5/27/97
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: $97.62
(Call 212 938-4250 for description)
|
Bids |
Offers |
Trades |
MPI |
Price/Volume |
1,500 @ |
$93.50
======== |
1,500 @ |
$97.00
======== |
Not Listed
============ |
|
Weighted Average |
|
$93.50 |
|
$97.00 |
$102.36 |
$97.62 |
|
* Bid and offer for vintage 1997 allowances.
Immediate Settlement:
|
Period of Stream |
Best Prices ($/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
1 year
5 year
15 Years |
1997
1997
1997
1998
1999
2000
2001
2002
2003
2004
2000
2010 |
through
through |
2004
2024 |
$93.50
$92.50
$91.75
$92.55
$92.35
$92.10
$91.65
$91.20
$90.75
$90.35
$91.20 |
$97.00
$86.00 |
5,000
1,000
10,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
1,200 |
5,000
500 |
Allowances
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 |
$118.50
$126.75
$135.50
|
5,000
5,000
5,000
|
$125.00
$135.00
$145.75
$157.50 |
5,000
5,000
5,000
5,000 |
Options:
|
Bid/Offer |
Type |
Vintage |
Expiration |
Strike Price |
Premium |
1)
2) |
Bid
Bid |
Call
Call |
1998
1998-05 |
4/30/98
negotiable |
$100
negotiable |
$5.00
negotiable |
Swaps:
Swap Ratio’s against vintage 1997 allowances |
|
1998 |
1999 |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
'07-09 |
'10-24 |
|
Bid |
50% |
|
1.00% |
1.25% |
1.50% |
|
|
|
|
|
|
|
Offer |
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 down drastically in May to $97.62, a 15.18%
decrease from April. Prices began to drop at the first of May with the most
rapid rate of decline occurring in the second and third weeks of May. The
market fell so quickly that this months MPI falls outside of the current
bid-offer spread reflecting the lagging component for trades which occurred
since April 25, 1997. After pausing briefly at the $110, and $100 level
the current market is testing $95.
No clear drivers are given for the current drop in price. Some parties attribute
it to a price correction, other to profit taking. Buyer interest is showing
depth under $95. Some buyers are utilizing a dollar cost averaging strategy
(i.e., buying modestly at different price points as the price drops). This
strategy allows an averaging down of price, and protects against a potential
price rebound.
Swap ratios dropped dramatically with aggressive bidding in face of large
supply. Note new bid line on swap table.
Visit Our Web Site www.cantor.com/Cantor Environmental Brokerage/
Our site shows price indications for all of the major air emission trading
markets. We welcome your comments on how we can improve our site to better
serve your needs.
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. Prices range from $0.17 to $0.50
per ton of CO2 equivalent. 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.
Jude Moussa joins Cantor Environmental Brokerage...
Jude joined Cantor Environmental Brokerage on May 19 to broke the SO2 market. Jude brings ten years
of brokerage experience with him. Jude’s assistance on the phones will allow
us to better cover your trading needs.
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 |
Jude Moussa, 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
|