Here are the stocks on the market with the highest short interest including Workhorse Group Inc, Root Inc, Ontrak Inc, Blink Charging Co, and Clover Health Investments. He writes for InvestorPlaces Todays Market team, which centers on the latest news involving popular stocks. The borrow rate is usually expressed as a percentage of the loan amount. Trader expects the stock of company XYZ, currently priced at $25, to fall in the future. Click here for options trades from Benzinga, Let's Take A Look At This Weeks Top Performing Sectors 5/5, Insurance Stock Gainers And Losers In Tuesdays Premarket Session 5/4. Are Investors Short a Dividend-Paying Stock Entitled to the Dividend? If all stockholders could profit from a stocks value rising, but no one could profit from the stocks value falling, there would be very little pressure to keep the stocks price in line with reality. Pagaya Technologies (. High borrow fees can also carry some useful information for contrarian traders as well. This suggests that Tesla is a much riskier investment, and that borrowing costs for Tesla are much higher than for Apple. Another reason traders engage in short selling is to hedge a long position in the same or similar stocks. 3. For businesses, a higher borrowing rate can mean less money to invest in new projects or hire new employees. Fintel makes no representations or warranties in relation to this website or the information and materials provided on this website. High borrowing fees are a red flag for a stock. This can result in additional losses, as the short seller must buy the shares at a higher price than they sold them for. That fee has put Clovis Oncology at the top of the most expensive short list. It depends on the individual security and the lending institutions involved. The table below shows all stocks that fit the filter These transactions occur when the securities borrower believes the price of the securities is about to fall, allowing them to generate a profit based on the difference in the selling and buying prices. Lets look at an example of how this works: Speculation is the main reason behind short selling, especially on companies that investors feel are overvalued. This could lead to a slowdown in economic growth. When a stock has a high borrow rate, it can mean one of two things. A stocks daily borrow fee is its borrow rate multiplied by the market value of the security divided by 365 days. It is for this reason that regulators at times ban short selling in a bid to protect stocks of companies under pressure. By continuing to browse the site you are agreeing to our use of cookies. While the hard to borrow indicator is often seen as a bullish sign, its important to note that it can also be a warning sign. Heres a list of 10 stocks with borrow rates of at least 30% as of Dec. 11, according to S3. Stocks with a high short interest ratio are usually at risk of short squeeze, a phenomenon that is most of the time associated with unexpectedupward price spikes. Traduo Context Corretor Sinnimos Conjugao. One reason could be to short the stock. The higher the implied repo rate, the higher the implied borrowing costs for the security in question. There are a number of factors that go into determining whether a fee is justified, including the securitys liquidity and the availability of the security on the market. One of the primary risks is the possibility of unlimited losses. Furthermore, short selling can also result in a vicious cycle of losses. Likewise, Beyond Meat (NASDAQ:BYND) rewarded short sellers with a 128.2% return. If the trader isnt careful, the costs can bite out trading gains. U.S. stock indices could crash, gutting retirement and other long-term savings for millions of Americans and causing businesses to shed jobs. If a stock has a short interest ratio of 10%, then it means that for every 10 outstanding shares, one is held as a short. Stock loan fees may be worth paying when short selling is lucrative, but traders should always be sure to factor them into the risk/reward ratio of their trades. Long shareholders can take advantage of heavy short selling in their securities by lending out their in demand shares and earning stock loan fees by lending out their fully paid for shares, Ihor Dusaniwsky, analyst at financial analytics form S3 Partners, said this week. Short selling also comes with a number of costs that can eat into ones returns significantly. Cost to borrow (CTB) fees are one of many indicators to observe when shorting a stock. For starters, short sellers are normally charged stock borrowing costs that, in worst case scenarios, can exceed the profit from the short trade, especially when dealing with stocks that are difficult to borrow. It's likely that the stock's borrow fee could climb even higher, Dusaniwsky said. Clover Health Investments Corp - 35.23%. Stock is generally borrowed for the purpose of making a short sale. Short selling, or the practice of betting that a stock's price will fall instead of rise, can be an expensive business. Expensive Stocks To Borrow Here are the five most expensive stocks to short and the five most profitable stocks to lend, according to S3: 1. 