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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Paul Kern who wrote (85281)	8/17/2007 7:31:39 PM
From: Paul Kern	Respond to of 110194

Fido has some FORD MOTOR CREDIT CO paper rated B with short maturities yielding 9 - 9.969 at the ask now because of the meltdown. Coupon rates are 5.3 - 7.375

To: Paul Kern who wrote (85281)	8/18/2007 2:31:59 PM
From: Joe Stocks	Respond to of 110194

Schwab uses the symbol CFCpA. The lowercase 'p' is important.

To: Paul Kern who wrote (85281)	8/19/2007 10:12:23 AM
From: RockyBalboa	Respond to of 110194

Trust preferred securities are a bit of a hazard. I know from other cases that they had a tendency to trade too high compared with securities ranking ahead of them. Look for junior bond which is at the same price or even cheaper. In Dura for example, I shorted the preferred security for $3 and something (thus 12% of preferred liquidation value ) The Dura junior bond which comes ahead the preferred security was trading well below those ones. It traded at 3% then recovered to 6. A good example is the Impac preferred stock. Impac is pretty upside down is losing book value at an alarming rate and has serious troubles with its lifeline support by lenders. The Securities fluctuate between 30% and 40% but will likely neither see dividends nor any payoff.