Because it is traded in the stock market, not in the bond market. The market has lost its trust in PHT and they believe more defaults are coming. The managment is not as good as it was used to be. They got rid of some high risk bonds which are now recovering and they kept some bonds of companies which are near default, they had to cut the dividend, without really cutting the portafolio risk (only on paper). Than you can add the latest drop in oil price and the drop in overall market and we call this a perfect storm against PHT. Having sold the highest performing bonds, the chance to recover are pretty slim. I don't think we won't see PHT above $14 for long time.