Slightly over $12 since the market yield at that price fit my Grey portfolio. As for the volatility - read up on the Greek budget issues. Their banks, government, shipping, and other industries are getting roiled on fears of default and press coverage. Thus equity (including prefs get manhandled.)
It's one of the top stories in the world at the moment -- the Euro zone debt is a concern for many. It can also be a source of profit for those willing to assume a high degree of risk. Don't buy it unless you can stomach some crazy crap.
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