{"id":902,"date":"2007-06-08T20:41:45","date_gmt":"2007-06-09T00:41:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=902"},"modified":"2007-06-08T20:41:45","modified_gmt":"2007-06-09T00:41:45","slug":"market-hangs-up-on-ypgprb","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=902","title":{"rendered":"Market Hangs Up on YPG.PR.B"},"content":{"rendered":"<p>The new Yellow Pages Group 10-year retractible, <a href=\"http:\/\/www.prefblog.com\/?p=866\">announced May 23<\/a>, disfigured the market with their presence today, closing at 23.89-09, 10&#215;16, on reasonable volume of 49,400 shares.<\/p>\n<p>The volume implies the underwriters\u00a0were able to sell a good whack of this issue prior to closing &#8230; the price implies that the purchasers wish they hadn&#8217;t.<\/p>\n<p>On announcement date, I calculated the <a href=\"http:\/\/www.prefshares.com\/glossary.html#curvePrice\">curvePrice<\/a> to be 26.76 &#8230; what with changes in the curve and spreads in the intervening weeks, I now call it $25.62.<\/p>\n<blockquote>\n<p>Price due to base-rate :\u00a0 24.18<br \/>\nPrice due to short-term :\u00a0 -0.75<br \/>\nPrice due to long-term :\u00a0\u00a0 2.09<br \/>\nPrice due to Interest Income :\u00a0\u00a0 0.00<br \/>\nPrice to to Cumulative Dividends :\u00a0\u00a0 0.06<br \/>\nPrice due to SplitShareCorp :\u00a0\u00a0 0.00<br \/>\nPrice due to Retractibility :\u00a0\u00a0 0.81<br \/>\nPrice due to Credit Spread (2) :\u00a0\u00a0 0.00<br \/>\nPrice due to Liquidity :\u00a0\u00a0 0.02<br \/>\nPrice due to Floating Rate :\u00a0\u00a0 0.00<br \/>\nPrice due to Credit Spread (3) :\u00a0 -0.93<br \/>\nPrice due to error :\u00a0\u00a0 0.10<br \/>\nPrice due to Credit Spread (High) :\u00a0\u00a0 0.06<br \/>\nPrice due to Credit Spread (Low) :\u00a0\u00a0 0.00<\/p>\n<\/blockquote>\n<p>I don&#8217;t think it&#8217;s all that bad an issue, obviously &#8211; but remember! <a href=\"http:\/\/www.dbrs.com\">DBRS<\/a> rates it Pfd-3(high), <a href=\"http:\/\/www.standardandpoors.com\">S&#038;P<\/a> rates it P-3. My rule of thumb for credits of this type is no more than 5% in such a name, no more than 10% in all such names &#8230; taken as a percentage of a diversified preferred share portfolio.<\/p>\n<p>The issue is now in the HIMIPref\u2122 universe with the <a href=\"http:\/\/www.prefshares.com\/glossary.html#securityCode\">securityCode<\/a> A56001, replacing the <a href=\"http:\/\/www.prefshares.com\/glossary.html#preIssue\">preIssue<\/a> code of P78000. Due to the relatively poor credit rating, it has not been assigned to the &#8220;OpRet&#8221; index, which where it would otherwise have been placed.\n<\/p>\n<p><!--eb04ebd50d277e26571f4e9c2015109e--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new Yellow Pages Group 10-year retractible, announced May 23, disfigured the market with their presence today, closing at 23.89-09, 10&#215;16, on reasonable volume of 49,400 shares. The volume implies the underwriters\u00a0were able to sell &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-902","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/902","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=902"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/902\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}