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™.
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!
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?
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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