The secondary is priced to a point to which entertains me, which means it must be entertaining a TON of others that would never even have looked twice at Citi.
The 3.15 price point is simply too low. Everyone is talking about it, but the fact remains the low price will cause high demand. I will most likely enter Citi on the back of this secondary.
Make no mistake, I am no fan of Citi, their culture, their management or pretty much anything about the company. It is an over bloated piece of crap that should be dismantled. Pandit is a complete joke, and Citi even more of a joke for grossly overpaying for his below average Hedge Fund.
Irrespective, at the price of the secondary and a stable economy, 3.15 is too low of a price. (They still have some pretty interesting assets. They just need a real leader to turn this piece of led into gold.)