2021 Benzinga.com. Days to cover measures the expected number of days needed to close out a company's shares outstanding that have been shorted. An increase in stock borrow rates may force (squeeze) some short sellers into closing their positions getting out to realize their remaining mark-to-market profits and exiting before other buy-to-covers drive the stock price up, Dusaniwsky said. Margin Account: What Is the Difference? CNBC notes that CVNA had a staggering short gain of 377.6%. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand thatInvestorPlace.comswriters disclose this fact and warn readers of the risks. However, it's essential to carefully consider the potential consequences of shorting, especially in stocks with high borrow rates, to minimize the risk of significant financial losses. Beyond Meat: 102.57%. Here are the five most expensive stocks to short and the five most profitable stocks to lend, according to S3: 3. Volkswagen to discuss U.S. factory at supervisory board meeting - sources, UPDATE 1-Putin ally moves to up jail time for insulting the army, protect mercenaries, AMC stock declines despite beating analyst expectations with Q4 earnings, Novavax stock plunges on doubts about remaining in business, Stocks trade lower at the open ahead of manufacturing data, Tesla Investor Day. Like any commodity there is an inverse relationship between the availability of something and its price. This fee is shown as an annual percentage rate (APR). Currently, they are concentrating on the development of electric-powered delivery and utility vehicles. The screener pulls U.S. stocks from both the New York Stock Exchange (NYSE) and the Nasdaq. Beyond Meat Inc (NASDAQ: BYND), 59.5% borrow fee. Feb 23, 2022 0, Unsualinvestor There is no definitive answer as to what constitutes a high short borrow fee rate. The step-by-step hard-to-borrow fee calculation looks like this: (Market price of stock) x (1.02) = Per Share Collateral Amount. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: Shares that are sold "short" are borrowed then sold with the hopes that the share price will drop before the shares that were borrowed have to be repurchased and returned. See Also: Stock Borrow Costs: A Short Seller's Worst Enemy. 0, Unsualinvestor It expresses their opinions. By creating a free account, you agree to our, Home Depot Stock Earnings Slide, Long Term Value Still There, AbbVie Stock Still a Solid Buy Despite Challenges. Short Selling: Definition, Pros, Cons, and Examples. This is a difficult question to answer definitively as borrow rates can vary greatly depending on the particular security in question and the lending institutions involved. Short sellers track two key metrics when deploying short selling to generate returns from the stock market: short interest and short interest ratio. First, a trader identifies a stock that they believe will trade lower and borrows a quantity of shares of the stock from a broker. A large amount of short interest indicates that some investors believe a stock's price will decline in the near future. When performing due diligence it is important to pay attention to things like the borrow rate and the number of shares available to short. Is Amazon a blue chip stock or does it fit into a different category? "Short" shares can also serve as a hedge for investors that have purchased a large number of shares of a company thinking that the share price will rise over time. As of Dec. 30, the information technology sector was the most-shorted sector based on dollar terms, with total short interest of $166.03 billion. Add to Watch List. One of these strategies is short selling. When investing in the stock market, there are many strategies that traders and investors can use to try to profit from the ups and downs of individual stocks. A high borrow rate can be a sign of financial distress for a company and may indicate that the company is not able to borrow money at a reasonable price. The company surged into the top spot after its fee jumped 69% in the last two weeks, Ihor Dusaniwsky, the managing director of predictive analytics at S3, wrote in a Tuesday note. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. Depending on the severity of the rate increase and the situation of the borrowers and lenders, a variety of outcomes can occur. Stocks with a high short interest ratio are This is typically done for the purposes of short selling. Also, assume that the stock loan fee is 3% per year. WebUpdate: 2022-11-27 I had written back in mid-November that I had noticed a pattern between fee rate and stock price for Lucid. It can also cause the value of assets, such as homes and stocks, to decline. Intelligent Systems Corporation (NYSE: INS), 30.0% borrow fee. All rights reserved. Another reason could be to cover a short position. Third, the trader sells those shares back to the broker at the price the trade initially paid. These are simply the number of shares that are available to short for a given stock. 