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Think Bit Coin Is Just a Bubble? 5 Best Methods to Short It

The CEO of J.P. Morgan this week predicted Bit coin that a "fraud" and "worse compared to tulip bulbs" If you agree, then it could be tempting to gamble from the digital money. Sure, the purchase price has had a beating recently however it's up 400 percent from January (,850 at the time of Thursday) --offering a chance for Bit coin bears.
So just how can you short Bit coin? It isn't easy because of deficiency of lending options (in accordance with other resources) and because a few tactics are on a specialist trader. Nevertheless, here are just five approaches for bears to gamble against the entire world's most common digital money.
Inch) Buy it around perimeter market it
Trading programs such as Coin base-owned GDAX let you buy online margin. While gross profit purchases normally entail adding leverage to proceed long within an advantage, in addition, it is feasible to go short by purchasing bit coins on perimeter, and shutting out the career after on. In the event the purchase price tag on bit coins drops in that moment, you're benefit from the commerce.
You will find a couple of caveats. It's that GDAX requires U.S. occupants to get at least 5 million should they would like to exchange on margin. (San Francisco-based rival Kraken does not appear to possess this limitation). The alternative is that clients can simply exit margin places available for a rather brief amount of time--27 days while in the instance of GDAX--that means individuals gambling on a fall in Bit coin desire it to fall in short sequence, or they'll need to pay the purchase price growth.
Two) Short stocks of this Bit-coin Investment Trust
The SEC this season refused a program by the Winklevoss twins to establish a Bit coin ETF. The stocks of the ETF will have exchanged to a significant market, also let average traders utilize their broker account to short them at precisely the exact same way as a average inventory exchange.
The SEC is reconsidering your choice however, at the meantime, the only real stock-like alternate could be your Bit Coin Investment Trust. As its name implies this is just a hope which holds Bit coin and enables people exchange its shares under the ticker GBTC.
Once more, you'll find grabs. It's that GBTC isn't permitted trade on major exchanges, therefore as an alternative it's recorded on OTC Markets (aka the "pink sheets") alongside other misfit toys of this auctions globe. Enormous brokerages such as TD Ameritrade do enable traders purchase OTC-listed stocks however, perhaps not short them, helping to make it more challenging to gamble against GBTC. At length, the purchase price tag on Bit Coin Trust stocks have gotten untethered into the amount tag on Bit coin (it's ostensibly broken within an investment vehicle) therefore a brief bet isn't quite a bet on Bit coin itself.
3) Buy derivatives on LedgerX (if they arrive)
Experienced investors might want to wade in the entire world of options and other derivatives like a means to become more bearish on Bit coin. Specifically, they can get a "put option" to market Bit coin during its present flat-rate cost. In the event the purchase price tag on Bit coin starts falling, the possibility increases in value along with also its owner can pocket an advantage.
These derivative contracts aren't available yet; however, they should be so on. Back in July the Commodity Futures Trading Commission approved a bid by a company named Ledger X to start a clearing house to get crypto currency places, calls, swaps and a wide range of additional exotic contracts. Ledger X is predicted to be available for business within the not too distant future.
(Update: There is also Hong Kong-based Bitmex, and it is a long-time purveyor of all bitcoin-related derivatives. 1 catch: all of trades, in addition to losses and profits, are ran in Bit coin--meaning you have to purchase Bit coin until you are able to view it).
4) Ask Goldman Sachs to compose you a contract


Huntington Bancshares Inc | 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (HBANP)

Prospectus excerpt: 500,000 shares of 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock. In addition, we have granted the underwriters an option exercisable for 30 days after the date of this prospectus supplement to purchase up to 75,000 additional shares of Preferred Stock to the extent the underwriters sell more than 500,000 shares of Preferred Stock in this offering.

Dividends on the Preferred Stock will be payable quarterly in arrears, when, as and if authorized by our board of directors and declared by us out of legally available funds at an annual rate of 8.50% on the liquidation preference of $1,000 per share.

Dividends on the Preferred Stock will be non-cumulative. If for any reason our board of directors does not authorize and we do not declare full cash dividends on the Preferred Stock for a quarterly dividend period, we will have no obligation to pay any dividends for that period, whether or not our board of directors authorizes and we declare dividends on the Preferred Stock for any subsequent dividend period.

Dividend Payment Dates: January 15, April 15, July 15 and October 15 of each year (or the following business day if such date is not a business day), commencing on July 15, 2008.

Dividend Stopper With certain limited exceptions, if we have not declared and paid or set aside for payment full quarterly dividends on the Preferred Stock for a particular dividend period, we may not declare or pay dividends on, or redeem, purchase or acquire, our common stock or other junior securities during the next succeeding dividend period.

