Friday, August 14, 2015

Distressed Bond Trades

  • The EXXI 3% note due 2018 traded (an oddlot) at 8 cents. Single digits now. Even at 10 cents, you could buy a $400 claim against the company, maturing in just over three years, for only $40 million.
  • The Peabody 6% due 2018 traded at 34 cents, which is a yield to maturity of 48 percent.

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