4/25/97
Cantor Environmental Brokerage
One World Trade Center, New York, NY 10048 * Phone (212) 938-4250; 1-800-228-2955
* Fax (212) 938-4252
SO2 Allowance Price Indications
CANTOR FITZGERALD MARKET PRICE INDEX: $115.08
(Call 212 938-4250 for description)
|
Bids |
Offers |
Trades |
MPI |
| Price/Volume |
1,500 @ |
$113.00
======== |
1,500 @ |
$117.00
======== |
Not Listed
============ |
|
| Weighted Average |
|
$113.00 |
|
$117.00 |
$115.25 |
$115.08 |
|
* Bid and offer for vintage 1997 allowances.
Immediate Settlement:
|
Period of Stream |
Best Prices ($/Allowance) |
Maximum Volume |
|
| Term |
Start |
|
End |
Bid to Buy |
Offer to Sell |
Bid |
Offered |
|
1 year
1 year
1 year
1 year
1 year
1 year
1 year
1 year
1 year
5 year
15 Years |
1997
1997
1998
1999
2000
2001
2002
2003
2004
2000
2010 |
through
through |
2004
2024 |
$113.00
$112.00
$111.90
$111.65
$111.30
$110.75
$110.25
$109.70
$109.20
$110.25 |
$117.00
$104.50 |
3,000
5,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
1,250 |
5,000
500 |
Allowances
Allowances
Allowances
Allowances
Allowances
Allowances
Allowances
Allowances
Allowances
Allowances/yr
Allowances/yr |
|
Forwards:
| Settlement Date |
Bid |
Volume |
Offer |
Volume |
Dec. 15, 2000
Dec. 15, 2001
Dec. 15, 2002
Dec. 15, 2003 |
$137.00
$143.85
$151.00
$158.60 |
5,000
5,000
5,000
5,000 |
$155.00
$165.00
$179.00
$190.00 |
5,000
5,000
5,000
5,000 |
Options:
|
Bid/Offer |
Type |
Vintage |
Expiration |
Strike Price |
Premium |
1)
2)
3)
4) |
Bid
Bid
Offer
Bid |
Put
Call
Call
Call |
200-04
5 year stream
1998
1998
1998-05 |
12/15/00-04
1/30/98
1/30/98
negotiable |
$140 base 2000
esc. @ 5%/yr
$125.00
$125.00
negotiable |
$12.25
$6.00
$8.00
negotiable |
Swaps:
| Swap Ratio’s against vintage 1997 allowances |
| |
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
'07-09 |
'10-24 |
|
| |
1.00% |
1.25% |
1.50% |
2.00% |
2.50% |
3.00% |
3.50% |
4.00% |
5.00% |
8.00% |
12.00% |
|
|
| DISCLAIMER: ALL PRICES ARE MERELY INDICATIONS OF INTEREST, DO
NOT REPRESENT FIRM BIDS AND OFFERS AND THEIR TERMS ARE SUBJECT TO
CHANGE WITHOUT NOTICE. THE ABILITY TO EFFECT TRANSFER OF ALLOWANCES
IS SUBJECT TO THE FINAL PROCEDURES GOVERNING THE TRANSFER OF ALLOWANCES
WITHIN THE ENVIRONMENTAL PROTECTION AGENCY'S ALLOWANCE TRACKING SYSTEM
AND CANTOR FITZGERALD'S POLICIES AND PROCEDURES IN EFFECT FROM TIME
TO TIME. |
Market Beat...
The Cantor Fitzgerald MPI moved up for the fourth month reaching $115.08,
an 4.49% increase from March. Prices remained strong coming off of the annual
EPA auction, albeit in light trading. The EPA auction showed a strong market
as measured by the bid/offered ratio (1.9 million bid for 300,000 offered)
and the relatively small drop in clearing price from the pre-auction market.
These results have apparently emboldened seller’s to maintain their pre-auction
offer prices. Buyer’s, perhaps signaling the on-set of the summer lulls,
are showing weak demand and are willing to wait out a drop in prices.
Most of the interesting activity for April has involved loans, swaps, and
options. This signals the increasing development of the market, and the
innovative ways participants are using allowances.
Visit Our Web Site www.cantor.com/Cantor Environmental Brokerage/
Cantor Environmental Brokerage is please to announce the opening of our new web site
at www.cantor.com/Cantor Environmental Brokerage/. Our site shows price indications for all of the
major air emission trading markets. Each visit will result in the retirement
of one pound of air pollution. We welcome your comments on how we can improve
our site to better serve your needs. See the attached press release for
details.
Greenhouse Gas Offsets and OPTIONS on Offsets Available
!!!
Cantor Environmental Brokerage has assembled a portfolio of high quality offsets
derived from a variety of sources to offer our customers. Prices range
from $0.17 to $0.50 per ton of CO2 equivalent ($0.60 to $0.90 per
ton of Carbon). Flexible payment terms, including Options on offsets
are available.
For details call 212-938-4250
|
Cantor Environmental Brokerage Serves All Your Air Credit Trading Needs...
In addition to brokering Title IV SO2 emission allowances, Cantor Environmental Brokerage is the leading broker of Title I air credits (NOx, SOx, VOC, CO, PM10).
In addition, we execute market assessment studies, and provide a complete
array of services needed by companies wishing to take full advantage of
their air credit market opportunities.
Cantor Environmental Brokerage Moves to Downtown San Francisco ...
We have moved our San Francisco office to new quarters downtown at 345 California
St., Suite 1260, SF CA 94104. Cantor Environmental Brokerage’ San Francisco staff is primarily involved
with the trading of Title I air credits (e.g., NOx, SOx, VOC, PM10, CO,
etc.).
Cantor Environmental Brokerage Staff and Phone Numbers...
| Carlton Bartels, Managing Director |
New York |
direct phone line |
212-938-4250 |
| Josh Margolis, Senior Vice President |
San Francisco |
direct phone line |
415-296-9359 |
| Robin Langdon, Vice President |
San Francisco |
direct phone line |
415-296-9495 |
| Nancy Weitz, Associate |
New York |
direct phone line |
212-938-4250 |
| Christine Grandstaff, Associate |
Los Angeles |
direct phone line |
714-597-0517 |
All Cantor Environmental Brokerage offices can be reached by calling 1-800-228-2955,
or by E-mail at Cantor Environmental Brokerage@cantor.com
Questions/Comments? E-mail Josh
Margolis
|
