I am back into the JCP Bond.
music selection: “Keep Yourself Alive” — Queen
I sold the JCP bond last week for a tidy profit at 97. I immediately put in a good till canceled stink bid at 93. Yesterday, I got a fill on one unit. The bond continues to trade around my buy up to price and I hope to snag up to 7 more.
The trade will be in force for 192 days and has an annualized yield to maturity of 20.56%, which is tremendous for something it such a slam dunk risk wise. I’ll be looking to unload the bond again if the price rallies and continue to play the volatility as long as it lasts.
CUSIP 708130AD1 is a BUY up to 93 cents on the dollar.
Devour your prey raptors!