One salesman tell me that Citi preferred which traded at 20 yesterday8 .40 prederreds) is trading around 37 today. it is a function of the price of the common stock on the conversion which gives the preferred the boost.
Another note from a research analyst at a small shop suggests buying Bank America bonds. He thinks that in a short time the common stock holders of that firm will be thrown under a societal bus to the benefit of the bondholders.
The paradigm for most of these circumstances since the beginning (except for the rogue Lehman Brothers case) has been to crush the common share holders and save the bondholders. I wonder if it will remain that way or if at some point bondholders will be forced to take a haircut,too