FVE - Do The Bonds Offer Value For Senior Housing Properties Trust?
We have recently covered Senior Housing Properties Trust (SNH) and correctly anticipated the dividend cut that took place. Significant amount of comments and feedback we received were focused on the two senior notes of SNH trading on the Nasdaq, Senior Housing Properties 5.625% Sr Notes (SNHNI) and Senior Housing Properties 6.25% Sr Notes (SNHNL). We thought this would be an interesting place to look for value for two reasons. First, when there is distress in one part of the capital structure, every other part dances in tandem. The equity