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Subject:  Yet Another Call Date:  11/10/2012  2:15 PM
Author:  trader2012 Number:  34488 of 35576

Back in August, with cash continuing to pile up and places to park it getting fewer, I bought five of McJunkin Red Man Corp’s ’s 9.5’s of ’16. The yield was a mere 8.6% for a B3 issue, and buying the bond required paying a modest premium to par. But the company’s financials were tolerable, as were time-price charts of the common and the debt. Also, I had little exposure to the industry. So, needing to spend down cash and guessing that the risks were manageable, I did the trade. Today, as I do my weekend marking myself to market across all accounts, I see that I was called yesterday at 107.999. That bumps my YTM to 9.9%, but dumps the cash back into my lap, and places to park it have gotten even f