Is it just me or is the way the warrant section is written cumbersome and vague, even by Federal Government standards. Why the hell did they not just say: Citigroup will issue a warrant to government for 10% of all common stock. The strike price will be equal to $10.61 per share exercisable anytime within a ten year term. The warrants issued to UST are not subject to reduction based on additional offerings. At least that's how I interpret what they're saying, but the way they have it written is leading to mass confusion. I can't imagine Citigroup lawyers would allow them to sign off on this poorly written shit.
That was a very nice move....all the way down to the 783's......last out at 786's. Round 4, selling some 816's and up.....will see what we get before the cash open.
Ok...we traded down to only the 813 area then back to the 816's so I am out and flat at B/E + 1 tick......time for some sleep until the cash session opens.
Exactly my thoughts bond trader - many secondary school students could have written the warrant section in a clearer manner
There she goes....covering 33% of position at 811.25's for +5.0 points.....stop at b/e +1 tick @816.00
OK...last out at 815.00 to keep a bit of the profits on the remaining position. That is it until the cash session opens and we can see what we get for price action.....very productive night!