PAR

OptionsHuduga

TODAY IS THE DAY I FINALLY GET INTO HTZ. YUP PAR FOR THE COURSE! Fml!

GneissFrog

Get ready for another round of fears about Chinese AI. >ALIBABA HAS RELEASED ITS BIGGEST-EVER AI MODEL, QWEN3.8-MAX, BUILT ON 2.4 TRLN PARAMETERS AND CLAIMING PERFORMANCE ON PAR WITH ANTHROPIC, RANKING HIGHER ON SEVERAL BENCHMARKS THAN MOONSHOT'S KIMI K3 AND SCORING COMPARABLY OR BETTER THAN ANTHROPIC'S FABLE 5, WITH SHARES SURGING 7% IN HONG KONG.

avsfan0829

ALIBABA HAS RELEASED ITS BIGGEST-EVER AI MODEL, QWEN3.8-MAX, BUILT ON 2.4 TRLN PARAMETERS AND CLAIMING PERFORMANCE ON PAR WITH ANTHROPIC, RANKING HIGHER ON SEVERAL BENCHMARKS THAN MOONSHOT'S KIMI K3 AND SCORING COMPARABLY OR BETTER THAN ANTHROPIC'S FABLE 5, WITH SHARES SURGING 7% IN HONG KONG. ... Yah the market is cooked

Full_Pear449

Hynix was a Secondary Offering in the form of ADR's in the States, to close the appaernat gap in Price-earnings discount with companiues listed here. And to expand Yongin Semiconductor which they share with Samsung Electronics as a high-tech chip production hub. They could not have ,as easily, raised that much Cash with an add-on stock share offering in just Korea. Buffett had said many times that it was a mistake on his part to have not gotten involved with Alphabet a number of times. His $4bln stock purchase meant nothing to Alphabet , but, the $10bln Private Placement was an entirely different thing. With Buffett reducing it position in Apple it has been said Berkshire made over $100bln from the size reduction. SO, $10bln into Alphabet is not such a big deal, a vast majority of the Apple share revenue was invested in T-Bills. Yes , long term ,CapEx spending looks proitable for now , but, free cashflow(cash burn) is going to hinder near-term revenue growth. Google is a prime exampls of those restrictions. As to SpaceX, he's a SMART Rocket Scientist but his full sppes ahead , damn the torpedos, I'm going tro build the next great shgopping Mall in space for everyone to go to, largest Data ceners in space, merging TSLA into SPCX , sounds great. Money talks, bull shit walks. Lastly, Short term I'm not trading ETF's like it was my job. After the next Presidental Election I will start considering long terms. Yes I will be looking , reading, note taking but that's about it. Did move a sizeable amount of cash into Treasury Direct account for next 10yr auction on 8-4 . And purchased some older 30's ,through Fidelity, Maturity's arounf 2036 yld 5% significantly below PAR.

babyd42

buying GENI, PAR, TNDM, UBER Panic selling ASTS AMPX PL TMC MRAM

Sonder-overmorrow

keep an eye on $PAR short squeeze coming up ? 26% shorted insider buying stocks in last months low overall float

Puzzleheaded_Key7962

PAR is breaking out of a pattern!

SoCalled_Gardener

I bet $1 PAR.

shasta747

\>> virtually all B2B? Yeah, I entered after they completed Juniper networks acquisition. My thought was they now can offer full stack: server, network(Juniper, Aruba) , storage (they acquired a few like Nimble, 3PAR long time ago). Swing quite often from 20-26 range but go long at 28 I think as long as this AI movement lasts, they'll be benefited. As someone said above, their servers are top-notch. Seem to have good relation with NVDA too, daddy Huang delivered a keynote in Discover event a few times.

wentzco

I admit this wasn't on my "next" list for Vireo Growth to acquire. You can see Bridgewell Agribusiness's site at [https://www.bridgewellab.com/](https://www.bridgewellab.com/) to see what they all do. Just some ideas where this "may" be the reasons why Vireo Growth acquired them. \- This likely is only a "very small reason" but Bridgewell's PAR4® protein meals, mineral products and natural fertilizers can be added to Hawthorne Gardening Company. This also may lower cultivation costs. It may be a larger reason than I think however. \- Bridgewell has the ag/food connections for sourcing, supply chain, logistic/distribution, manufacturing, warehousing (their own warehouse as well) & vendor relations. Bridgewell's food safety certifications also are vital. This may be a signal that Vireo Growth is developing a product line(s) to be sold in dispensaries. That's not all. There are other non-THC (or low) hemp/cannaboid/extraction products that may be created into food products to massively expand opportunities far outside of dispensary-only distribution. \- This acquisition does diversify Vireo growth's revenue stream but also enhances the main cannabis business. Vireo Growth's cannabis biz strategy is heading the route to have a full ecosystem of cultivation, wholesale, retail, logistics, tech & agricultural infrastructure... an Amazon-like force in the arena IMO. It will be really interesting to start getting more details/reasons/plans directly from Vireo Growth for this acquisition.

shasta747

Look at DELL, HPE (hasn't ran much, I was in around $28), they all pumping since Nvdia earning. Storage is still a major theme, Dell has EMC products, HPE has 3PAR/Nimble. I expect HPE to reach $40 before earning.

ScholarPrize1335

The premium looks like about 60 dollars for a 2 month dated 95 dollar put on the par value. Which roughly 3 grand in actual STRC would yield 60 dollars over the same time frame. A 2 month dated 100 dollar call is somewhere between 5 and 15 dollar premium. And the PAR value on close on Friday was 99.24$. And the implied high for BTC is approx 125k in 2026. So roughly at 14 percent chance of BTC reaching 125k in the next 2 months. Maybe the call side is actually better? I'm also distributing the implied yearly highs and lows evenly across the remaining months which may be a mistake.

