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

[Enterprising Investor]

My initial purchases sat out there for days.

I initially placed a $7.30 limit. CCYPQ woke up at 10:00 ET, and I noticed a great deal of interest at $7.00. Volume has really picked up recently. There was little action when I started following it.

I am sure some money was left on the table, excluding time value of money. It may eventually hit $10 (40 percent of par), but we have no idea when the IPO process will begin. Thanks, Barrons! It will probably fall back to the $5.50 to $6.00 range next week once the news wears off and bond prices deteriorate (I call this my 5-day effect). I would be a buyer again at $5, but it should never go that low again.

Now, do we really want CCPCN to hit Barrons next week? I need to purchase a few more at $10 limit!