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Non-Tech : Convertible Bonds -- Ignore unavailable to you. Want to Upgrade?

To: Rocky9 who wrote (50)	1/16/2003 10:38:11 PM
From: Rocky9	Respond to of 83

ANAD, TERN, etc. - the high rate bonds are up. The ANAD is up huge - from 55.125 (23.35% YTM) to 65.75 (17.72% YTM). TERN is up from 61.125 (17.62%) to 65.5 (16.0%). Not bad for just a few days with the common not moving much. My bet is that ANAD is buying the bond. I have had little luck buying the SFE bond. I will continue to try.

To: Rocky9 who wrote (50)	2/8/2003 4:36:51 PM
From: Rocky9	Read Replies (1) \| Respond to of 83

I sold the CPN. I lost money on it (60 to 48). In the same time the common went from 5 to ~2.80, so I did better than the common. I have made money on the SFE and SEPR so far. My buy of the MLNM due this year will depend on whether they pay it off or refinance on favorable terms. I have taken some of the historical values out of the table below. Now the 3 sets of numbers represent the first price and YTM, the last price and YTM, and the current price and YTM. ANAD - 52.125 24.14% <55.125 23.35%> (63.375 19.08%) CPN - 36.375 60.17% <60.25 33.35%> (47.50 50.51%) ICGE - 35.0 65.94% <41.00 61.84%> (47.00 54.10%) PMCS - 64.25 16.83% <80.75 10.31%> (82.50 9.86%) RFMD - 78.0 13.52% <89.125 8.60%> (88.00 9.30%) SFE - 57.75 22.6% <63.125 20.54%> (64.125 20.29%) SEPR '07 - 49 24.97% <69.875 15.16%> (67.75 16.26%) SEPR '06 - 54.375 23.93% <75.25 14.35%> (74.25 14.94%) SEPR '05 - 76.125 17.13% <87.25 12.33%> (87.375 12.40%) TERN - 60.0 17.77% <61.625 17.62%> (65.50 16.12%) TQNT - 77.125 10.70% <80.00 10.03%> (81.125 9.75%) VTSS - 72.0 19.20% <84.00 12.67%> (86.50 11.43%) Others: AFFX - 82.625 9.86% <86.125 8.87%> (88.00 8.33%) MLNM - 78.125 12.39% <85.00 10.15%> (83.75 10.67%) JNPR - 74.25 12.67% <81.75 10.24%> (85.0 9.23%) VPHN - 38.125 34.81% <45.125 30.05%> (44.625 30.85%) VRTX - 74.00 12.29% <75.375 12.03%> (78.125 11.21%) The highest yielding bonds went the opposite directions. The ICGE bond is up significantly, while the CPN bond is down significantly. They now yield almost the same - 50% vs. 54%. ICGE has acknowledged that they are buying their bonds. Some of the commons are getting killed, but the bonds are holding up - TQNT, ANAD, PMCS, etc. Overall there has not been a lot of movement since last posting 4 weeks ago, with the overall equity market under a lot of pressure. The best performers since I started posting are the 2 longer SEPR bonds and the ICGE. THe one that I regret not buying is the PMCS, since there was very little risk with it. I would still avoid the ICGE until its cash situation is clearer. The ANAD and TERN are still interesting wince the cash seems to be there, even though I would avoid the commons. JMO.