Cleveland Cliffs Inc (CLF)

[Rocky3]

Bonds are getting crushed today. They are almost as low as before the exchange was announced - the '18s are under 15 and have a YTM of over 150%.

Wow, things have really changed in 6 weeks. The '18s are now over 47, with a YTM of under 57%. So the bond has moved up 200% (not counting the income) during a period when the stock is up ~50%. My purchase at 20 doesn't look so bad now (though my buys earlier over 50 still are loses). A YTM of 56%+ on 22 month paper still indicates that the market has serious doubt that the principal will be paid, but it sure is more optimistic that the 150% YTM last month. Pretty volatile bond (and stock).