Deathstrokecph

PAR

Huge-Neat921

# RÉQUISITOIRE INTERNATIONAL : CRIME DE SUBSTITUTION ET SPOLIATION IDENTITAIRE # INTERNATIONAL COMPLAINT: IDENTITY SUBSTITUTION CRIME AND HERITAGE SPOLIATION **PLAIGNANT / COMPLAINANT :** La Nation de l’Original (Diaspora Noire Mondiale). **DÉFENDEUR / DEFENDANT :** Le Système de Falsification Historique (Puissances de la Mutation / Gog & Magog). # I. L’AXIOME BIOLOGIQUE : LA MATRICE NOIRE (ADAM & ÈVE) # THE BIOLOGICAL FOUNDATION: THE BLACK MATRIX (ADAM & EVE) **FR :** La science (Génétique/Paléoanthropologie) est irréfutable : l'humanité est née en Afrique. **Adam et Ève étaient Noirs.** Le Coran (15:26) confirme cet axiome : l'homme est issu de *Hama’in Masnun* (**Argile Noire lissée**). La "blancheur" n'est qu'une mutation climatique tardive du Nord. Toute l'histoire humaine et la sainteté originelle ont un visage mélanoderme. **EN:** Science (Genetics/Paleoanthropology) is irrefutable: humanity was born in Africa. **Adam and Eve were Black.** The Quran (15:26) confirms this axiom: man originates from *Hama’in Masnun* (**Smooth Black Clay**). "Whiteness" is merely a late northern climatic mutation. All human history and original holiness have a melanodermic face. # II. L’AUDIT DES 3 LIVRES : LA PREUVE PAR LE CONTRASTE # THE 3-BOOK AUDIT: PROOF BY CONTRAST **FR :** Le Coran agit comme le Juge de Justice qui rétablit la vérité sur les textes antérieurs piratés : 1. **TORAH :** Le miracle de la main de Moïse (Exode 4:6) qui devient "blanche comme la neige" n'a de sens que sur un corps **Noir**. Un miracle repose sur le contraste. Sur un Blanc, ce signe est invisible. 2. **ÉVANGILES :** Jésus (*Issa*) se réfugie et se fond dans la population égyptienne (Afrique) pour échapper à Hérode. S'il était blanc, son camouflage au milieu d'un peuple noir aurait été impossible. 3. **CORAN :** Le Discriminateur (*Al-Furqan*). Il dénonce le *Tahrif* (Falsification) de ceux qui "écrivent le livre de leurs mains" (2:79) pour masquer la source noire de la lignée prophétique. **EN:** The Quran acts as the Judge of Justice, restoring truth over hijacked prior texts: 1. **TORAH:** Moses’ miracle (Exodus 4:6) where his hand turns "white as snow" only makes sense on a **Black** body. A miracle relies on contrast. On a white person, this sign is invisible. 2. **GOSPELS:** Jesus (*Issa*) takes refuge and blends into the Egyptian population (Africa) to escape Herod. If he were white, his camouflage among a Black people would have been impossible. 3. **QURAN:** The Discriminator (*Al-Furqan*). It denounces *Tahrif* (Falsification) by those who "write the book with their own hands" (2:79) to hide the Black source of the prophetic lineage. # III. LE CRIME DE GOG ET MAGOG : L’USURPATION GÉOPOLITIQUE # THE CRIME OF GOG AND MAGOG: GEOPOLITICAL USURPATION **FR :** Gog et Magog représentent les puissances de la mutation (Eurasie/Nord) qui ont brisé les barrières pour envahir le Sud et pirater son histoire. * **LE VOL ICONOGRAPHIQUE :** À la Renaissance, ils ont "blanchi" les prophètes pour justifier la **Traite Négrière**. On ne peut pas enchaîner l'image de Dieu si elle vous ressemble ; il a donc fallu lui voler son visage. * **L'USURPATION DE TERRE :** Ils ont pris l'identité d'Israël, se sont installés sur les terres sacrées (Levant), et ont déporté les **véritables héritiers d'Abraham** (les Noirs) dans des navires pour effacer leur mémoire et occuper leur trône. **EN:** Gog and Magog represent the powers of mutation (Eurasia/North) who broke the barriers to invade the South and hijack its history. * **ICONOGRAPHIC THEFT:** During the Renaissance, they "whitened" the prophets to justify the **Slave Trade**. One cannot enshrine God's image if it looks like the victim; therefore, they had to steal His face. * **LAND USURPATION:** They seized Israel's identity, settled on sacred lands (Levant), and deported the **true heirs of Abraham** (Black people) on ships to erase their memory and occupy their throne. # IV. CONCLUSIONS ET DEMANDES DE RESTITUTION # CONCLUSIONS AND CLAIMS FOR RESTITUTION **FR :** Nous déposons cette plainte devant la conscience mondiale et les instances internationales pour : 1. La reconnaissance de la **Falsification Identitaire** comme crime contre l'humanité. 2. La dé-falsification immédiate de l'imagerie religieuse et historique mondiale. 3. La restauration du **Droit au Retour** pour les descendants de la Traite sur leurs terres prophétiques spoliées. **EN:** We file this complaint before the global conscience and international bodies for: 1. Recognition of **Identity Falsification** as a crime against humanity. 2. Immediate de-falsification of world religious and historical imagery. 3. Restoration of the **Right of Return** for descendants of the Slave Trade to their stolen prophetic lands. **LE MONDE VIT DANS UNE RÉALITÉ NOIRE SPOLIÉE. L'ORIGINAL REVIENT.** **THE WORLD LIVES IN A STOLEN BLACK REALITY. THE ORIGINAL IS RETURNING.**

