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The Phoenix Companies Inc. Message Board

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  • ugadawg_98 ugadawg_98 Nov 29, 2008 9:30 AM Flag

    Look at PFX--Phoenix Cos bond .30 on dollar yields 25%

    If you look at the last 10-q, and look at the balance sheet, through 9/30, they retired about $6m of PFX. Given that it really got cheap after that, I believe they've been buying more. I asked IR, but they were mum, only saying that they were authorized to repurchase the bonds, so given that the bond is down 50% since 9/30, I'd say they're buying back pretty heavily at this discount (face on PFX is $25, trading under $8, yielding roughly 25%).

    Also, it goes ex on January 1, so there will probably be some trading up over the next few weeks toward the coupon payment. I think we saw gradual accumulation last week.

    I think Dona is toast, given the heavy buying by some of the activists (look at Third Point, in particular--they want her head--have increased tehir position by 50% as of their last filing), but I still think the bond PFX is still the better buy. Most recent ratings on this bond Baa3/BBB-/BBB (Moody's/S&P/A.M. Best).

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