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Tennessee Valley Authority Message Board

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  • foreverwhiteroses foreverwhiteroses Jul 8, 2009 8:07 PM Flag

    WAY Too High

    Better re-read what you read on quantumonline about the put.... Yo udid what I did initially I think. The put is ONLY exercisable if the coupon rate is repriced DOWNWARD. So the put would be valueless in a climbing interest rate environment.

    I do agree that the comparative rate maybe be closer to Treasuries today than when originally issued, BUT, TVA just issued more Electronotes at 4 3/4%. Looking at the daily volume on these, these don't look like anymore of an institutional issue than Electronotes nowadays.... obviously some better liquidity, but still, these remain too high imho.

 
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