Redemption: The Preferred Stock is not redeemable by us at any time.

Maturity: Perpetual.

Conversion Right: Each share of the Preferred Stock may be converted at any time, at the option of the holder, into 83.6680 shares of our common stock (which reflects an approximate initial conversion price of $11.95 per share of our common stock) plus cash in lieu of fractional shares, subject to anti-dilution adjustments.

If the conversion date is on or prior to the record date for any declared cash dividend on the Preferred Stock for the dividend period in which you elect to convert, you will not receive any declared cash dividends for that dividend period. If the conversion date is after the record date for any declared cash dividend on the Preferred Stock and prior to the corresponding dividend payment date, you will receive that cash dividend on the relevant dividend payment date if you were the holder of record on the record date for that dividend; however, whether or not you were the holder of record on the record date, if you convert after a record date and prior to the related dividend payment date, you must pay to the conversion agent when you convert your shares of the Preferred Stock an amount in cash equal to the full dividend actually paid on such dividend payment date on the shares being converted, unless your shares are being converted as a consequence of a mandatory conversion at our option, a make-whole acquisition or a fundamental change as described below.

Mandatory Conversion at Our Option: On or after April 15, 2013, we may, at our option, at any time or from time to time, cause some or all of the Preferred Stock to be converted into shares of our common stock at the then applicable conversion rate. We may exercise our conversion right if, for 20 trading days within any period of 30 consecutive trading days, including the last trading day of such period, ending on the trading day preceding the date we give notice of mandatory conversion, the closing price of our common stock exceeds 130% of the then applicable conversion price of the Preferred Stock.

Conversion upon Certain Acquisitions: The following provisions will apply if one of the following events occur: a “person” or “group” within the meaning of Section 13(d) of the Exchange Act files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of our common stock representing more than 50% of the voting power of our common stock; or consummation of any consolidation or merger of us or similar transaction or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of us and our subsidiaries, taken as a whole, to any person other than one of our subsidiaries, in each case pursuant to which our common stock will be converted into, or receive a distribution of the proceeds in, cash, securities or other property, other than pursuant to a transaction in which the persons that “beneficially owned” (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, voting shares immediately prior to such transaction beneficially own, directly or indirectly, voting shares representing a majority of the total voting power of all outstanding classes of voting shares of the continuing or surviving person immediately after the transaction. These transactions are referred to as “make-whole acquisitions”; except that a make-whole acquisition will not be deemed to have occurred if at least 90% of the consideration received by holders of our common stock in the transaction or transactions consists of shares of common stock or American Depositary Receipts in respect of common stock that is traded on a U.S. national securities exchange or that will be so traded when issued or exchanged.

Upon a make-whole acquisition, we will, under certain circumstances, be required to pay a make-whole adjustment in the form of an increase in the conversion rate upon any conversions of the Preferred Stock that occur during the period beginning on the effective date of the make-whole acquisition and ending on the date that is 30 days after the effective date as described herein. The make-whole adjustment will be payable in shares of our common stock or the consideration into which our common stock has been converted or exchanged in connection with the make-whole acquisition.

The amount of the make-whole adjustment, if any, will be based on the stock price and the effective date of the make-whole acquisition. A description of how the make-whole adjustment will be determined and a table showing the make-whole adjustment that would apply at various stock prices and effective dates is set forth under “Description of Preferred Stock — Conversion upon Fundamental Change.”

Conversion upon Fundamental Change: If the reference price (as defined under “Description of Preferred Stock — Conversion upon Fundamental Change”) in connection with a fundamental change (as defined under “Description of Preferred Stock — Conversion upon Fundamental Change”) is less than the applicable conversion price, each share of the Preferred Stock may be converted during the period beginning on the effective date of the fundamental change and ending on the date that is 30 days after the effective date of such fundamental change at an adjusted conversion price equal to the greater of (1) the reference price and (2) $4.98, which is 50% of the closing price of our common stock on the date of this prospectus supplement, subject to adjustment. If the reference price is less than $4.98, holders will receive a maximum of 200.8032 shares of our common stock per share of the Preferred Stock, subject to adjustment, which may result in a holder receiving value that is less than the liquidation preference of the Preferred Stock. In lieu of issuing common stock upon conversion in the event of a fundamental change, we may at our option, and if we obtain any necessary regulatory approval, make a cash payment equal to the reference price for each share of common stock otherwise issuable upon conversion.

See “Description of Preferred Stock — Conversion upon Fundamental Change.”

