At 77.50 the pfd has a current yield of 5.80% and is rated B2/B.

You could buy the 6 5/8% due 01/15/16 at a price of 90 for a current yield of 7.4$ and an 8.70% yield to maturity. That bond is rated Ba3/BB.

It offers better seniority, a long term cap gain as it races towards its six year maturity and greater current income. Of course, you don't the option to convert into CHK common at $44.17. With the stock so far out of the money is it worth giving up so much?