I sold my Cummulus bonds today.
music selection: “Love Removal Machine” — The Cult
On 10FEB2016 I purchased two Cumulus Radio (CMLS) bonds for 33.15 cents on the dollar. I paid seven dollars in commissions and 45.21 in accrued interest for a total cash outlay of 715.21. A limit order cleared today at 50 cents on the dollar. I paid 4.75 in commissions and collected 6.46 in accrued interest. I also collected 155 dollars in coupon payments during the holding period.
The trade was in force for 274 days and yielded 82.23% on an annualized basis. My total gains in discounted bonds since inception has been $8,431. I’m doing quite well here and hope to buy more discounted bonds in the future. I think there could be a rollover of the debt markets soon as defaults are slowly rising. I am keeping my eyes open for bargains.
Devour your prey raptors!