DD: Re: "Agree that the pricing date was the 20th. (Not sure why you mentioned the 19th.)"
The bonds were announced on the 19th, and priced on the 20th. In my first post, I was going from memory and thought that they were priced at the close on the 18th, but after looking into it, they were priced at the close on the 19th, hence the PR in the 20th.
perhaps we should look at the price on the 18th
Why? As the article I cited pointed out, a premium of 23 to 27% was expected at pricing, and the quick drop was partially accounted for by raising hte premium to 32%. Any price swings before note pricing are irrelevant.
...who may have interpreted my post as some kind of FUD. I stand my statement that AMD's convertible shows a considerable degree of desperation on the company's part.
Man, the word FUD gets a lot of attention. My FUD statement was more of a broad commentary of how the negative or misleading statements are selectively tolerated on this board. You said the following:
This shows just how close AMD was to being locked out of the capital markets entirely. Typically, 5-year convertible notes paying 4.5% interest from a company like AMD have a conversion price of 25% to 50% above the current stock price. But AMD's notes have a conversion price which is below the current price.
What does this mean? That the buyers of these notes don't think much of the chances for substantial appreciation in AMD's stock price over the next 5 years.
I thought that statement was particularly FUD-like, especially considering that actually premium was right smack in the middle of what you said was "typical".
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