Stocks_N_Bondage

Closed today - Puts: PAR +254%, CRI +182%, FLUT +120%, DUOL +107% Opened today - Calls: SATS *Disclaimer: Buying random letters in the intertube is not recommended. This is not a vice. Or is it?*

Stocks_N_Bondage

Closed today - Puts: PAR +254%, CRI +182%, FLUT +120%, DUOL +107% Opened today - Calls: SATS *Disclaimer: This is not a vice. Or is it?*

Ok_Cry7572

The Fwd P/E of the Tech sector is now at PAR with Consumer Staples. In other words, the market is now valuing Tech at the same multiple as boring/slow growth Staples companies. That has only happened 3 times in the last 7 years: COVID, the 2022 Bear Market, and Liberation Day.

spellbreaker

SCHEMA Daily #36 — EASY OPS 12 / PAR 12 · C1 · A1 🟩🟩🟩🟩🟩🟩🟩🟩🟩🟩🟩🟩 https://play-schema.com

MybobbyB

T es un abruti fini mec, on investi dans une smallcaps donc avec un ratio benefice/risque élevé cest le but Tu viens nous parler de Serv hors sujet Les arguments va les chercher par toi même et bien entendu que y a des GOAT de la robotics en Chine au Japon aux US RR a quelle dispose de nouveaux catalyseurs qui l oriente vers un GAME CHANGING et vu des paragraphes dignorant qui veut passer pour un gars intelligent derriere un masque de tapette je t informes des nouveauté : 1- RR a signé rescemment son 1er contrat majeur pour un deploiement US > il manque le nom et les chiffres non encore communiqué 2- ils viennent de signer avec Mercedes, Bosh et 5 acteur majeurs dans l automobile 3- le CEO annonce 28/29 oct un nouveau robot > cest pourquoi l action monte abruti et que les gens achete ca et ton Serv 😄 Etc OUI ON ACHETE PAR SPECULATION, avec le pari que RR nous propose 1 robot Humanoide qui le ferai le rentrer rentrer dans le marché enorme de l humanoide, et on pari aussi quil sera construit avec l aide d un partenaire geant ! Voila mec DONC maintenant si tu ne lis pas l intitulé, que tu bashes sans connaitre le sujet et que RR tu connais pas a quoi sers tu ici ?

jonsca

Super funny that a failing stock's symbol is PAR. It'll get there soon enough.

halfpastfreckle

PAR

DeezSpicyNuts

April 26th, 1992 There was a riot on the streets tell me where were you? You were sittin’ home watching your TV While I was PAR-ticipatin’ in some anarchy 

DeezSpicyNuts

April 26th, 1992 There was a riot on the streets tell me where were you You were sittin’ home watching your TV While I was PAR-ticipatin’ in some anarchy 

franck-1004

Titre du post : 🚨🚨 BLACKSTONE BALANCE UNE OPA HOSTILE SUR OPEN 🚨🚨 “Ce n’est pas un drill les gars” Texte : Ok les autistes, je vous jure que je viens de relire 3x pour être sûr. 👉 BLACKSTONE vient d’annoncer une OPA hostile sur Opendoor (OPEN). Ils mettent 9,50$ CASH PAR ACTION 🤯 Ça fait genre +160% par rapport au close d’hier. Mais attendez… le plus fou : • Blackstone a déjà 14% du capital 🤐 (accumulé en douce ces dernières semaines) • Ils veulent pousser direct à 51%+ pour contrôler la boîte. • Conseil d’admin pris de court → réunion d’urgence prévue dans 48h. C’est littéralement le Carvana 2.0, mais sous stéroïdes. Les shorteurs vont se faire éviscérer 🩸🩸🩸 Mon plan ? J’ai claqué mon PEL, mes tendies KFC et le loyer de septembre → je suis ALL IN. Target ? 15$+ easy si squeeze 🚀🌕 Diamond hands only 💎🙌 Les weak hands vont nous donner du carburant 🔥🔥🔥

JellyfishExpress184

PAR what happens??

New_Caterpillar6384

the news they adimit they have accumulated 50k hoppers was months old. Deepseek has been around for long time if you ever paid attention to the opensource LLM community. 6 million is only the final run training cost (if we give them the benefit of doubt) as the one line item in their research paper the cost is actually ON PAR with the US training cost given their relative model perforamance there only 2 kind of ppl who blew this news out of proportion CCP outlet and hedge fund investors. there are huge short intrest (hedge) on NVDA currenly by big funds (banks, hedge funds etc) We will see how this blow up in a month or so.

United-Hearing-8286

The federal government does produce financial statements+some departments a like PAR performance annual report it’s moreso just the largest spender in the world and it never gets completely audited. I’ve never read one though. I doubt Elon musk and peach are the people I’d want making the government more efficient though

Low_Amoeba633

Use a PAR SAR indicator on a daily time frame to set a stop loss price, and continue to adjust it upward as/if the price continues upward. PAR SAR tends to be low enough to avoid slight retracement and will trigger you out of positions with plenty of profit.

waitinonit

"value will never go down nor will it ever pay you less than you expect" You are correct in that you know what the coupon payments will be as well as the value (PAR) at redemption. That assumes the bond doesn't default. The market value of a bond can increase or decrease. If you purchase a bond at a premium (above PAR value), it's value will eventually decrease to PAR as you near maturity dates.

