The WSJ has an article this morning out about distressed convertible debt. They mention Beyond Meat and Redfin.
The Redfin converts have a conversion price just under $100, and were priced when the stock was around $69. Today the stock is under $10.
Howard Marks, a legendary distressed investor who is perennially bearish, is buying. Just, not stocks. He’s high up in the capital stack:
Alas, we continue to keep reinvesting distributions not knowing when a change in sentiment may happen, in either direction.