Diamond Offshore (DO) shares have increased 15% since the company announced it has missed earnings and revenue expectations on February 11th. Despite yesterday's near 5% increase in the price of the stock, the company's 2025 maturing unsecured bond traded down a couple of points to below 95 cents on the dollar. Combined with a 7.875% coupon, the bond yields nearly 9% to maturity, which is nearly 200 basis points higher than the B rated benchmark and attractive compared to its longer-term debt. While the challenges in the offshore/energy sector are apparent, Diamond Offshore's