Bonds
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To: Rocky9 who started this subject9/27/2002 9:39:12 PM
From: Rocky9   of 83
 
Well, the SEPR bond purchases of the '05 7%s has helped both the common and all the converts. Convertbond.com has the '05s at 65.875, the '06s at 52.875, and the '07s at 49.875. The YTMs are 22.49%; 24.56%; and 24.20% respectively. The '05s should have a lower YTM, but the '07s should have the highest YTM.

CPN bonds have been killed along with the common. The YTP (put) is now 48%. Obviously, the market is thinking that these bonds will have no value since the company will go under. The bonds are down ~30%, as the stock has declined ~50%.

SFE is near its how on the stock, but the bond is holding its own ~59 (almost 22% YTM). The underlying assets of SFE have held up very well, so there currently is even more value to pay off the bonds. I am still trying to buy SFE bonds under 60. If the common stays under pressure, I might succeed.

RFMD has upped its forecast for both sales and earnings. It looks like the convert is pretty attractive at ~14% YTM, since there is enough cash available to pay off the bonds.
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