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Strategies & Market Trends : IPPs and Merchant Energy Co.s
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To: Larry S. who wrote (241)9/27/2002 10:12:53 AM
From: KyrosL  Read Replies (1) of 3358
 
At 15.5 it yields 20%. The Mirant bonds due 2031 (same maturity date as the preferred) right now yield 16.6%. They, of course are ahead of the preferred in case of bankruptcy and are probably worth their current ask of 55 cents on the dollar (bondsonline) in case of liquidation.

So my opinion is that if you want income, the MIR long term bonds are a better bet. If you want risk, I think the common at 2 and change is a better bet.

Kyros

PS. I used to own the preferred but have recently switched to the common. I consider it a risky but potentially high reward position.
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