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Does anyone hold any of the TXU bonds? Did anyone receive the payment that was due last friday?

I've got TXU bonds, but not ones which were due a payment last week and am wondering if they made the payment or missed it. It sounded like they planned on paying it based upon the last press release, but that was a few days before the payment was due.

Thanks,
Scott
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schurchhill16,

You wrote, Does anyone hold any of the TXU bonds? Did anyone receive the payment that was due last friday?

Yes. I held two of the Texas Competitive Electric bonds that were due Friday. They paid me $102.50 in interest and I sold them for $122.85 net.

I've held these things for quite some time. I paid $1,403.67 (net) in May '10; I've collected 7 coupons totaling $717.50 for a total received of $840.35. So I lost $563.32 (cumulative return of -40%) on the trade over just under 42 months.

I actually sold the bonds because the price popped back up and I was doubtful about the reasons for it. E*Trade had been offering <2/ea. After I learned they were planning to make the dividend payment just to buy themselves a few more months, I sold.

It was only after the sale that I found I'd been paid. I wouldn't trust that payment though. A BK judge could order it reversed.

- Joel
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I've acquired 3 total, 1 that I've had for a few years and 2 I picked up earlier this year at $30. I'm inclined to hold on, but not certain.

My interest is due near the middle of the month, so I will reevaluate once the payment lands.

Scott
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schurchill16,

You wrote, I've acquired 3 total, 1 that I've had for a few years and 2 I picked up earlier this year at $30. I'm inclined to hold on, but not certain.

My interest is due near the middle of the month, so I will reevaluate once the payment lands.


I'm assuming you bought the legacy TXU bonds? I bought the Texas Competitive Electric LBO bonds paying a 10.25% coupon at a discount. I'm pretty sure they will be on or very near the bottom of the creditor hierarchy.

I knew I was taking a pretty big risk that they'd at least avoid default long enough for me to make a profit. I probably should have dumped them a long time ago. Turns out I bet wrong on this one. At least it was only 2 bonds. You win some, you lose some - I've certainly lost (and made) more on individual bond and equity plays, so I'm not too torn up over it.

Good luck,
- Joel
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I've got:

2 of 882850EB2 Texas Utils Elec Co Jr Sub Deb 8.175s '37
1 of 873168AN8 Txu Corp 6.5s '24

Everything is being marked in the 30-35 range, which leaves me with slight gains on all 3. I bought the '24 back in '10 so I've collected $260 in coupon payments and I bought the 2 '37s for $30 a few months back. Another round of coupon payments would make my situation better.

It might be prudent for me to close all 3, although I have doubts I'll be able to close them out as singles as there haven't been transactions on the '37s in a while.

Scott
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Am I the last one holding any of these....

Etrade is showing some transactions in the $10-11 range. I can't find any news and with a coupon tomorrow I was expecting to see some note about an expected filing.

There have been some departures of late, so I wouldn't be surprised to wake up to a BK announcement headline tomorrow, but can't find any rumors of it anywhere.

Is anyone else following these?

Scott
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schurchill16,

You wrote, Am I the last one holding any of these....

I used to have some Texas Competitive Electric bonds - the LBO issue. I finally gave in and sold them a few months ago...

- Joel
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I hold 3 issues of Energy Futures but I can’t add anything about when the big day will come. I think we’re now living on borrowed time.

I hold the following (cost adjusted by interest received):

Texas Competitive Elec 10.25% 11/01/15 cost: 37.5
Energy Futures Holdings 10.875% 11/01/17 cost: 22.5
TXU 6.50% 11/01/17 cost: 18.5

Texas Comp is a sure loser, but I hope to make a few bucks on the other 2 holdings.
At one time, quite a while back, I read that the regulated entities were “ring fenced” and they should survive. But things may have changed by now.

Meanwhile NG prices are on a tear now (over $5 today). I think they need something like $7 or $8 to get back to breakeven. So maybe they are trying to hang on and hoping for last minute “Hail-Mary” NG recovery :)

Howard
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I've got 2 different TXU Issues.

Another coupon posted yesterday for my 1/31/37 Maturity TXU Bonds. (882 850 EB2)

Scott
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Looks like the end is near!


Energy Future Said to Meet DIP Loan Bankers: Corporate Finance

Bloomberg News February 11, 2014

Energy Future Holdings Corp. is meeting with lenders in New York this week to discuss loans that would fund it through bankruptcy as the latest chapter of the power generator’s restructuring begins to unfold.

http://www.businessweek.com/news/2014-02-10/energy-future-sa...
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