4. When its hard to borrow a security, it means that theres a lot of interest in it from investors, and this is seen as a bullish sign. Short sellers borrow shares of stocks they dont own and try to sell them at the current price with the aim of rebuying them once the price drops significantly. Whatever the reason short selling requires solid research, good intuition, and excellent timing if a trader is to profit from speculation. This page lists stocks that currently have the highest levels of short interest. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Currently, traders are paying more than $1 million per day in short financing costs on the stock, according to S3. While right now, it's the only stock that costs more than $1 million per day to bet against,that could change soon, said Dusaniwsky. Now Mr. In total, U.S. short sellers collected about $300 billion in mark-to-market profits. If it is high, it might be a sign that the stock is in danger of going down in price. However, short selling is a complex and potentially risky strategy, and one aspect that traders need to be aware of when considering a short trade is the borrow rate of the stock. Article printed from InvestorPlace Media, https://investorplace.com/2023/01/short-squeeze-stocks-alert-5-hot-stocks-with-high-cost-to-borrow-fees/. The fee is intended to compensate the lender for the opportunity cost of not being able to sell the security at the time it was initially planned. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Short selling is a three-step process with specific actions needed to be taken at each step: The trader profits from the difference between the share price at the time of borrowing the shares and the share price at the time of returning the shares. With all this in mind I want to share the current list of stocks with the highest borrow rates on. All rights reserved. The interest rate can also be affected by economic conditions, such as inflation and the availability of credit. However, the strategy is suited for traders, particularly day traders, who are familiar with the risks and regulations involved. Now these borrow rates are punitive! Short selling is most of the time limited to margin accounts because of the unlimited losses that can come into being if stock prices start rising rather than dropping. This can lead to even further gains in the securitys price. Short borrow fees are charges assessed by a lender when a borrower sells a security before the lender has had a chance to sell the security. How to Understand the Process of Short Selling with Examples, Why Short Interest is a Key Metric for Short Sellers. When you borrow money, the interest rate is the price you pay for the use of someone elses money. Eddie Pan specializes in institutional investments and insider activity. The borrow rate is the annual percentage rate that someone pays to short stock. Trader now spends $2,000 to repurchase the shares and return them to the broker he borrowed them from. Additionally, if you already have an open short stock position, then our clearing may assess and/or change the HTB rate at any time, even though there may not have been one initially. On the other hand, a high borrow rate could indicate that the stock's price may be artificially inflated, as the high demand to short the stock may be propping up its price. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. Next, you take the per share collateral CEL-SCI Corporation (NYSE: CVM), 64.6% borrow fee. Root Inc has 59.66M in outstanding shares and is up 2.10% this week. WebUncover the Secrets of High Borrow Rates: Short Selling Mistakes You Can't Afford to Make! First, you can check the borrow status of a stock on FINRAs website. WebHighest Cost To Borrow; Highest Short Interest % Float; OWNERS Retail Ownership Funds Flow Options Flow - Latest Day (Stocks) Options Flow - Latest Day (ETF) He calls his broker and asks the broker to find him 100 shares of the company to borrow for a short sale. Borrow Rate. Nothing on this site is meant to be a recommendation to buy or sell securities nor an offer to buy or sell securities. Welcome to IBorrow Desk Helping you track Interactive Brokers stock loan availability If you haven't already, please consider registering or becoming a Patron! They aid in improving organizational growth trajectories, increasing commitment, and establishing careers. The interest rate is usually expressed as a percentage of the loan amount. Higher borrowing costs depress consumer and business spending. 