September 07, 2020

SUMMPL bond 可提早贖回

IB有隻bond "SUMMPL 5 1/2 08/15/22" 收到 Select Corporate Actions, 見下文

又係出offer提早贖回返隻bond (因可以省利息)

個tender offer detail在下面

重點是:

"Minimum Bid: 675.00 USD aggregate principal amount
Maximum Bid: 725.00 USD aggregate principal amount"
 
"...includes an early tender premium of 25.00 USD per 1,000 USD principal amount of Notes accepted for purchase"

即係最多用$75贖回 (72.5 +2.5)

 

這公司做運輸油和天然氣等的infrastructure

現價$65.5 (YTM 18%), 我買入價$88.9 (當時YTM估計10%)

還有兩年就到期, 贖回$75又不算高

如果用Option 3 自己出個高bid price 覺得冇機會得

由三月谷底價其實已回升了很多

總結:  最高贖回價和現價相差少(約$10)不太吸引, 寧願博多兩年佢唔執, 繼續收息, Take no action

 

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Summit Midstream Holdings, LLC has offered to purchase up to 60,000,000 USD aggregate principal amount of its outstanding notes, including the 5.50% Senior Notes due 2022 through a Dutch Auction tender offer. 

The terms of the offer are as follows (subject to proration):

Minimum Bid: 675.00 USD aggregate principal amount
Maximum Bid: 725.00 USD aggregate principal amount
Accepted Bid Increments: 2.50 USD aggregate principal amount

The below options are available to a shareholder:

Option 1 - Take no action

Option 2 - Tender notes at No Specified Price (NSP)

Option 3 - Tender notes at bid price

Holders wishing to tender their notes at a minimum bid price should make an election under the No Specified Price option, as such an election will be deemed to have been tendered at the minimum bid price.

In order to submit notes at a bid price, shareholders should click on the Change link on the applicable choice line below. This will navigate the user to a new box where both the note quantity and applicable bid price should be entered. 

Early Tender Premium: Holders who tender early are eligible to receive the applicable Total Consideration, which includes an early tender premium of 25.00 USD per 1,000 USD principal amount of Notes accepted for purchase. The Bid Price specified by the Holder will include the Early Tender Premium, which the Holder will be entitled to receive only for the Notes validly tendered and accepted for purchase. Please note the Early Tender Premium will only be payable to holders who validly tender their notes prior to the Early Tender Deadline, unless extended.

All holders of Notes accepted for purchase will receive Accrued Interest per 1,000 principal amount tendered and accepted.

Minimum Tender Requirement: 2,000 principal amount and in multiples of 1,000 thereafter, holders who tender less than all of their notes must continue to hold the minimum authorized denomination of 2,000.

Proration: Notes tendered will be accepted according to levels of priority. The priority level for this issue is 2 out of 2.

Guaranteed Delivery: No

June 10, 2020

AMC bond 以債代息?

IB收到Corporate Action (TenderIssue), 見下文

再上網search, 應該係問你要不要用你的舊債(2025)換新債(2026)

現在隻bond AMC Corp 5.75 Jun15'25得返$33

 
睇返個Corporate Action:
 
"$501.25 principal amount of New Notes"   >>  即係新債價是$50.125, 比現價多了
 
"due 2026"  >>  但新債要遲一年到期, 好似係May 1, 2026 (ref: businesswire.com)

"12% Cash/PIK"   >>  12%是派息多了嗎?

但PIK又是什麼呢?

原來PIK(Payment-In-Kind)指以債代息 (ref: investopedia)

即係如果公司沒錢付息給你, 可給你一些bond unit代替
 
"20.00 P.A Early Tender Premium"  >>  估計是 若提早call走 會送2% (ref: westfinancial, 另外, 文中有句"issuers are likely doing this for their benefit, not for the benefit of bondholders" 我很同意)
 
總結:   公司用新債舊債和以債代息都係想buy time遲些付息, 有機會渡過難關
            我會博佢唔執, 繼續持有收息
            而且不想遲一年到期, 會take no action


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AMC Entertainment Holdings, Inc has offered to exchange its outstanding notes, including the 5.75% Senior Subordinated Notes due 2025, for up to 640,000,000 USD aggregate principal amount of new notes. 

***IMPORTANT***

This exchange offer will only be made, and the new notes are only being offered for issuance to eligible holders of old notes who certify that they are (1) "Qualified Institutional Buyers" (QIB) (as defined in Rule 144A under the Securities Act), (2) a person other than a "U.S. Person" in reliance upon Regulation S under the Securities Act, or (3) an "accredited investor" (AI) (as defined in subparagraphs (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act). 

By submitting an election to this offer, the account holder confirms they have independently verified the terms of, and their eligibility to participate in, the offer and therefore confirms the account meets all eligibility requirements.

