PYS: The Biggest Arbitrage In Fixed Income At The Moment [Seeking Alpha]
R.R. Donnelley & Sons Company (RRD)
US:NASDAQ Investor Relations:
rrdonnelley.com
Company Research
Source: Seeking Alpha
As the holidays are approaching, it is time to share with the public one of our top ideas for the new year. Our readers are probably familiar with this arbitrage trade, but the arbitrage keeps on widening. The undervalued product in this arbitrage is ML Depositor PPLUS Trust 6.30% R.R. Donnelley Certificates RRD-1 (NYSE: PYS ), while the overvalued product is the 6.625% bond of R.R. Donnelley (NASDAQ: RRD ) maturing on 4/15/2029, CUSIP 257867AG6. Road map of the article Explanation of the product and how a third-party trust works All the metrics of the instrument in question Comparison of the third-party trust with its underlying bonds The yield curve of the underlying bonds company A review of RRD and its recent developments and a comment on its credibility and earnings potential Comparison of PYS to similar third-party trust products Our fair value estimate for PYS and how we trade it What Kind Of An Animal Are We Dealing With The Third-Par
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