Reorganization Events (Including Mergers): The following provisions apply in the event of certain “reorganization events,” which include, subject to certain exceptions: any consolidation or merger of us with or into another person in each case pursuant to which our common stock will be converted into cash, securities or other property; any sale, transfer, lease or conveyance to another person of all or substantially all of our property and assets in each case pursuant to which our common stock will receive a distribution of cash, securities or other property; or certain reclassifications of our common stock or statutory exchanges of our securities. Each share of the Preferred Stock outstanding immediately prior to the reorganization events will become convertible at the option of the holders of the Preferred Stock into the kind of securities, cash and other property receivable in the reorganization event by holders of our common stock. See “Description of Preferred Stock — Reorganization Events.” Anti-Dilution Adjustments: The conversion rate may be adjusted in the event of, among other things: increases in cash dividends on our common stock, dividends or distributions in common stock or other property, certain issuances of stock purchase rights, certain self tender offers or subdivisions, splits and combinations of the common stock. See “Description of Preferred Stock — Anti-Dilution Adjustments.”

Liquidation Rights Upon our voluntary or involuntary liquidation, dissolution or winding-up, holders of the Preferred Stock will be entitled to receive, out of our assets that are legally available for distribution to stockholders, before any distribution is made to holders of our common stock or other junior securities, a liquidating distribution in the amount of $1,000 per share of the Preferred Stock plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Distributions will be made pro rata as to the Preferred Stock and any other parity securities and only to the extent of our assets, if any, that are available after satisfaction of all liabilities to creditors. Voting Rights Holders of the Preferred Stock will have no voting rights, except with respect to certain fundamental changes in the terms of the Preferred Stock and certain other matters. In addition, if dividends on the Preferred Stock are not paid in full for six dividend periods, whether consecutive or not, the holders of the Preferred Stock, acting as a class with any other parity securities having similar voting rights, will have the right to elect two directors to our board. The terms of office of these directors will end when we have paid or set aside for payment full quarterly dividends for four consecutive dividend periods. See “Description of Preferred Stock — Voting Rights.” Ranking: The Preferred Stock will rank, with respect to the payment of dividends and distributions upon liquidation, dissolution or winding-up, senior to our common stock and each other class or series of preferred stock we may issue in the future the terms of which do not expressly provide that it ranks on a parity with or senior to the Preferred Stock as to dividend rights and rights on liquidation, winding-up and dissolution of Huntington Bancshares Incorporated. The Preferred Stock will rank on a parity with each class or series of preferred stock we may issue in the future the terms of which expressly provide that such class or series will rank on a parity with the Preferred Stock as to dividend rights and rights on liquidation, winding up and dissolution of Huntington Bancshares Incorporated.

Preemptive Rights: None. Use of Proceeds We expect to receive net proceeds from the offering of the Preferred Stock of approximately $482.5 million (or approximately $555.25 million, if the underwriters exercise their option to purchase additional shares of Preferred Stock in full), after underwriting commissions and expenses. We intend to use the net proceeds of the offering of the Preferred Stock for general corporate purposes, including to increase our liquidity and to increase our capital. The precise amounts and timing of the application of proceeds will depend on the requirements of Huntington and its subsidiaries and affiliates. See “Use of Proceeds.”

Full Prospectus PDF », HBAN Page »

Series:A
Redeemable?:No
Perpetual?:Yes
Cumulative?:No
Conversion Ratio:83.668
Conversion Price:$11.95
Shares Offered:500,000
Overallotment:75,000
Liquidation Preference:$1,000
Recent Market Price:$1362.01
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$362.01 (36.20%)
Annualized Dividend:85
Recent Ex-Date:3/28/2018
Current Yield:6.24%
Original Coupon:8.50%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
Huntington Bancshares is a bank holding company. Through its subsidiaries, Co. provides commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment leasing, investment management, trust services, brokerage services, insurance programs, and other financial products and services. As of Dec 31 2016, Co.'s bank subsidiary, The Huntington National Bank, had 24 private client group offices and 1,091 branches located in Ohio, Michigan, Pennsylvania, Indiana, Illinois, Wisconsin, West Virginia, and Kentucky. As of Dec 31 2016, Co. had total assets of $99.71 billion and total deposits of $75.61 billion.

Preferreds: HPCCP, HBANP


Open the HBAN Information Page »
Name: Huntington Bancshares Inc
Website: huntington.com
Sector: Banking & Savings
Number of ETFs Holding HBAN: 78 (see which ones)
Total Market Value Held by ETFs: $2,538,815,407
Total Market Capitalization: $17,349,000,000
% of Market Cap. Held by ETFs: 14.63%

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