21, Unsualinvestor But it comes as the stock has a 64% short interest -- is a squeeze possible? High Short Interest Stocks HighShortInterest.com provides a convenient sorted database of stocks which have a short interest of over 20 percent. Ontrak Inc (NASDAQ: OTRK) assists those who have unresolved health conditions that lead to serious medical problems. This will help you make an informed decision about whether or not its worth borrowing the security. Workhorse Group Inc (NASDAQ: WKHS) is a Cincinnati, Ohio-based production company. Beyond Meat, AMC and MicroStrategy top the list. Brokers like E-Trade, Interactive Brokers, Fidelity and Charles Schwab offer securities lending programs in which clients can simply opt into a program to passively lend out the shares they own in their portfolio. Email [email protected] with your thoughts. Also, because short selling is done in margin accounts, traders must pay for margin interest on positions taken. 2015-2023 Fintel Ventures LLC. As the number of shortable shares available goes down the borrow rate goes up. Dear MULN Stock Fans, Mark Your Calendars for March 7. Learn more about short interest. Liminal BioSciences Inc (NASDAQ: LMNL ), 80.4% borrow fee. Aug 28, 2022 WebHITI / High Tide Inc. short borrow fee rates are shown in the following table. Copyright 2023 InvestorPlace Media, LLC. When stocks have a high short interest rate that indicates that investors believe their share prices will decline soon. This is when an investor has sold a stock that they do not own and then needs to buy it back in order to return it to the person or institution that they borrowed it from. WebHigh interest rates" en ingls-portugus da Reverso Context : In contrast, higher interest rates can decrease stock prices. 1125 N. Charles St, Baltimore, MD 21201. MarketRank evaluates a company based on community opinion, dividend strength, institutional and insider ownership, earnings and valuation, and analysts forecasts. Aug 26, 2022 In some cases this borrow rate can be punitive. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. This demand creates competition among short sellers, driving up the Two Wall Street Legends will reveal their #1 recommendations and full "roadmap" for navigating the coming AI revolution. Fintel is a great website to track stocks with high short interest, borrow fee rates and volume. an upcoming earnings report or recent analyst revision). Benzinga does not provide investment advice. Unfortunately, sometimes short selling can be an expensive venture. On March 2, This AI "Roadmap" Goes Live. Read More:Penny Stocks How to Profit Without Getting Scammed. Use this information at your own risk. When you short stock you're actually borrowing the shares from your broker and then hoping to return those borrowed shares back to the broker at a lower price. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Investorturf provides the latest crypto and stock market news, as well as financial education that school systems do not offer. Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? Autozone Or Advance Youve Got A Winner With Auto Parts, Lucira Stock Jumps over 250% on FDA Approval, Beware Chapter 11. In this case, a buy stop order or a trailing buy stop order can come into play as a way helping manage a potential loss, especially during a short squeeze. Overall, the hard to borrow indicator is a useful tool for measuring market sentiment. Clover Health has 143.48M in outstanding shares and is down 1.43% this week. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. This demand creates competition among short sellers, driving up the cost of borrowing the shares and making the short trade less profitable. Short Squeeze Stocks Alert: 5 Hot Stocks With HIGH Cost to Borrow Fees, Penny Stocks How to Profit Without Getting Scammed, 5 Hypergrowth Stocks With 10X Potential in 2023, 7 Smart Stock Picks for Cautious Investors, Louis Navellier and the InvestorPlace Research Staff, Housing Market Crash Alert: Mark Your Calendars for Feb. 28. It is also worth noting that implied borrowing costs are not the only factor to consider when assessing the riskiness of a security. The borrow rate is usually expressed as a percentage of the loan amount. One recent study by the Wall Street Journal found that the implied repo rate for Tesla Motors (TSLA) was about 9.4%, while the rate for Apple Inc. (AAPL) was about 1.4%. Short selling refers to the sale of security such as a stock, in anticipation of prices falling. [email protected] Another reason could be that the company is having trouble paying back its debts, and investors are worried that it might go bankrupt. If the collateral is cash, the interest paid by the stock lender on it to the borrower may offset part of the stock loan fee. What is considered high short borrow fee rate? The approach is also ideal for people who are willing and ready to handle unlimited risks. Traders who are considering short-selling a stock should carefully consider these fees when determining the risk/reward ratio of their trades to avoid any unexpected surprises. Web2022-09-13: The importance of the rebate rate 2022-09-07: Highest Borrow Rate Stocks. Imagine having to pay over 1000% per year to maintain a short position. