{"id":911,"date":"2007-06-12T21:01:11","date_gmt":"2007-06-13T01:01:11","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=911"},"modified":"2007-06-12T21:01:11","modified_gmt":"2007-06-13T01:01:11","slug":"ccsprc-arrives-market-doesnt-cooperate","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=911","title":{"rendered":"CCS.PR.C Arrives: Market Doesn&#039;t Cooperate"},"content":{"rendered":"<p>In a dismal opening session even by recent standards, CCS.PR.C, <a href=\"http:\/\/www.prefblog.com\/?p=868\">announced May 23<\/a>, commenced trading today.<\/p>\n<p>Three trades.<\/p>\n<p>Four hundred shares.<\/p>\n<p>Closed at 23.00-99, 2&#215;5.<\/p>\n<p>So, I suspect the underwriters still have most of this on their books. This issue wasn&#8217;t priced too horribly to begin with, but arrived when the market was in a downturn. It may even have contributed to the downturn, if the underwriters were frantically shorting tradable shares to hedge their position (which would tie in with the observation that <a href=\"http:\/\/www.prefblog.com\/?p=891\">more liquid issues got hurt most in May<\/a>), but that&#8217;s merely speculation.<\/p>\n<p>If the underwriters do, in fact, have a lot on their books, there might well be an inventory blow-out sale on the horizon &#8230; but I keep <a href=\"http:\/\/www.prefblog.com\/?p=840\">looking for a sale on BAM.PR.N<\/a> that hasn&#8217;t arrived yet, so don&#8217;t go by what I say!<\/p>\n<p>The curve price for this issue of $22.63 is derived as follows:<\/p>\n<blockquote>\n<p>Price due to base-rate :\u00a0 22.80<br \/>\nPrice due to short-term :\u00a0 -0.50<br \/>\nPrice due to long-term :\u00a0\u00a0 1.90<br \/>\nPrice due to Interest Income :\u00a0\u00a0 0.00<br \/>\nPrice to to Cumulative Dividends :\u00a0\u00a0 0.00<br \/>\nPrice due to SplitShareCorp :\u00a0\u00a0 0.00<br \/>\nPrice due to Retractibility :\u00a0\u00a0 0.00<br \/>\nPrice due to Credit Spread (2) :\u00a0\u00a0 0.00<br \/>\nPrice due to Liquidity :\u00a0\u00a0 0.00<br \/>\nPrice due to Floating Rate :\u00a0\u00a0 0.00<br \/>\nPrice due to Credit Spread (3) :\u00a0 -1.75<br \/>\nPrice due to error :\u00a0\u00a0 0.18<br \/>\nPrice due to Credit Spread (High) :\u00a0\u00a0 0.00<br \/>\nPrice due to Credit Spread (Low) :\u00a0\u00a0 0.00<\/p>\n<\/blockquote>\n<p>CCS.PR.C has been added to the HIMIPref\u2122 universe with the <a href=\"http:\/\/www.prefshares.com\/glossary.html#securityCode\">securityCode<\/a> A43031, replacing the <a href=\"http:\/\/www.prefshares.com\/glossary.html#preIssue\">preIssue<\/a> code of P28000. A <a href=\"http:\/\/www.prefshares.com\/glossary.html#reorgDataEntry\">reorgDataEntry<\/a> has been processed to reflect the change.\n<\/p>\n<p><!--4f4f9e82ee5ec34a7c0c9d93e57c9e42--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a dismal opening session even by recent standards, CCS.PR.C, announced May 23, commenced trading today. Three trades. Four hundred shares. Closed at 23.00-99, 2&#215;5. So, I suspect the underwriters still have most of this &hellip;<\/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-911","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/911","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=911"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/911\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}