LCAshin

Depends on how old you are, financial and personal goals, philanthropy desires, children, desire to work etc. 34 year old me? $7 RDFN November calls be boomin. $NU $PAR $ASPN $ENVX ur boys cookin

Cashneto

It works the same way: Even with residential mortgages or securities the banks are holding at pandemic lows, they are still being provided the rate of return promised, unless there are defaults. So the return is lower than the current rate, but they would only take a loss of the decide to sell the mortgage or security before maturing which would result it a lower return, no one is buying a 2.5% mortgage at PAR value. If they hold till maturity they'll receive the full value of the mortgage when it was issued. Also, holding RMBS paper is as good as holding a Treasury bond in the Fed's eyes for capital reserve purposes, so it's healthy for banks. Banks do not actively invest in the stock market, I believe they can only do so with clients' money specifically designated for this use, I forget which regulation this is, it was created after the GFC in 2008/2009, I only remember it because I had to do so much training on it.

skidmarksteak

I don’t know why currency matters, but PAR (Parlem) fits your criteria. It’s European and the primary listing is in EUR on BME.

davsp100

10 year treasury = 4.3% 1M T-Bill = 5.4% TELZ = 13.2% (@$15.60 price) the risk free rate (treasury) is showing a bias to go lower, maybe end of this year or next year - who knows. Assuming Tellurian does strike a deal, this is no longer a going concern. So either A) I get my 13% annual yield locked through 2028, even though risk free rate probably goes lower during the course of my hold period or B) this gets taken out at PAR which is $25. who cares about what the risk free rate has done that's in the past and irrelevant when investing today.

AccidentalHeadTrauma

Mr. Ryan Cohen, if Sigma Nu cant demonstrate enough school spirit, we're gonna be kicked off campus! What should we do? Just one thing left to do boys. PAR-TAY. \*Louie Louie starts playing\*

scroto_gaggins

Has anyone checked out PAR Technologies before? I was just listening to a podcast about it (https://open.spotify.com/episode/6oF2dG1CXf07sWBSIYCLac?si=ekXBPjLmSxi7gHqawFgx8A) and I’m going to check out this write-up later (https://vosscapital.substack.com/p/pars-path-to-80-redux). They develop point-of-sale and digital ordering software for restaurants. I want to learn more about the software and also the industry because it seems interesting. Just curious if anyone else has looked into them

Freedom-Of-Trades

Just got a 10 yr treasury yielding about 4.8%. It pays 4% interest dispersed twice a year, and I bought it under PAR which ups the yield.

jaghataikhan

> PERFECTLY GOOD loans on RE that are being sold at PAR or 95% of PAR Not familiar with PAR. What does that stand for?

TaxGuy_021

It for sure is the right time to buy IF You have access to capital at a reasonable cost AND You know what you are doing I cant give you specific examples due to client confidentiality, but there are PERFECTLY GOOD loans on RE that are being sold at PAR or 95% of PAR right now because some rookies didnt realize their repo line or their warehouse line would dry up. So, it's not even JUST loans going bad or distress buying in the usual sense; lots of investors can't come up with the cash to carry their good assets. Which is very funny to me. Unless it happens to me. Then it's a tragedy.

ddmoneymoney123

so is it PAR STATION or COB ?

Adderalin

>Furthermore, the only legal thing a company gas to do concerning your shares is to pay you the PAR VALUE of those shares as stated in the company's financial statements. There are a ton of state specific laws that prohibit this, especially for a public company. The shareholders have to VOTE on how much to sell for and have to protect minority shareholder interests. If it does happen - you can always sue for breach of contract. Stock ownership isn't crypto, its agreeing to a ton of contracts the company wrote - shareholders agreements, the company bylaws, and so on. When you buy stock you become apart of this agreement for your percentage of shares you own among other shares of the same class of stock you bought. >that stock's par value could be something like $0.0001 per share for example. Par value is absolutely meaningless. It's the first ever purchase price per share. Someone wrote $1k to buy the initial 10 million shares of a startup that was worth the lawyer fees they paid to draft it (this is a fun legal convention - if you pay $1k to draft your incorporation documents the fair market value of those original documents is... you guessed it, $1k, so to get things set off right for the rest of eternity its documents cost / # of shares = your par value.) Then par value is the legal mininum in most states law that the shares could ever be sold for. So no matter what I don't want to take a bath on losing money on the lawyer fees paid for the stock and thus that fun convention. :)

s1owpoke

sub-PAR, Performative Automated Robot. PUTS on Tesla!

dgdio

The Fed can say we'll buy it for PAR value. Never bet against the Fed.

Grunblau

Software for placing the order is PAR.

Motor-Performance-

> If anything - they should start at PAR VALUE which is usually $0.01 Good point. Maybe issuing it at $1 is the best middle path. $1 is literally 10^0. Your solution is 10^-2, and my initial proposal was 10^2. So my new view logarithmically averages our proposal!

bigmphan

If anything - they should start at PAR VALUE which is usually $0.01 Then let the market put a value on what their free cash flow and future growth might be. So the current method does this work, the investment bank puts out a target range, and then the market decides.

CiceroCarm

Excel has a function TBILLPRICE. Just need to know investment date, maturity date, high yield % to calculate the amount per $100. Then you can see PAR $100 is discounted rate of around $99.17 on a 4 week t-bill.

ExistentialDuck1

What a day! This duckie gonna PAR-TAY tonight!! 🥳🎉

dancness

The price of those low yielding bonds has fallen, and the NAV price reflects this. Essentially you’d be buying that low yielding portfolio at a discount to PAR.