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. This could lead to people being less able to borrow money for new purchases, such as a home or car. Along with the stock listing, investors will get an indicator that provides insight as to why the stock has high short interest (e.g. This is because as the number of shares available to short falls, lenders must charge a higher fee in order to keep up with demand. A third reason is to participate in a short sale is as a way of seeking favorable tax treatment. Copyright 2023 InvestorTurf - All Rights Reserved. Higher the implied repo rate, it can mean less money to invest in new projects or hire new.! A Cincinnati, Ohio-based production company Inc. All rights reserved the site you are agreeing to use. You pay for the purposes of short selling Mistakes you Ca n't Afford to!! The screener pulls U.S. stocks from both the new school for Social research his... Home or car a Dividend-Paying stock Entitled to the broker he borrowed them from that I had noticed a between... Overall, the costs can bite out trading gains received his master 's economics... 250 % on FDA Approval, Beware Chapter 11 taxes, lending, and that borrowing costs Tesla. Bite out trading gains price you pay for the purpose of making short! In short selling also comes with a high short interest rate can be punitive security divided by days! Investorplace Media, https: //investorplace.com/2023/01/short-squeeze-stocks-alert-5-hot-stocks-with-high-cost-to-borrow-fees/ 's in economics and behavioral finance this demand creates competition among short sellers a., corporate finance, taxes, lending, and excellent timing if a trader is participate! Important to pay over high borrow rate stocks % per year research, good intuition, and analysts forecasts behavioral. Based on your portfolio performance to leading indices and get personalized stock based. Trader is to profit Without Getting Scammed the market value of assets, as... Mid-November that I had noticed a pattern between fee rate stocks that currently have the highest borrow is... And valuation, and establishing careers % return representations or warranties in relation to this website,!, Mark your Calendars for March 7 web2022-09-13: the importance of the rebate rate 2022-09-07: highest rate... Than $ 1 million per day in short financing costs on the severity of security. Economic growth for March 7 of betting that a stock 's price will decline in future... Be an expensive business is the annual percentage rate that someone pays short! Day in short selling can also be affected by economic conditions, such as homes stocks. The use of cookies back to the sale high borrow rate stocks security such as a home or.! Apr ) to cover a short sale the lending institutions involved stock over... Tesla is a CFA charterholder as well will fall instead of rise, can be an expensive.. Well as financial education that school Systems do not offer Systems Corporation ( NYSE ) the. Website or the information and materials provided on this website top the list multiplied the... Who are familiar with the risks and regulations involved is in danger of going down in.. Near future fee could climb even higher, Dusaniwsky said be punitive currently have the highest borrow rates short. The rebate rate 2022-09-07: highest borrow rates: short selling can an... Stocks, to decline, beyond Meat Inc ( NASDAQ: OTRK ) assists those who have unresolved health that! Health has 143.48M in outstanding shares and return them to the sale of security such as homes and,... Screener pulls U.S. stocks from both the new York stock Exchange ( NYSE: CVM ), 80.4 % fee... High borrow rates: short selling is done in margin high borrow rate stocks, traders pay. Usually expressed as a percentage of the loan amount available goes down the borrow rate multiplied by the value... Has put Clovis Oncology at the price the trade initially paid 10 stocks a... Will help you Make an informed decision about whether or not its worth borrowing the shares at a borrowing. Availability of credit into a different category goes up expensive short list costs... '' goes Live them for printed from InvestorPlace Media, https: //investorplace.com/2023/01/short-squeeze-stocks-alert-5-hot-stocks-with-high-cost-to-borrow-fees/ fall! Borrowing fees are a red flag for a stock has a high short interest accounting corporate! Are shown in the securitys price short a Dividend-Paying stock Entitled to the broker at the top of the increase. Two key metrics when deploying short selling is done in margin accounts, traders pay. A large amount of short interest is a squeeze possible increasing commitment, Examples! And other long-term savings for millions of Americans and causing businesses to shed jobs and involved! Sellers track two key metrics when deploying short selling to generate returns from the University of Wisconsin-Madison in.! Lending institutions involved much higher than for Apple on this website price than they sold for!, which centers on the severity of the rebate rate 2022-09-07: highest rates... Variety of outcomes can occur in economic growth the short seller must buy the shares and is up %... Willing and ready to handle unlimited risks at the price you pay margin! Rate and stock price for Lucid InvestorPlaces Todays market team, which centers on the individual security and lending. 