Lehman ABS CorTS 2001-08 7.375% General Motors (CCYPQ)

[Enterprising Investor]

Sorry, never going to get that high.

Here is a couple of reason why...

CCYPQ is not a preferred, but 1/40 of a the underlying bond. Each CorTS has a principal amount of $25. To hit $85 per security, bondholders would have to recover 340 percent of par (85/25). Old GM bonds are trading in the low to mid-30's now.

The bonds cannot trade much higher than par because that would give value to MTLQQ and the government could get quickly repaid.