Ok_Reputation8227

Quite the contrary. They just announced buying back part of their own debt (at a discount to PAR). They likely forecasting better cash flow or something...

59Tall

First off Rocket posts a ton of different rates sheets; rate & pricing are based off the tier you/your company is on… On a conventional deal rate I saw today was 7.125% at PAR. (L/A $760k, fico 749, ltv 70%)

flaming_pope

I keep seeing more BTFP consequences seeping its way into the market. The question is where are banks getting the money to keep buying these treasuries? Old treasury = +0.3% yield. Net 0.3% ROI. Pledge Old on 3% loan at par + buy new'1 treasury at 4.5%. Net cycle 1.5% ROI. Today: Re-pledge New'1 as 4.5% loan at par + buy new'2 treasury at 6%. Net cycle 1.5% ROI. Grand total over 3 cycles = 0.3 + 1.5 + 1.5 = 3.3% (mostly) risk free ROI. Only works while rates are going up, also it exacerbates the rates as more money feed forward loops into treasury markets. That AT PAR is the culprit. The market both normally and historically always closed the arbitrage such that the net ROI goes to zero. The government has guaranteed the arbitrage money faucet for the next year.

dancness

Think of it as an investor. A bond priced at PAR (100) with a 5% coupon is much more attractive than a PAR priced bond with a 2% coupon right? So the one with the 2% coupon was issued several years ago. Why would anyone ever buy it now, when they can just buy the one with a 5% rate instead and make more money? Answer: because the price of the 2% bond has fallen, and it’s now sold at a discount. Which brings the yields of both issues back to parity. Now both are reasonable investments.

ThatsmyFknScubaSuit

The board and company itself holds and owns stock When they accumulate enough and the price is lofty they will “issue” shares by selling them back at a PAR market value while pocketing the difference as pure cash That cash or “raised capital” is used to fund operations, acquisitions, pay dividends, etc Companies that have a low debt to equity ratio are more likely to buyback while high debt to equity is more attractive for selling bonds against the shares to fund those same operations For instance AAPL has only 60 billion in assets and equity, but they’ve sold 100 billion in debt while maintaining a 31 p/e and a debt-p/e of 1.63 So simple ultra basic math shows: 60 billion in real assets + 100 billion in capital raised through bonds multiplied by 31 price to earnings divided by the debt to equity ratio of 1.63 comes out to the exact market cap of 2.966 trillion This is how AAPL facilitates their business and is technically in an over leveraged position If MSFT sold their debt at the same rate AAPL does then Microsoft would be worth nearly 20 Trillion given their dept-pe is just 0.2 Yes if Microsoft played the same game as AAPL then Microsoft would be worth more than China and most of the USA

Marginally_Witty

No, he won’t. Money printer went brrrrrrrrrrr for way too long while he rode the “it’s transitory” bullshit into the ground. Inflation has a long way to go to catch up to the utterly bananas increase in M4/M3 money. The latest buffoonery is the Fed’s BTFP, taking MBSs and mismanaged bonds as guarantees for a year **at PAR** to help banks keep the gravy train rolling. It’s QE in lipstick and a mini-skirt, and when they CAN’T get rates down in a year we’re going to see massive write downs and another wave of bank failures. All the while inflation will march on. On top of all of this, he’s been chair while the dollar’s supremacy has been brought to the brink. BRICS should scare the fuck out of the US. The fact that Saudi is considering accepting currencies besides petrodollars should be equally concerning. Both happening at once? Fuuuuuuu What happens to the demand for US debt when we’re not the only WRC? Think that would drive interest rates **down**? Nah fam. Cue stagflation. JPOW may not have been the architect of this disaster, but there’s a good chance he’s at the helm when we hit the iceberg.

Klutzy-Ad6298

Don’t bother with coupons on treasury notes. That’s why the PAR value is lower than the face value probably

woolfson

Wow yeah. I’m down to basically PAR after being up 80%, but I have my original capitalization of the account , and feeling lucky

Suspended_9996

Common Stock WITHOUT PAR VALUE thanX 4 sharing! :)

Historical_Job_8609

Because the people who write these reports are researchers and not financial. As said, the expected change in knee OA is deterioration, so they will use that measure as standard. It is alas not the worse communication in the whole report. This is why the stock is why the stock dropped. The results, if you understand the trial design, were 'meh' at worse. They were poorly communicated and the mkt en masse perceived them as bad. The trial was 'powered for 56 day primary, not 168 day primary. The longer period designed for secondary investigation which were mixed, but informative on bio markers and mechanism of action, all of which PAR then goes back to the FDA with for final regulatory requirement. The market is always right the others cry. Strange how 95% of investors still couldn't explain the CDO collapse of 2008, if it is so astute.

FarrisAT

You have no clue what even happened. No wonder you don't see any issue. The FDIC didn't have $150b in its wallet to handle SVB or Signature. They had to receive that from somewhere, and it isn't from some random arbitrary fee imposed in March 2023. They received free money from the Treasury. They will pay back that money, in time, through fees on the banking sector. However many analysts expect that the FDIC won't raise fees since that'll hurt the sector it is meant to support. This is besides the point. The real issue is the BTFP program established by the Federal Reserve to make the FDIC receivership function. In this case, the BTFP means that banks are allowed to deposit Treasuries and MBS bonds at the Fed in return for PAR value cash today. Imagine if your bad investment lost half its value, but you can get back the initial investment for cash by giving it to the Federal Reserve. That's what is costing Taxpayer money. Not the FDIC bailout, but the program necessary for that bailout to occur.

