You never know, they seem to have some pretty intense structural problems at the moment. Hopefully they can work through them. Can't imagine them not lowering future distributions. Nevertheless, and for the record I purchased more at 5.83.
Backed up the truck today at 12.77 for an insane 15.5% yield. Never thought it would actually hit, but oh well. Also sold 12.5 put options. I love market panics.
I think the oil price drop has a lot to do with it, I think that is happening more because the dollar is strengthening over anything else. I also think, people will be kicking themselves in the days to come that they missed these levels. Everyone always wants to get it at the bottom. I have only been lucky enough to have done that one time in my life with NKA and that notwithstanding, I'm doing ok.
The problem is you never know when it's going to bottom. While I would like to buy at the bottom I don't mind buying at yields like this, because one day these purchases will be quite low compared to the market.
I hope so, and so might the next day. My strategy is to buy at increasing yields like this 14%, then 14.5%, then 15%...