The terms of the offer are as follows (subject to proration):

Option 1 - Take no action

Option 2 - QIB Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted

Option 3 - Non-US Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted

Option 4 - AI Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted

June 01, 2020

博大升/跌的期權組合

上文講過的期權組合: 1張SP + 2張LP

今次再做

Combo (credit 0.01):
 BABA May29'20 210 Put -1 @5.69 
 BABA May29'20 202.5 Put 2 @2.84


這個組合要跌穿195 (202.5 - spread between SP&LP) 先開始賺

spread = 210 - 202.5 = 7.5 (即3%)

即係個組合只可以博大升/跌 (起碼3%升/跌)


May29到期那晚 BABA正股198.x  我估當晚仲會跌, 唔平倉

預計正股收低過198時個組合會剩低1LP被行使 (1SP和1LP抵銷左)

我本身冇貨, 若LP行使會short sell

因唔想short sell, 所以最後set左Market-on-Close (MOC) Order買貨

最後BABA竟然倒升, 收207.39, MOC買了貨@208, SP210又接貨(因冇LP抵銷)

賬面蝕 = 210 - 207.39 = 2.61 

接貨可以博BABA升返

最後有200股BABA 平均價209
 


總結: 這個期權組合只適合睇大升或大跌 (起碼3%升/跌, 而個%就係SP和LP之間的spread)

 

May 29, 2020

期權無限復活

本身有900 ANZ蟹貨 (平均價24.7)

諗住做SC賺返少少幫補下

ANZ股價維持在15, 16蚊一兩個月了, 諗住繼續行range

就咁一次過做左14張不同到期日和不同行使價的SC

 
過了兩日ANZ就升穿17, 18, 19...

全部SC已有unrealized loss

想起皮老板的格言"不要貪心".... 14張太多了?!


先處理May28到期的4張SC, roll over 去下星期:

   ANZ May28'20 18 Call -2 @0.36
> ANZ Jun04'20 18 Call -2 @1.04  (credit:0)  

   ANZ May28'20 18.5 Call -2 @0.17 
> ANZ Jun04'20 19 Call -2 @0.285  (credit:0.02)
注意: 由18.5 roll去19 (strike price高了) 一long一short還有0.02淨權金收, 我想是因為IV和時間值cover到
 

到了下星期, ANZ回返18.x 我就先平左$19那兩張

即係roll over 救得返張SC19, 唔使蝕 

如果上星期冇roll 就要蝕住平倉 

現在還有以下SC, 有排roll, 唔知救唔救到:

ANZ Jun04'20 18.5 Call -2 @0.245
ANZ Jun11'20 17 Call -2 @0.13
ANZ Jun11'20 19 Call -2 @0.16
ANZ Jun25'20 17 Call -2 @0.22
ANZ Jun25'20 19 Call -2 @0.35 

理論上, 不斷roll, 可以roll高些strike price, 等到有天股價低過strike price, 就是無限復活了
Roll期間最好每次有少少權金落袋

 
總結: 做short不要太貪心
          SC/SP 可以用 roll over 復活, 即用時間和IV所得的權金去補償所蝕的權金
          行range可能係價格慢慢收窄準備突破(VCP型態), 若大trend仍是向上, 應做SP/LC, 不做SC
 

May 22, 2020

BABA應唔怕接貨

Combo (credit 0.01):
  BABA May29'20 210 Put -1 @5.69
  BABA May29'20 202.5 Put 2 @2.84 


個期權組合係set limit order: credit 0.01, 初時成交唔到, 起身發覺成交左


另外做多兩張SP, 因為見BABA唔夠兩日到期 低十蚊仲有2.1 算多, 而且BABA應唔怕要接貨

BABA May22'20 200 Put -1 @2.1
BABA May22'20 190 Put -1 @0.55


21May BABA
收市價: 212.16

May 06, 2020

估錯方向都唔蝕的期權組合

Combo:
  JD May08'20 41.5 Put -1 @0.91
  JD May08'20 40 Put 2 @0.43

這個期權組合是: 1張SP + 2張LP


SP strike price貼近正股現價 (當時約42)


LP就再做低些


SP最好權金cover到


個組合係睇跌, 美股隊長本書都有教


開倉收權金= 0.91 - (2 x 0.43) = 0.05


到期時:

如果<38.5 (=40-spread), 開始賺
如果>41.5, 平手(或賺0.05)
如果38.5-41.5, 最多蝕1.5@40, 接貸@41.5


結果到期日JD升過41.5(即係估錯方向), 但都冇輸錢, 因為這期權組合"罩門"是牛皮, 即38.5 - 41.5


結論: 這期權組合估錯方向都唔蝕,  但只適合睇大升或大跌




這期權組合的理論解釋: BACK SPREAD W/PUTS





April 29, 2020

強勢股不應 short call

3,4月時做short put Facebook 接左兩次貸

1張SP@150, 好快SC@155走左

另1張SP@190接貸

跟住下星期FB跌返18X, 就做兩張SC

FB Apr24'20 190 Call -1 @0.7
FB May01'20 195 Call -1 @2.43

得100股 但做兩張SC 因諗住唔會升咁多
 


點知24Apr FB收190.07 剛剛call走左SC190

剩返的SC變成naked, 所以又做張SP190

FB May01'20 190 Put -1 @5.7

FB May01'20 195 Call -1 @2.43
 

FB到期時:
如果190-195, 賺最多=5.7+2.43=8.13
如果<181.87 或 >203.13, 開始輸


最後1May FB收202

張SC195變成short sell @195
 

再下星期, 見FB升到207再回落跌唔穿200時 就買正股平左個short sell算, 扣埋權金蝕少少

Overall只係賺左些少權金, 但最重要係錯過之後FB的升幅


總結: 如果強勢股有得升, 不應該SC, 應保留正股或做LC