ANAD - 52.125 24.14% (90.375 8.62%) <92.75 7.80%>
CPN - 36.375 60.17% (94.875 8.59%) <97.75 6.21%>
ICGE - 35.0 65.94% (63.50 49.85%) <76.50 33.91%>
PMCS - 64.25 16.83% (98.625 4.27%) <98.875 4.19%>
SFE - 57.75 22.6% (91.50 8.63%) <92.75 8.23%>
SEPR '07 - 49 24.97% (94.375 6.92%) <94.50 6.94%>
SEPR '06 - 54.375 23.93% (95.875 7.26%) <96.75 6.99%>
TERN - 60.0 17.77% (87.0 9.13%) <93.50 7.04%>
TQNT - 77.125 10.70% (89.5 7.58%) <94.00 6.06%>
VTSS - 72.0 19.20% (97.0 6.24%) <99.25 4.60%>
Others:
AFFX - 82.625 9.86% (91.125 7.77%) <95.00 6.50%>
MLNM - 78.125 12.39% (96.50 6.69%) <98.625 5.99%>
JNPR - 74.25 12.67% (98.25 5.31%) <102.375 3.97%>
VPHM - 38.125 34.81% (51.50 29.32%) <62.00 23.32%>
VRTX - 74.00 12.29% (87.50 8.78%) <87.75 8.87%>
RBAKQ - 56.50
VECO - 103.625 3.34%
RMD - 104.125 2.32%
In the last six weeks, everything is up AGAIN (the prices for the "others" go back 9 weeks). The ICGE, VPHM, and TERN are up a lot and the others a little. I have added RBAKQ, VECO, and RMD since I own the RBAKQ and VECO and might buy the RMD.
I have sold the SFE and bought the ICGE. Even though ICGE bond has gone from 35 to 75, I still think that the ~34% yield-to-maturity is attractive since it is converting its debt to equity so that insolvency looks less likely.
The VECO and RMD bonds are alternatives to the equity, not interest plays. I own the RMD common and am more likely to buy the common than the bond, but I want to follow it.
JNPR is buying its bonds, which is the reason for the bond price increase.
My biggest current "play" is in the RBAKQ bonds, where I am also short some of the common (10 long bonds for 1 short common). The arbitrage went against me at the start - common went from .38 to .80+ and bond from 43 to 36, but now the prices are going the "right" way - common at .29 and bond at 56.5. There still is at least a 100% disconnect on pricing that has to be resolved once the company comes out of Chpt 11. My hope is that the bonds are still underpricing the post recap common. TWT. |
