Not an easy question to answer.
MTLQ.GF closed at $20.80 today, which is equivilent to $5.20 per CCYPQ. CCYPQ ended at $2.91, which is a 44-percent discount. This is huge! Under arbitrage theory, investors would quickly pay $2.91 (or more until it approaches $5) sell MTLQ.GF short at $20.80 and lock in the profit. A 5 to 10 percent discount would be reasonable.
Based solely on discount play, I would pay $3.90 to $4.00. However, that is only half the story. For investors looking to make money on the IPO of New GM, MLLQ.GF represents a discount to the future distributions.