Many of the bonds seem to have gone up last week as the commons have stayed still or gone down.
The ICGE are now priced at 35, up from 28-29, while the common is at an all-time low (.17). The company is probably buying back some.
The SEPR '05s are up to 74.875. Again, I suspect that the company is buying more.
The TQNT '07s have held their own at 77, while the common is at an all-time low of 3.10. Since there is more than enough cash to pay the bonds, and the company has said that it is more interested in redeeming bonds than buying common, I think that the binds will hold up. But they have a yield to maturity of "only" 10.69%.
CPN continues to get hit - both the common and the bond. The common is now 2.32 (down from 5 when I made a bond purchase), while the bond is at 42.875 for a 49.05% YTP. That is down from 60 when I bought. The market really doesn't think that this company is going to make it. I will watch news very closely on this one.
ANAD has bond that is at 53.625, or 23.08 YTM. Again, the company should be buying this or the company will not make it. It does not much more cash than the debt. The common is at 2.20.
SFE is hitting new lows - now 1.04. The bond has held at 58-60. Again, the company should be buying. It has lots of cash and marketable assets. I still think that this bond is the most attractive. If the stock is cut in half again, I may start buying the stock.
RFMD has held up the best - it is at 6.36. It has issued very positive news. Its bond is still pretty attractive, at ~14% YTM. Again, I don't understand why the company isn't buying - it has the cash to do so. Does it have other opportunities for the same kind of return? If so, why doesn't it spend the money? |
