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Non-Tech : Convertible Bonds

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To: Rocky9 who wrote (53)	3/1/2003 3:33:03 PM
From: Rocky9	Read Replies (1) of 83

The latest prices (in the same format as 3 sets of numbers representing the first price and YTM, the last price and YTM, and the current price and YTM): ANAD - 52.125 24.14% (63.375 19.08%) <63.875 19.05%> CPN - 36.375 60.17% (47.50 50.51%) <55.25 41.54%> ICGE - 35.0 65.94% (47.00 54.10%) <49.50 52.02%> PMCS - 64.25 16.83% (82.50 9.86%) <83.50 9.47%> RFMD - 78.0 13.52% (88.00 9.30%) <89.25 8.80%> SFE - 57.75 22.6% (64.125 20.29%) <71.00 16.87%> SEPR '07 - 49 24.97% (67.75 16.26%) <72.375 14.42%> SEPR '06 - 54.375 23.93% (74.25 14.94%) <77.625 13.65%> SEPR '05 - 76.125 17.13% (87.375 12.40%) <90.50 11.05%> TERN - 60.0 17.77% (65.50 16.12%) <65.50 16.27%> TQNT - 77.125 10.70% (81.125 9.75%) <82.00 9.53%> VTSS - 72.0 19.20% (86.50 11.43%) <86.50 11.67%> Others: AFFX - 82.625 9.86% (88.00 8.33%) <88.50 8.22%> MLNM - 78.125 12.39% (83.75 10.67%) <84.50 10.48%> JNPR - 74.25 12.67% (85.0 9.23%) <84.75 9.38%> VPHN - 38.125 34.81% (44.625 30.85%) <49.00 28.03%> VRTX - 74.00 12.29% (78.125 11.21%) <78.75 11.08%> The bonds are again flat or up. The only bond with a lower quote than 3 weeks ago is the JNPR and it is down .25. Most are flat to slightly up. The exceptions are the SFE and CPN (up ~7), the SEPRs (up 3-4.5), and the ICGE (up 2.5). The CPN and the ICGE are surprising to me since the underlying commons are not doing well at all. But I guess that bond buyers are less worried about Chpt 11. I would not buy the ICGE at these prices since I think that Chpt 11 is probable and worry about the value of the underlying assets. SFE's assets are way down, so the move up in the bond is a little unexpected, but I think that the bond is still a little underpriced. The moves in the SEPR bonds also show a lot of confidence in the buyers of the bonds. But here, the common has done alright too. I might look into selling some of my '05 SEPR bonds since it is now yielding 11% YTM. It might depend if I can buy any ANAD bonds at a reasonable price.

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