Topic Archives: Short Dated Converts

CETV 3.5% converts analysis 11/2010

November 2010 I like the CETV 3.5% converts due 3/15/13 trading at about 89 for a 9% yield to maturity. There is s a good chance that the company will try to pre-fund the maturity of this convert so the overhang on the stock is lifted. I spoke to Romana Wyllie, VP corp communications, about […]

GY 2.25% converts analysis 03/24/10

March 24, 2010 Near term catalyst On 3/19/10, GY amended their credit agreement to allow the company to refinance their outstanding unsecured bonds. The agreement allows GY to issue up to $438m in debt but the company has to use the proceeds to retire either the term loan or the unsecured bonds. In exchange, GY […]

NFP will likely refi converts early

March 29, 2010 NPF 0.75% converts due 2/1/12 are trading at 88, which presents a great opportunity for capital appreciation because I believe that management wants to refinance the convertible soon. I spoke  with management and they expressed interest in issuing either a high yield bond or a new convert so that they can clear […]

UAUA and BZH short dated converts

March 3, 2010 There are opportunities in busted converts that mature in 2011 that trade in the mid 90s. Many companies, particularly high yield companies, have been calling or tendering for their debt that is coming due within 2 years. Companies have been especially active retiring debt before they have to be classified as short term maturities […]