Craig, I don't envy you your decision. I hate Dutch Auctions for never feeling confident how to bid. What I'd suggest you do as a possible way to push yourself in one direction or the other is the standard thing of pulling a chart of T&S and then try to explain to yourself the underlying events which leave their footprints in the chart. http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?...E.g., why did the 5.625'of '13 begin an uptick last Fall? What news about the company might have been the catalyst? What's currently going on with the stock? http://finance.yahoo.com/echarts?s=RDN+Interactive#symbol=rd...The shorts are massively short, which is always a worry. http://finance.yahoo.com/q/ks?s=RDN+Key+StatisticsBut Morningstar, a far more objective rater and probably more current than the majors, doesn't seem to raise the same sort of alarms about the nearby debt as the mid-term stuff. You're looking at a tough, tough, tough decision, whether to play the trade as you originally set it up, or to stop yourself out (which you could do by bidding at the upper-range instead of the lower one, a tactic which would be supported by T&S). There is yet one further question you could ask yourself. How are you going to put the money back to work if you tender, and could you buy a situation (any asset-class) with the cash offering a better risk/reward relationship?Tough, tough, tough.
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