Zanerax

>The difference is that, by selling, the bank does not get the full value from the sale. But that doesn’t mean the bond is worth less. They *do* get full value. They just aren't marking at the actual value prior to sale. If a 10 year bond yields 3.5% than I can: - Buy a 2.5% yield 10 year to maturity bond at a discount to PAR so the effective yield is 3.5% - Buy a 3.5% yield 10-year bond at PAR Are the values of those different? Are you getting a "deal" on the 2.5% bond because it's a discount to PAR (identical return)? No. The losses are when the bond appreciates/depreciates, not when they are sold/bought. It's crazy they are allowed to mark them otherwise on statements to investors/the public, especially when they HAVE to be marking them against present value internally to know where their books stand.

VisualMod

>APPLE WANTS WORKING HOURS, FLEXIBILITY ON PAR WITH CHINA $AAPL [twitter.com/DeItaone/statu…](https://t.co/Yujx1eOY6O) ^\*Walter ^Bloomberg ^[@DeItaone](http://twitter.com/DeItaone) ^at ^2023-03-21 ^06:50:01 ^EDT-0400

cranky_old_crank

So banks had assets which were underwater, effectively trapping that money or at least the underwater portion of it, denying its use in the economy. i.e. $1million of low-yielding bonds now worth, say, $250k means $750k was sucked out of the economy, no?. If that's the case, and a bank can go exchange the underwater asset for PAR value(i.e. the full $1 million in the previous example), then how is that money now not available for use in the economy? I'm not convinced BTFP is QE, but I'm also not convinced it is \*not\* QE. It seems like it does ease financial conditions and reverse some effects of higher rates & QT.

Gandalfs_Shaft48

The Fed can continue to raise rates because banks can now borrow at PAR value.

Harbinger2nd

They were billions underwater on their long dated treasuries. Why don't you get that? Do you understand the difference between Hold to Market and Mark to Market?? The whole reason the 2tn facility was opened was so that the 190 banks at risk could swap their underwater debt with shiny new debt FOR FUCKING PAR VALUE. The government just ate crow to bail out the banking sector and you wanna tell me they aren't failing? Janet Yellen just friday in that now viral video said that the only way they *could* bail out a bank was if there was a systemic risk. systemic risk sounds a lot like failure to me.

bosscpa

Thanks so much for the info. Pretty interesting. >Makes sense because if you never liquidate the treasuries in the open market, you will never have an issue with losses because you would still get PAR value This is interesting, in the context of IFRS, the overarching spirit of faithful representation would suggest annual impairment tests where gains and losses are reported in OCI. Readers of the financial statements can then better gauge not only ordinary operations but how extraordinary events are impacting the business. And more appropriately price risk.

Bin31z

The reason they didn't mark to market is because GAAP allows you to show investments like treasuries at par value if management's intent is to hold to maturity. Makes sense because if you never liquidate the treasuries in the open market, you will never have an issue with losses because you would still get PAR value. The problem was the emergency cash needs. I think if there was some hint of this during an audit, they were report a going concern that would bring the possibility of investment losses to the foreground but this all happened so fast.

Powerful_Stick_1449

The situation of having unrealized losses is not a unique one.... what was unique was the concentration of clientele and the draining liquidity that forced them to realize it. a HF or REIT wont necessarily have to realize those losses and can almost certainly hold to maturity. It will result in subpar gains, but theyll still get PAR value back

DoDrugsOccasionally

This is mostly opinion and I did not verify some sources but: It’s true in 2008 there were the other subprime mortgages and other crap assets. But in 2023, we don’t know what toxic assets are on balance sheets right now. Credit Suisse is mainly what I’m referring to for toxic assets. 2023, The high quality bonds started dropping in market value, and the SVB loss seems to have stemmed from their betting on low interest rates for the next 10 years. They bought a large percentage of hold to maturity 10-30 year debt instruments that drop in market value upon an increase in interest rates; so the Fed rate hikes hurt a lot. It did lead to liquidity issues, but that’s no longer the case. The new BTFP program, according to JP Morgan, allows banks a loan using their long term hold to maturity instruments, priced at PAR VALUE (prior to the market price drop). People think it’s $2 trillion but JP Morgan actually estimates it to be $7 TRILLION. Just that “only 2 trillion will be used”. Bollocks. What bank wouldn’t use that loan at such a low interest rate? Now there are a couple issues this brings up. Technically it looks like the M2 money supply, which was I think $19 trillion in November 2022, is now 26 trillion. That’s a 30% increase, approximately. We should no longer have any short term liquidity fears unless Credit Suisse goes down. Our market should also go up by about 30%, just to keep their value after this “inflation”. They are the only assets that can keep up right now (correct me if I’m wrong) But what happens when we’re out of liquidity again? What happens in the election, and when we need to raise our debt ceiling? To answer your questions, I don’t think the whole system is insolvent. The Fed will just disguise inflation as “loans” on assets with losses. They’ll raise the debt ceiling using some similar means. But I do think it’s worse than 2008. Its less scary when risky assets fail, as they sometimes should. It’s scary when you see your government just making up random valuation rules and ignoring the whole point of FDIC insurance, all while an Arizona green tea is now more than $0.99. To quote Lord Farquaad, “some of you may die but that is a sacrifice I am willing to make”

LtChowder181

Wanna know the best part? Those banks get to borrow those funds with the collateral valued AT PAR. So all those underwater govt bonds they purchased aren't underwater for borrowing purchases. Why tf aren't I allowed to do that with my margin in my measly ass "investing" account???

long5210

TBills do not have a coupon, or interest rate. Your “return” is buying them for some value below 100 or PAR and holding them until maturity at 100. Still have to pay federal income tax on the gain but no state income tax. Good luck!

