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Non-Tech : Convertible Bonds

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To: Rocky9 who wrote (59)	4/13/2003 9:09:58 PM
From: Rocky9	Read Replies (1) of 83

I have been losing a little interest in these bonds. Most are way up. I think that many are "overvalued" now. I guess I regret not having bought more when they were on sale last summer and fall. But they were very hard to buy, since they are generally lightly traded and have big spreads. I was lucky enough to buy a lot of the SEPR common (although I have a lot at higher prices too), so I shouldn't complain too much. Buffet bought $8B of high risk bonds, but I doubt that they were the ones that I have been following. 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% <63.875 19.05%> (75.75 13.81%) CPN - 36.375 60.17% <55.25 41.54%> (72.375 24.95%) ICGE - 35.0 65.94% <49.50 52.02%> (49.50 55.32%) PMCS - 64.25 16.83% <83.50 9.47%> (86.375 8.53%) RFMD - 78.0 13.52% <89.25 8.80%> (91.50 8.00%) SFE - 57.75 22.6% <71.00 16.87%> (71.625 16.94%) SEPR '07 - 49 24.97% <72.375 14.42%> (76.375 13.02%) SEPR '06 - 54.375 23.93% <77.625 13.65%> (81.75 12.19%) SEPR '05 - 76.125 17.13% <90.50 11.05%> (92.50 10.28%) TERN - 60.0 17.77% <65.50 16.27%> (65.50 16.53%) TQNT - 77.125 10.70% <82.00 9.53%> (85.00 8.63%) VTSS - 72.0 19.20% <86.50 11.67%> (88.50 10.81%) Others: AFFX - 82.625 9.86% <88.50 8.22%> (88.75 8.23%) MLNM - 78.125 12.39% <84.50 10.48%> (85.625 10.21%) JNPR - 74.25 12.67% <84.75 9.38%> (88.50 8.25%) VPHN - 38.125 34.81% <49.00 28.03%> (49.25 28.42%) VRTX - 74.00 12.29% <78.75 11.08%> (81.625 10.27%) The ANAD and CPN had huge moves in last 5 weeks. Neither seem to be very attractive now. The ICGE still seems overpriced too. CPN is up 100% since I started following them. The PMCS, RFMD, TQNT and JNPR are all under 9% YTM. The VTSS and SEPR '05 are less than 11%, and they were once ~19%+ YTM. I still own some SEPR '05 (which I may sell soon) and the SFE bonds.

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