趁下跌, 期權Short Put做幾長?

昨天(2021年9月20日)趁香港地產股全線下跌超過10%

選龍頭股新鴻基地產(0016)做期權short put

問題係, 到期日做幾長?

用今天(因昨天冇截圖)新地SP (At The Money) $95 的報價來分析一下: 

 9月尾(即8日後)到期的權金: $2.26 (bid加ask除2)

10月尾到期的權金: $4.12

11月尾到期的權金: $6.57

12月尾到期的權金: $7.06

個pattern係: 越短期, 性價比越高

由10月到11月權金多了$2, 但11月到12月只多了$0.5

即是, 由11月到12月的期權金相對地增加了很少

最後, 昨天我做了新地11月尾到期, 行駛價$90的Short Put, 收$6.28

兩個幾月的回報(以接貨金額計)大約7%

結論:  Short Put做越短期, 性價比越高 (即權金相對越高)

           多過兩個月到期的權金相對地減少很多,  所以不做多過兩個月的SP

           

膽識

一位做生意的朋友問: 成功最重要是什麼要素?

我隨便答: 識人吧, 還有... 運氣

朋友說: 我覺得是膽識!

見過一些人精明能幹, 處事圓滑, 職場上本應可更上一層樓

但就是很多顧慮, 停留在comfort zone

聽過有人唔升職因怕得罪人, 一直唔買樓因唔想變負資產

年青時應更進取

膽識和時機同樣重要

工作如是, 投資如是

總結: 成功的人多是有遠大的目光和膽識

期權一日賺一萬

做了一張TSLA at the money ($580) short put, 明天到期

收期權金USD$1400

第二天, TSLA收市$589, 期權金全袋

一天時間賺了約一萬港幣

但係如果當時係買100股TSLA

星期一pre-market已升到$597

即係可賺更多($17)

但所用資金比用期權多好多

總結:   只要唔怕接貨(例如長線睇好), 做TSLA真係多權金

            

            就算接左貨, 如果下星期升返仲賺埋價

期權無限復活(2)

本身剩100股BABA 平均價$208

2020-7-2 做了張BABA short call $232.5 一星期後到期 (當時現價$223)

點知之後BABA一路升

我就一路roll over (因唔想出貨)

幾乎每個星期五就roll落下一星期

試過roll遠期些同時roll高些個strike price 到$250

BABA個價最高升到10月27日的$319

等到12月尾回落到二百頭

最後2021-1-8張SC終於expire(不被行使), 正股得以保存

睇返轉頭, 雖然total賺左權金USD$940

但2021-1-8現價($236)比高位($319)少左$83, 多過權金的$9.4好多

即係其實炒正股仲好

總結:   不斷roll over真係可以無限復活

             還可以賺些權金(只要strike price 距離現價不太遠)

             如果個市升, 炒正股好過做SC/SP

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

 

 -----------------------------------------------------------------------------------------------------------------

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