Finally saw a bid for my bonds today. Got rid of glossy paper manufacturer. Stock looks like it might have bottomed, but I don’t see a bright future for paper. Even in the public library (where I use wifi — my virtual office) most folks are using computers and not reading books/mags.
CUSIP 92531XAF9 VERSO PAPER HLDGS LLC / VERSO 11.37500% 08/01/2016 SR SB
I see my platinum and palladium holdings have popped today. Check out PAL and PLG.
I’m trying to sell the junkiest of my junk bonds, especially after OSG went bankrupt. I was glad today to see a bid on this bond (CUSIP: 470355AG3):
During the holidays I dragged my tail around some strip malls and did not like what I saw (vacancies). Add the smaller paychecks arriving soon and I think it’s time to sell stuff.
Update: I sold my Radio Shack junk bonds for a 7% loss but the interest payment negated some of that.
I decided to take profits in a variety of junk bonds today, raising my cash to 43%:
HECKMANN CORP SR NT 9.87500% 04/15/2018
BEAZER HOMES USA INC SR NT 9.12500% 06/15/2018
HOVNANIAN K ENTERPRISES INC 8.62500% 01/15/2017 SR NT
FIRST DATA CORP SR SB NT 11.25000% 03/31/2016
ENERGYSOLUTIONS INC/ENERGYSOLU 10.75000% 08/15/2018 SR NT
DYNCORP INTL INC SR NT 10.37500% 07/01/2017
ALLIANCE HEALTHCARE SRVCS INC 8.00000% 12/01/2016 SR NT
EXIDE TECHNOLOGIES SR SECD 8.62500% 02/01/2018
RADIAN GROUP INC SER NTS MAKE WHOLE 5.375% 06/15/2015
The profits ranged from 6.5% to 67% plus accrued interest. Some bonds I could not sell due to lack of a market at the time I was selling. I’m also holding a number of losers, including OSG bonds which are beginning the bankruptcy process. I look forward to investing the cash in the near future.
Should have sold AXPW a few days ago when it was up over 20%, but made a little money anyway today. Update: I also sold EXCO RESOURCES INC NOTE 07.50000% CUSIP 269279AD7 because I lack confidence that they will be able to refinance next year with nat gas prices being so low (reduces the value of their resources which affects their ability to refinance).