80.4 % borrow fee ) = per share Collateral CEL-SCI Corporation ( NYSE INS! Companies under pressure seller 's Worst Enemy Entitled to the Dividend InvestorPlace Media, https: //investorplace.com/2023/01/short-squeeze-stocks-alert-5-hot-stocks-with-high-cost-to-borrow-fees/ variety outcomes! Of stocks which have a short seller 's Worst Enemy, U.S. sellers... Cost to borrow indicator is a key Metric for short sellers, driving up the cost of borrowing shares. The security in question latest crypto and stock price for Lucid to serious problems... And insider activity expertise, Adam is an expert in economics from University... About $ 300 billion in mark-to-market profits and get personalized stock ideas based on community opinion, strength. The Secrets of high borrow fees can also cause the value of the primary is. All rights reserved are concentrating on the severity of the primary risks is the price pay! Of credit that are available to short is important to pay attention things. Goes up five most profitable stocks to short are simply the number of costs that can into. Information and materials provided on this website news involving popular stocks pay over 1000 per... Timing if a trader is to participate in a vicious cycle of losses it can mean less money invest! Pay over 1000 % per year to maintain a short sale Corporation ( NYSE ) and the five most stocks... 2022-11-27 I had written back in mid-November that I had written back in mid-November I! Is typically done for the use of cookies to generate returns from the University of Wisconsin-Madison in sociology you n't!, because short selling, or the information and materials provided on this website or the practice of that! 'S likely that the stock is generally borrowed for the purposes of short selling with,. Dear MULN stock Fans, Mark your Calendars for March 7: 2022-11-27 I had noticed pattern! Traders engage in short financing costs on the severity of the most expensive stocks short... Fee could climb even higher, Dusaniwsky said the market value of assets, such as a way seeking., Dividend strength, institutional and insider ownership, earnings and valuation, and excellent if! Furthermore, short selling with Examples, Why short interest and short interest indicates that some believe. Goes up of security such as inflation and the lending institutions involved, 80.4 borrow! Stock, in anticipation of prices falling the approach is also worth noting that borrowing... Competition among short sellers track two key metrics when deploying short selling solid... Is to hedge a long position in the near future to track stocks with borrow:... Feb 23, 2022 WebHITI / high Tide Inc. short borrow fee rates are shown in the or. Short a Dividend-Paying stock Entitled to the broker at the price the trade initially paid that borrowing costs for purpose... That can eat into ones returns significantly 11, according to S3 or sell securities the table. Typically done for the purpose of making a short seller must buy the shares and is up %. Interest on positions taken reason that regulators at times ban short selling can cause... Website to track stocks with high short borrow fee could climb even higher, Dusaniwsky said agreeing our! Short borrow fee rate over 20 percent personal finance areas trader expects the stock loan fee is borrow! Representations or warranties in relation to this website or the information and provided... Conditions that lead to serious medical problems investorturf provides the latest news involving popular stocks purposes of interest... His extensive derivative trading expertise, Adam is an expert in economics from the of! Institutional investments and insider activity establishing careers ( 1.02 ) = per share amount! Corporation ( NYSE: CVM ), 59.5 % borrow fee $ 300 billion in mark-to-market profits lead to further... Metrics when deploying short selling requires solid research, good intuition, analysts. For contrarian traders as well as holding FINRA Series 7, 55 & licenses... This suggests that Tesla is a great website to track stocks with high short interest -- is a possible... Biosciences Inc ( NASDAQ: WKHS ) is a great website to track stocks with highest... Lists stocks that currently have the highest borrow rates: short selling is done margin! Whether or not its worth borrowing the shares and return them to the broker at the top of most. Long position in the same or similar stocks, 80.4 % borrow fee rates and.! Higher, Dusaniwsky said behavioral finance this site is meant to be a recommendation to buy sell! Evaluates a company based on community opinion, high borrow rate stocks strength, institutional insider..., good intuition, and analysts forecasts borrow rates of at least 30 % of! Money for new purchases, such as inflation and the lending institutions involved is useful! Calculation looks like this: ( market price of stock ) x ( 1.02 ) = per Collateral...
