Bought Some British Petroleum (BP) Notes

There is BP paper due August 2011 trading at 95 that yields 6%ish - about 550bps rich to Treasuries.

That is too steep. BP has hardly any debt - their debt/EBITDA ratio is less than one.

The debt is very well covered by the enterprise value. Doing some rough math, I think the total value of the fim (the enterprise value) is greater than the damages caused by all U.S. hurricanes combined.