CHK bankruptcy arb?

ScroogeMcDuck said:
Why is chk 6.625 Aug15'20 trading about double the price of chk 5.75 Mar15'23? IB says they're both unsecured (identical details except dates & coupons) and bankruptcy is imminent so the dates & coupons should be irrelevant afaik.

https://misc.interactivebrokers.com...clt=1&detlev=2&site=IB&mid=001&conid=77849332

https://misc.interactivebrokers.com...lt=1&detlev=2&site=IB&mid=001&conid=124968648
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Not sure you can trust IB when it comes to where they sit in the debt precedence stack. That said, the '20 bond is only exposed to 4 months of BR risk and the '23 is exposed to nearly 3 years. Given that they're worth pennies on the dollar in BR as unsecured it seems about right that you'd see that big of a difference. I think most folks think it's pretty likely they file sometime between now and then.
 
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