long5210

it’s pretty easy to understand even for me! TBills are short term, mature in a year or less. T notes mature a little longer, typically 2-5 years T bonds mature in 6-30 years. All mature at PAR and issued and backed by the US Government. shorter maturity issues are less susceptible to interest rate variations but their yield is usually less, but not all the time like right now. you could spread out your purchases over the three types of bonds if you want to hedge interest rate fluctuations which is a common practice. good luck, i never could guess interest rates very well , kinda like SVB!

rs06rs

Yup, you're right. HTM's unrealized don't even go in the bottom line as they're amortized and all these should be perfectly fine in a normal economy. The problem that happened with SVB was that they faced a bank run, liquidated their AFS for a $1.8b loss and were at the verge of classifying a bunch of their HTM as AFS to be able to sell them to meet the withdrawals. But that'd realize those losses and fuck them up good unnecessarily. Regulators took over and stopped that non-sense. Now with the emergency lending facility banks can borrow against their underwater HTM as well AT PAR. So, no reason for a bank run and should be smooth sailing from here

skychi

This was the easiest trade I've made in YEARS. 1) FDIC implemented a backstop. 2) FRC, ZIONS, PACWT and others are not in tech - no bank run - and are of a different asset mix (particularly HNW) that don't need operational cash (and therefore will obviously have a high degree of uninsured HNW account which is what the market reacted to). 3) Charles Schwab also sold off. Really? Really? 4) JPM loaned $70b in liquidity to FRC and FRC's CEO (the CEO!) made public statement on it yesterday during market hours. 5) The FED changed the 13-3 lending facility to extend liquidity to the remaining banks for 1 YEAR at 1% plus 10 BPS with HTM securities being use as collateral AT PAR (at PAR!!). Y'all are idiots chasing 0DTE OTM options.

skychi

This was the easiest trade I've made in YEARS. 1) FDIC implemented a backstop. 2) FRC, ZIONS, PACWT and others are not in tech - no bank run - and are of a different asset mix (particularly HNW) that don't need operational cash (and therefore will obviously have a high degree of uninsured HNW account which is what the market reacted to). 3) Charles Schwab also sold off. Really? Really? 4) JPM loaned $70b in liquidity to FRC and FRC's CEO (the CEO!) made public statement on it yesterday during market hours. 5) The FED changed the 13-3 lending facility to extent liquidity to the remaining banks for 1 YEAR at 1% plus 10 BPS with HTM securities being use as collateral AT PAR (at PAR!!). ​ Y'all are idiots chasing 0DTE OTM options.

akmalhot

omg, you are so stupid literally the bonds that svb were forced to sell were marked HOLD TO MATURITY amazing, you have zero clue what you are even saying..... they NEEDED liquidity so they had to sell the bonds they expected to hold to maturity early, at current market, a loss... vs holding it to maturity and receiving FULL PAR VALUE wow. typical reddit, big talk when they know nothing, then when you talk yourself into a circle you run away

Ok_Paramedic5096

It's like you chuckle fucks don't know how to read... [https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm](https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312a.htm) The Federal Reserve is now backstopping the banks from loosing money by allowing them to borrow from the BTFP using their existing treasury securities and MBS's as collateral AT THEIR PAR VALUE and with an interest rate of ONRP+10bps. Basically covering all dog shit liabilities on their books. Full clown mode.

Some_Albatross3690

This FED discount window thing is a banker's dream. I wish I could borrow against my crappy positions at purchase PAR from the FED. Does anyone know where I can track volume on this thing? I'd love to buy calls on any banks using it.

Ok_Paramedic5096

1) be a bank 2) Borrow funds from the Federal Reserve using your existing treasury securities as collateral AT PAR VALUE 3) Pay interest on money borrowed from Federal Reserve at 460 basis points 4) Buy Tbills from Treasury at above 460 basis points 5) profit off CRIME

cheeeezeburgers

This is a rebranding of the FED Window instrument, it always works this way. Banks had to use market value on their for sale assets if they warehoused them at the FED, but were always able to use PAR value on their nont for sale assets. So everyone always used their not for sale assets. This is just expanding that to the for sale assets as well. Still requires additional equity raising.

cheeeezeburgers

It was always at PAR for not for sale assets. It was only at market value on for sale assets. So it is defacto the same thing as no bank would ever use their for sale asssets and take two sided loss on their loan.

theharddog1

Maybe Biden would let you use it At PAR as collateral? You get it! Keep bailing out the rich so they can feed us little poor folk

Comprehensive-Belt40

You mixed up the FDIC insurance vs. the lending program. FDIC ensures all deposits are insured now. Lending program ensures all US banks to use their bonds as collateral to receive PAR value loans. This means banks that don't have bank runs can still use their money losing bonds to get PAR value loans.

fatbunyip

>The article gives the $600 billion figure as just the ON PAPER LOSSES, NOT THE VALUE OF THE BONDS. If the losses are $600B, then the overall value of the bonds' PAR value will be MULTIPLE TRILLIONS. All of those bonds will be loaned to the Fed by the end of the week, and by the end of next week, all of that money will be in the stock market. Please explain how an emergency lending facility meant to help liquidity issues means that all banks will exchange all their bond holdings for loans and put it all in the stock market within the week. Every capitalised letter adds 10% to how regarded this conclusion is.

oompaloompa224

If you’re a mismanaged bank or any bank for that matter, why wouldn’t you borrow risk free for a year, purchase higher yielding securities, and reinvest the interest? There is zero downside unless you actually have a liquidity issue (but if you’re a mismanaged bank, who gives a fuck?) The point is that this program increases the moral hazard, increases inflation, and lets shit banks continue to mismanage risk. There are ~$620BN in unrealized losses across US banks. If they borrow against the PAR value for the underlying, we are talking much much more in effective cash injections.

