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Principal Value took in before fees is the par, otherwise any desk can arb the trade at the get go. Issuer lost money and the bankers lost fees due to inefficient pricing. If you can hold that long, Apple 2049 is trading at 73.567, "whopping" 27% plus near 70% coupon sum, but woulld you buy that?

don't know how it can impact the level though, maybe it will backdate all the data series like stock split? not sure the mega cap will be sold off significantly, it is not a rotation.

Q is rebalancing on July 24, to reduce the mega weighting. No word on spx.

But did you carry the position…

below par is a term describing a bond whose market value is below its face value or principal value, usually 100 but not always. at the time of issuance, market value is the face value or principal value. money made or lost when interest rate changes. one simply can’t find a a- rated non bank...

any of those special features will have to comport with the market at the time of issuance, including credit ratings. higher the credit rating, more covenants cannot breach. cost of borrowing is the cost of borrowing, regardless how you want to pay, principal plus interest.

you are clueless, even Apple 10 year note is below par right now when the coupon is just 2%.

New issues rarely priced below par, or the bankers will lose the job. Once traded, it trades with the credit default swap yield curve, which rarely changes for larger companies. This is not an unfair trade at the market price, price is price, certainly when SCHW is not in a distressed...

This is an old bond when the benchmark rate was nearly zero, credit risk is priced it below par. New issues these days for non bank financials are about 5.5 to 6. I saw USB London 1 year note at 5.75, considering the balance sheet risk they have on the books. Money is still cheap. OP made his...

IDF Colonel? I thought they are very smart and ruthless. Wasn't there is a British intelligence guy also circling the money? Spy vs Spy, just seems younger Biden doesn't have enough smart to deal with these people...

Now they are throwing weiss under the bus by his own people, who would work for them next time. https://www.politico.com/f/?id=00000189-403e-d0a8-a59b-dffe47490000 This non-attorney IRS agent probably can't tell the different between special counsel and special attorney, sounds special.

it will force them to turn east. rususians whiteness revoked.

Guns, lot of guns:)

Why? What’s the significance that year.

Summer is about to start, sell before traders go on vacations, no one wants to at the desk for 20 points chop.

7 companies combined market cap is greater than germany gdp, that’s sweet.

gravestone daily

don't look up

last friday was not a good doji, scary to go long

Agree, spent lot of time in Florida, lot of contruction boom, but moneies are from the north, just like after civial war. the demography will change overtime.