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To: BWAC who wrote (48518)	6/7/2003 12:40:21 PM
From: Carl Worth	Read Replies (1) \| Respond to of 53068

i don't get it, convertible bonds with no yield at all? what is the point of that? you loan them money and you get the possibility that you can convert at some point for a profit, or else you get your principle back at the end of the bond's term? i guess that makes it like a free LEAP 68% out of the money, minus the opportunity cost of tying up your capital, is that right? lol what a deal for YHOO, i can just imagine the cold call trying to sell those the other thing i don't understand is YHOO has 800M in cash and no debt, so why are they selling convertible bonds anyway, other than the standby answer to many such questions...because they can/because people will buy them carl