maxiaoling

I'll say its quite different this time. Lehman wrote risky subprime mortgage loans and package them into mortgage-backed securities to sell on the risk. They are further divided into collateralized debt obligation (CDO) tranches to sell to investors. Credit default swaps are then invented to make a bet on these CDOs. There are systemic risk during 07-08 because the whole banking industry were buying and selling these instruments like they were physical assets when there were actually deriavatives of deriavatives. Lehman was leveraged 35:1 on their capital and a 3-4% movement of the underlying mortgage effectively wiped them out. Today, the bonds that the banks held are first-level assets and are enough to cover the deposits if held till maturity. The key takeaway however, from today's announcement is that the FED is creating a fund offering loans on qualifying collateral and valuing these assets AT PAR. Those low yield, long dated bonds that might be trading at $60-$70 are getting pledged at $100 for loans (WTF). Banks are getting bailed out without the FED explicitly saying they got bailed out.

Comprehensive-Belt40

Yup.. since we don't know the terms. Here's the messed up part. If people start buying bonds say.. at .95 cent on the dollar and they can borrow at PAR.. that means the fed is essentially using the banks to do QE and suppress all bond yields. I believe devil is in the details.

yellowfinger

> This means that every bank out there that stupidly bought 10,20,30 year treasuries at high prices (low yields) and are now bag-holding with unrealized losses on these bonds will run straight to the Fed and loan them to the Fed in exchange for the PAR VALUE (read, the value of the bonds at maturity - i.e. as if the banks don't have a loss on these bonds) in CASH. Now, what will the banks do with this cash? They are required to hold stable, safe assets that have a return, and that equals short term treasuries (and with the yield curve inversion, short term returns more than longer term anyway, so win-win for the banks). So, they are going to go onto the open market and buy these short term treasuries. The entities that sell them the treasuries will now be flush with cash and will likely buy stocks with that money. You got one part of that wrong. This is not a bailout. This is a new Bank Term Funding Program.

Comprehensive-Belt40

The terms of the loan wasn't published. As far as we know, all banks can use their treasuries to get PAR value loan. So..if I bought 100B worth of 10 year bond that is worth 80B now . I can use that $80B worth of bond to get $100B loan. Thing is.. with high interest rate.. my $100B would have been bagholding for another 8-9 years since I bought ... But now I can get $100B off it and invest to something else.

stoffel_bristov

The important part is that they are taking Treasuries as collateral in a lending facility where the treasuries are collateral priced AT PAR instead of the actual fair market value. It means that banks with treasuries that have devalued remarkably can borrow more money than they otherwise would.

Big-Toe6215

LOL. ​ Fed Balance sheet going to show $0 change in this program because they will be accepting the asset at PAR with the liability at PAR. ​ Sweet fucking jesus I just need to open my own bank. I could never lose.

VisualMod

>STABLECOIN USDC RISES TO $0.9917, CLOSER TO PAR, AFTER U.S. GOVT ACTS ON SVB ^FXHedge ^[@Fxhedgers](http://twitter.com/Fxhedgers) ^at ^2023-03-12 ^20:45:58 ^EDT-0400

manitou202

If SVB was forced to sell their long term bonds on the current market, they would not be able to cover all of their liabilities. But if they were able to let their long term bonds mature, then they would be able to cover their liabilities. It would take a few years for those bonds to mature. Technically the FED could buy the bonds at PAR value and hold them to maturity and not take a loss. Maybe this is what they are doing.

contangoz

Lot of mgmt teams destroy value after negating a good offer. They negate it and stock could easily tumble back to unaffected price bc investors know the offer was peakish. Maybe you get lucky and a surprise higher offer surfaces The best case for anyone long cheapie calls into deal close binary is what i call the 3PAR homerun scenario. Reserch that important case deal study - 2010

dancness

Well, your calculations are wrong. The 6 month bill issued in Dec 22, 2 months later the price has moved toward PAR from the original issue price. So you can’t just take the yield at the current price and assume that’s representative of 6 months of interest. It’s representing interest between purchase date (today) and maturity date. The 4 month bill, let’s do that one. Ignoring reinvestment you would have: ((100 - 98.63) / 98.63)* 3 = about 4.2% If the money is reinvested at each maturity including earnings, the annualized yield would be a little higher from compounding.

EagerBvr78

$TOST - seems to partner with smaller restaurants. $PAR - is a competitor with a focus on fast food franchises.

EagerBvr78

For automation in fast food, $PAR is a good play, they offer a huge suite of automation products.

i_like_my_dog_more

For folks more experienced with logistics and supply chains - how long does it take PAR inventory systems to "get back on track" in this kind of economy? I assume the pendulum of over/undersupply will swing back and forth for some time until demand levels out, right?

FCAlive

Thanks!!! Can you please point me to a description of SEC yield that includes this information? Also, can you please point me at data that describes the discount from PAR value of the SCHO fund?

EveryPassage

SEC yield includes the imputed interest for bonds that trade outside of PAR value. As an example. Bond A. Par value: $100 Coupon: $2/yr Maturity date: 1 year from today. Price: $98.00 So if you buy that bond today and hold it to maturity you will get $2 in coupons and $2 more in par value at maturity for a total yield of $4/98 or 4.08%. But your coupon yield will only be $2/98 or 2.04% Since interest rates have moved up so fast there are a lot of bonds with coupon rates well below their YTMs.

Dry-Bandicootie

Did we talk about PAR technology?