Stone - Marc CenedellaStone - http://cenedella.com/stoneMarc Cenedella - Stone

A No-No Fails

Here's the first failed no-interest no-couponconvert offering I've seen. A weird interesection of interest rate environment and highly priced volaitlity enabled a few dozen companies to raise $100 mm from the sales of bonds that paid no interest and were issued at par. Yahoo! even got out of the gate with a $750 mm offering. Looks like the gate is shut.