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To: MCsweet who wrote (93485)	8/25/2010 7:55:38 PM
From: Crossy	Read Replies (1) \| Respond to of 118717

MC, thank you for the link to the preferred board - I immediately copied it down and bookmarked it. another useful source for background info on preferred shares and other unusual exchange traded vehicles is quantum financial, but I'm sure you know about this site already: quantumonline.com Apart from this, reaching "PAR" might be just one part of the equation. In Europe, traditional TIER-1 qualifying preferreds typically had very long duration (often perpetual) but calling dates at some point in the relatively distant future. If the issuers cannot use them as TIER-1 capital anymore (where they are cheaper than equity capital), they would be an expensive instrument to finance. Now assume the preferred suddenly trades at PAR but the issuer wants to get rid off the shares ? They always have the option to repurchase these bonds on the open market. So there could be an argument for these preferreds to trade ABOVE PAR for some time, especially if the attached coupon is higher yield than the typical class would commend and the call date still far away ! Let's watch this space. The Report from the CFAs of Cohen & Steers seemed to indicate just that rgrds CROSSY