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Non-Tech : Convertible Bonds

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To: Rocky9 who wrote (65)	7/12/2003 12:03:23 AM
From: Rocky9	Read Replies (1) of 83

The increases continue over the last 6 weeks. The SEPR '05 has been called @ 103. Not a bad return for those who bought less than 12 months ago for less than 60 (of course, those who bought the common at 4-5 did even better). CPN is up big - it has received more financing. RFMD has refinanced and the bond is almost at par. Most of the others at up too. The exceptions are the high risk bonds. The ICGE is actually down a little bit. The yield-to-maturity is up significantly. VPHM, TERN, SFE, and ANAD are flat or up a little, but the yields are not down much. I am still a little interested in the SFE's, but will probably wait until earnings to bid the bonds up. Although I don't like ICGE as a company, if the bond reaches 100% YTM, I might even buy some of the bonds as a pure gamble. ANAD - 52.125 24.14% (83.25 10.96%) [85.625 10.19%] CPN - 36.375 60.17% (81.25 18.34) [93.375 6.16%] ICGE - 35.0 65.94% (40.00 79.31%) [38.5 89.25%] PMCS - 64.25 16.83% (91.50 6.75%) [95.125 5.49%] RFMD - 78.0 13.52% (93.375 7.11%) [99.0 4.27%] SFE - 57.75 22.6% (75.375 15.48%) [79.5 13.77%] SEPR '07 - 49 24.97% (85.875 9.63%) [91.25 7.85%] SEPR '06 - 54.375 23.93% (91.00 8.83%) [93.75 7.92%] SEPR '05 - 76.125 17.13% (98.125 7.83%) [redeemed at 103] TERN - 60.0 17.77% (69.50 15.14%) [69.50 15.42%] TQNT - 77.125 10.70% (84.00 9.14%) [85.5 8.75%] VTSS - 72.0 19.20% (94.00 7.66%) [96.0 6.57%] Others: AFFX - 82.625 9.86% (91.375 7.46%) [95.0 6.33%] MLNM - 78.125 12.39% (95.25 7.01%) [97.875 6.18%] JNPR - 74.25 12.67% (92.875 6.92%) [95.35 6.22] VPHM - 38.125 34.81% (49.125 29.22%) [50.5 28.90%] VRTX - 74.00 12.29% (83.625 9.76%) [86.375 8.98%]

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