Investors Embrace Covenant-Dodging Bonds

14 Aug 2008

Bonds issued by Hovnanian Enterprises, Ply Gem and Nortek to pay off loans have all moved upward recently, despite the homebuilding-related companies' implied leverage ratio issues.

Bonds issued by Hovnanian Enterprises, Ply Gem and Nortek to pay off loans have all moved upward recently, despite the homebuilding-related companies' implied leverage ratio issues. Hovnanian's 11.5% '13 bonds were trading at 102-103 Thursday, up from 101 1/2-102 1/2 a week earlier. Ply Gem's 11.75% '13 bonds ...

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