Issue Comments

RPQ.PR.A / RPB.PR.A / RPA.PR.A / PRF.PR.A Hit by Lehman Bankruptcy

There was a host of temporary trading halts and related announcements from CC&L Group today regarding their structured-note-derivative-preferreds.

Lehman’s bankruptcy announcement constitutes a credit event and brings them all a little bit closer to the brink … I will leave my Assiduous Readers to judge whether they are dangerously close to the brink or not, I’m not taking a view.

Credit Event Countdown
Ticker
(links to
Press
Release)
Positions Credit
Events
Remaining
Maturity
RPQ.PR.A 125 5.4 2011-6-30
RPB.PR.A 127 4.3 2012-3-23
RPA.PR.A 142 6.5 2009-12-31
PRF.PR.A 141 9.5 2009-06-30

Connor, Clark & Lunn will host a conference call to discuss the implications of recent events on Tuesday September 16, 2008 at 9:00 AM EST. The conference call number is (416) 644-3415 or 1 (800) 733-7571 and the replay number is (416) 640-1917 or 1 (877) 289-8525. The pass code is 21283536#.

The previous post on these issues was RPA.PR.A / RPB.PR.A / RPQ.PR.A Hit by FannieFreddieFiasco. There is no prior PrefBlog post for PRF.PR.A.

None of these issues is tracked by HIMIPref™.

6 comments RPQ.PR.A / RPB.PR.A / RPA.PR.A / PRF.PR.A Hit by Lehman Bankruptcy

lystgl says:

Re: my Nostradamus-like post of Sept. 9th re: Lehman, this assiduous reader will henceforth go by the “Oracle of Burmis” moniker. Tea leaves, tarot cards read and fortunes told!

jiHymas says:

Tea leaves, tarot cards read and fortunes told!

Just as long as you don’t start a preferred share market-timing fund, OK!

So RPA.PR.A has 6.5 credit events remaining and a theoretical life of about 15 months. What’s the over/under on survival til then?

jiHymas says:

What’s the over/under on survival til then?

Not fair! This is a FIXED-INCOME blog and these things have equity risk … or, at least, a non-fixed-income risk/return structure … at least, according to me. S&P still has them at P-1(low).

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