Recent Distressed Bond Trades

Yesterday the EXXI holding company 3%s due 12/2018 traded at 9.5 to yield 105% to maturity (32% current yield). The 9.25% note due 12/2017 has traded in the low 20s to yield 100%+ to maturity (40% yield to maturity).

Peabody did a 1:15 reverse split this morning. The 4.75% sub note traded yesterday at 11.5 for a current yield of 41%. The 6% note due 11/2018 has traded in the high 20s to yield 60% to maturity.

Goodrich Petroleum 8.875% note due 3/2019 has traded around 17 to yield around 90% to maturity.

The Arch Coal unsecured notes are trading in the single digits with current yields higher than 100%!

Linn Energy has a 6.5% due 5/2019 that's trading today for around 27, yielding 54%. Had been single digit ytm% as recently as May 2015.

It is astonishing how many companies have unsecured debt that is worthless. This of course is a sign that lending had become very sloppy.