Visionary? Bullshit artist? Both?:
The Securities and Exchange Commission today charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction to take Tesla private.
On August 7, 2018, Musk tweeted to his 22 million Twitter followers that he could take Tesla private at $420 per share (a substantial premium to its trading price at the time), that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote. The SEC’s complaint alleges that, in truth, Musk had not discussed specific deal terms with any potential financing partners, and he allegedly knew that the potential transaction was uncertain and subject to numerous contingencies. According to the SEC’s complaint, Musk’s tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1473 % | 3,137.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1473 % | 5,757.4 |
| Floater | 3.46 % | 3.66 % | 35,404 | 18.16 | 4 | 0.1473 % | 3,318.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0158 % | 3,233.5 |
| SplitShare | 4.60 % | 4.57 % | 53,449 | 4.77 | 5 | 0.0158 % | 3,861.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0158 % | 3,012.9 |
| Perpetual-Premium | 5.56 % | -3.56 % | 49,988 | 0.09 | 12 | 0.0789 % | 2,924.0 |
| Perpetual-Discount | 5.44 % | 5.58 % | 58,351 | 14.56 | 22 | 0.0363 % | 2,994.5 |
| FixedReset Disc | 4.17 % | 4.95 % | 147,573 | 15.49 | 42 | 0.0740 % | 2,585.9 |
| Deemed-Retractible | 5.18 % | 6.04 % | 58,531 | 5.34 | 27 | 0.0518 % | 2,988.6 |
| FloatingReset | 3.39 % | 4.17 % | 38,924 | 5.63 | 5 | 0.4083 % | 2,855.4 |
| FixedReset Prem | 4.82 % | 4.08 % | 165,353 | 2.85 | 35 | 0.1387 % | 2,574.6 |
| FixedReset Bank Non | 3.19 % | 3.82 % | 66,728 | 0.40 | 9 | -0.0451 % | 2,572.8 |
| FixedReset Ins Non | 4.31 % | 5.16 % | 85,823 | 5.42 | 22 | 0.0542 % | 2,592.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.A | FixedReset Ins Non | 1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.11 Bid-YTW : 7.53 % |
| SLF.PR.J | FloatingReset | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.92 Bid-YTW : 6.96 % |
| BAM.PF.J | FixedReset Prem | 1.42 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.08 % |
| TRP.PR.B | FixedReset Disc | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-27 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 5.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.Q | FixedReset Prem | 229,880 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.31 Bid-YTW : 3.63 % |
| CM.PR.S | FixedReset Disc | 56,275 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-27 Maturity Price : 22.84 Evaluated at bid price : 24.03 Bid-YTW : 4.83 % |
| TRP.PR.E | FixedReset Disc | 41,870 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-27 Maturity Price : 22.43 Evaluated at bid price : 22.91 Bid-YTW : 5.13 % |
| NA.PR.C | FixedReset Prem | 34,980 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 4.30 % |
| TD.PF.K | FixedReset Disc | 34,705 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-27 Maturity Price : 23.17 Evaluated at bid price : 25.04 Bid-YTW : 4.80 % |
| TD.PF.C | FixedReset Disc | 29,233 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-27 Maturity Price : 22.80 Evaluated at bid price : 23.26 Bid-YTW : 4.90 % |
| There were 12 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.A | FixedReset Disc | Quote: 20.48 – 20.95 Spot Rate : 0.4700 Average : 0.3160 YTW SCENARIO |
| TRP.PR.E | FixedReset Disc | Quote: 22.91 – 23.25 Spot Rate : 0.3400 Average : 0.2011 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 18.60 – 18.95 Spot Rate : 0.3500 Average : 0.2191 YTW SCENARIO |
| TRP.PR.C | FixedReset Disc | Quote: 17.79 – 18.10 Spot Rate : 0.3100 Average : 0.1864 YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | Quote: 23.50 – 23.79 Spot Rate : 0.2900 Average : 0.2051 YTW SCENARIO |
| BAM.PR.X | FixedReset Disc | Quote: 19.00 – 19.40 Spot Rate : 0.4000 Average : 0.3197 YTW SCENARIO |