Debenture holders are confidentThe fact that the debentures are trading above par is a strong indication that those investors have zero worries about CJ's financial position. The conversion price is $10.50, a big premium to the present share price, and in a lot of circumstances the debentures would trade at a discount because of that. Since investors are willing to pay a premium, they see a very good chance that 1) CJ will have no problem paying them the interest on the debentures, and 2) they see a very good possibility that CJ's share price will get a lot higher than the conversion price.
Yes, CJ had a bit of a hiccup in Q1, but I think the rest of the year will be very positive for the company. If we do get some action on the price of oil because of OPEC's actions, that is all gravy.