Not by PIMCO:
"Bill Gross... recently bought $100 million of shorter-maturity BP debt..."
Yes, it is short-term maturity. However, it is indicative of a certain set of assumptions and/or expectations. BP will suspend its dividend until the rest of the year. But if it survives as a "going concern", where would its stock be 5-10 years from now?
XOM has been up about 2100 percent since the Exxon Valdez spill in 1989. Yes, the differences are obvious to even a non-discerning eye. But, we need oil. Also, if anything, BP is gaining expertise in dealing with the situation and may be able to apply its knowledge if a comparable disaster occurs in the future. Granted, BP's future seems to be dark today. Even very dark. Dark enough not to touch it with a ten foot pole. Dark enough to make it attractive?
"Bill Gross... recently bought $100 million of shorter-maturity BP debt..."
via Bloomberg
Yes, it is short-term maturity. However, it is indicative of a certain set of assumptions and/or expectations. BP will suspend its dividend until the rest of the year. But if it survives as a "going concern", where would its stock be 5-10 years from now?
XOM has been up about 2100 percent since the Exxon Valdez spill in 1989. Yes, the differences are obvious to even a non-discerning eye. But, we need oil. Also, if anything, BP is gaining expertise in dealing with the situation and may be able to apply its knowledge if a comparable disaster occurs in the future. Granted, BP's future seems to be dark today. Even very dark. Dark enough not to touch it with a ten foot pole. Dark enough to make it attractive?
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