{"id":872,"date":"2007-05-25T22:05:21","date_gmt":"2007-05-26T02:05:21","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=872"},"modified":"2007-05-25T22:05:21","modified_gmt":"2007-05-26T02:05:21","slug":"epppra-arrives-market-says-go-away","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=872","title":{"rendered":"EPP.PR.A Arrives: Market Says 'Go Away!'"},"content":{"rendered":"

As I predicted last week<\/a>, EPP.PR.A crashed on opening today.<\/p>\n

There were only six, count ’em, six trades in the entire day, for a whopping volume of 7,300 shares, closing at 23.75-99, 5×50. Even BAM.PR.N’s opening day was better<\/a>, which is really saying a mouthful.<\/p>\n

Five Million Shares. Somebody’s lost $5-million. Glad it’s not me!<\/p>\n

On a cheerier note, the issue does appear to have found a fair level. The curve price<\/a> is $23.94:<\/p>\n

\n

Price due to base-rate :\u00a0 23.30
\nPrice due to short-term :\u00a0 -0.44
\nPrice due to long-term :\u00a0\u00a0 1.76
\nPrice due to Interest Income :\u00a0\u00a0 0.00
\nPrice to to Cumulative Dividends :\u00a0\u00a0 0.00
\nPrice due to SplitShareCorp :\u00a0\u00a0 0.00
\nPrice due to Retractibility :\u00a0\u00a0 0.00
\nPrice due to Credit Spread (2) :\u00a0\u00a0 0.00
\nPrice due to Liquidity :\u00a0\u00a0 0.83
\nPrice due to Floating Rate :\u00a0\u00a0 0.00
\nPrice due to Credit Spread (3) :\u00a0 -1.71
\nPrice due to error :\u00a0\u00a0 0.17
\nPrice due to Credit Spread (High) :\u00a0\u00a0 0.03
\nPrice due to Credit Spread (Low) :\u00a0\u00a0 0.00<\/p>\n<\/blockquote>\n

Although the price is now estimated to be fair, I won’t be rushing to buy this one. I suspect the underwriters are stuck with a big pile of these and there will be a blow-out sale before the end of June … and why would I buy something at a price I think is “fair”, anyway?\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

As I predicted last week, EPP.PR.A crashed on opening today. There were only six, count ’em, six trades in the entire day, for a whopping volume of 7,300 shares, closing at 23.75-99, 5×50. Even BAM.PR.N’s …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-872","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=872"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/872\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}