C的攻略--July 2009

2009年7月25日

每次有C的帖子，点击率总是相当高的。由此推测股坛许多人拥有C股票，自然格外
关心C的前途。然而这2个月C的股价基本上没有波动，维持在$3左右，似乎无法对C投
机。
现在机会终于来了。
7月21日(周2)，C在NYSE开始了优先股置换普通股(交易代码为C WD)，套利者一直对
发行前交易非常期待，也就是说，希望在持有花旗优先股后，投资者理应抛出他们
的普通股，造成普通股和优先股之间的差价。套利者就是瞄准这个差价，看多优先
股并卖空普通股而获利。这个优转普计划于7月25日(周5)完成，估计C将从7月28日
(下周1)开始下跌。
了解了前因后果，近期的攻略就变得容易，那就是SHORT C。因为借不到股票，期权
就成为首选。如果观察上星期的期权交易量，最多时一天达到2M contracts，PUT居
多。为了验证这种想法，本人买了PUT 20 contracts 静候。

说明：本人没有C股票，本文不是投资建议，仅为验证。炒股票的魅力就在于运筹帷
幄，决胜千里。

拳打南山猛虎，脚踢北海苍龙
2009/07/26 updated
2009/07/24 close price
C      $2.73                   C.WD  $2.59

优转普结果公布(2009/07/26 sunday)：
LOS ANGELES (MarketWatch) -- Citigroup Inc. /quotes/comstock/13*!c/quotes/nls/c (C 2.73, -0.04, -1.44%) said Sunday that about $20.3 billion in convertible and non-convertible preferred and trust preferred securities had been tendered for exchange for common stock. The bank's exchange offer expired 5 p.m. Friday. As a result of this and other pending exchanges, Citi said its tangible common equity will rise by $60 billion, while its Tier 1 capital will increase by $64 billion to a ratio of about 9%, based on the bank's June 30 results. "The successful completion of the exchange offers marks a significant milestone for Citi," Chief Executive Vikram Pandit said in a statement.