Searchable Spreadsheet Now Available for Weekend Playing Around

Below you will find a link to a Google Sheet.

We have added cumulative/non cumulative as well as qualified/non-qualified to the sheet since we last gave you a peek at this sheet.

We are calling this sheet Version 12132019–obviously because that is todays date. There are 672 issues on the sheet and should include most all $25/share preferreds and baby bonds as well as some miscellaneous. There are some convertibles not here, nor illiquids as we can’t get reliable quotes on some of these issues.

TO USE THIS SHEET YOU NEED TO HAVE A GOOGLE ACCOUNT SO THAT WHEN YOU OPEN THE LINK BELOW IT WILL TRANSFER TO YOUR ACCOUNT.

YOU MUST THEN RENAME THE SHEET.

IF YOU DO NOT COPY AND RENAME YOU WILL BE USING THE MAIN MASTER SHEET. UNFORTUNATELY IF A BUNCH OF FOLKS DO THIS YOU WILL FIGHTING EACH OTHER (I.E. YOU DO A SORT–THEN SOMEONE ELSE DOES A DIFFERENT SORT–THEN A 3RD PERSON DOES ANOTHER–ALL AT THE SAME TIME–YOU WILL BE SEEING RESULTS OF OTHER FOLKS).

I am already working on the next VERSION, which I should have in a month. This means that a few new issues will be missing as I add a number of them every week (and I delete called issues).

Be aware that this spreadsheet has 3 separate sheets. I have ‘hidden’ 2 of them. The one showing is where you do the filtering parameters. If you want to make your own changes, after you copy the sheet, you can do so by going to View, Hidden Sheets, Alpha. The Alpha page is where you can make changes. I would strongly suggest not changing the sheet titled ‘list’.

If you try to make changes on the filter sheet it will break–just ‘undo’ to fix it.

Unless you are familiar with scripting etc and you fool around and break it bad–no problem, just come back and get a new copy.

Here is the sheet. Have fun.

Editing, Deleting Comments Now Live

Chad has got the new plugin for editing and deleting comments ‘live’ now.

When you make a comment you should see a box below your comment which will have a 5 minute countdown clock on it. You have 5 minutes to either edit–or delete your comment.

I have it currently set to 5 minutes, but will adjust as necessary–longer or shorter.

I will watch today and if anyone wants to comment–maybe it doesn’t work for them etc–let me know.

Watching REPOs By The Fed

As some of you may have read, or maybe I am the only one watching, the FED has announced giant sized REPO moves for the balance of the year.

I have been watching since September and the FED has done overnight repurchase agreements in the $50 to $75 billion area mostly–tossing in $15-$25 billion in 14 day repurchases agreements every 2 weeks.

Of course this is to provide liquidity to the banking system after a ‘blow out’ overnight lending rate spike of near 10% on September 15th.

Now we are 90 days later and the FED has announced they will be taking the the overnight operation to at least $150 billion. Yikes!!

I am of the thought now that this is all out on the table we will likely avert major issue—BUT there is a chance of a misstep–in particular in light of the fact that no one really seems to fully understand the market workings (certainly I don’t under stand it).

The point being is that we could see disruptions in the next 3 weeks–through the end of the year and no one should be surprised it something “breaks”.

The FED Statement of operations for the next month can be read here.

Colony Capital Redeems High Yield Preferreds

Giant REIT Colony Capital (CLNY) has redeemed 2 of their high yield perpetual preferreds.

A number of folks have discussed this a bit on the Reader Initiated Alerts page. Barbara posted this redemption at 7:16 this morning and other have chimed in.

The issues called (for Jan 10th) are the CLNY-E 8.75% issue and the CLNY-B 8.25% issue.

In addition to these issues there remains 4 outstanding perpetual preferreds that popped just a bit (1%) on the redemption news.

These 4 issues are all trading below $25 and have coupons ranging from 7.125% to 7.50%. Only the CLNY-G 7.50% is currently redeemable

Given the lack of yield in the market maybe some investors with a bit of risk appetite should look at these 4 issues?

Colony Capital has been a poorly run REIT and has been through trying times–their common stock trades at $4.xx, but recently they are coming under pressure to right the ship and with over $22 billion in assets (a total of $53 billion under management) you can be certain there is plenty of room for improvement. They have just sold a $5 billion portfolio of industrial properties to Blackstone so they are moving to get the house in order.

The 4 outstanding issues can be seen here.

This, of course, is not a recommendation, but a suggestion that maybe there is opportunity here for some investors.

Update–the company released an investor update yesterday which can be seen here.

Equity Markets “Take Off” as Rates Rise

It is always disappointing to me to see the silliness of the marketplace in reaction to potential deals–such as trade deals.

We don’t do politics, at all, on the website, but for once I would like to see both stocks and bonds trade on fundamentals.

We have so-called ‘trade deals’ which move the markets and we have a FED that is being controlled by short term market movements. Then we have algorithms moving the market based on whatever key words are in the news

Early this morning we had a quiet market–both interest rates and stocks were off just a bit–nice and quiet just like we prefer. Then a tweet and a meeting at the Whitehouse on China sends market sharply higher. Stocks up 1% and interest rates up 7 basis points (9 basis points higher from earlier levels) on the day.

Now in the end it doesn’t matter too much to me–holding what I hold there isn’t much movement, but I do worry about movements in markets getting out of control–irrational exuberance–as these things eventually (who knows when) come home to roost with movements in the opposite direction.

Oh well I guess I should get used to it–it certainly seems like the new norm.

Public Storage Prices New Preferred Issue

Self storage giant Public Storage (PSA) has announced the pricing of their new preferred issue.

The coupon will be 4.75%, which is in line with the other recent issues from PSA. Proceeds are to redeem the 5.875% PSA-A issue on 12/30/2019.

Being a REIT the issue is cumulative and non qualified.

The issue is rated A3 from Moodys and
BBB+ by S&P.

Trading begins immediately on the OTC Grey market under ticker PBSGZ.

The pricing term sheet can be read here.

Gabelli Equity Trust New Preferred Details

Finally the final prospectus for the new Gabelli Equity Trust (GAB) preferred has been posted.

As everyone knows the coupon is 5% with an early redemption available to the company in 2024.

Issue is cumulative and likely qualified (this is not guaranteed and various dividends may not be qualified–some may be return of capital).

The company said they anticipated a Moodys rating of A1, but Moodys has no rating issued at this time–we shall see if it hits in a day or two.

The final prospectus can be read here.

New Gabelli Equity Trust Preferred OTC Grey Market Ticker

While the official details of the new 5% perpetual preferred offering from CEF Gabelli Equity Trust (GAB) are still not posted on the SEC website we do have a OTC Grey Market ticker.

The ticker is GBLQP. It doesn’t appear to be available at eTrade or Fidelity right now. It will likely be available tomorrow everywhere.

Cash Machine REIT Public Storage Announces New Preferred

Storage REIT Public Storage (PSA) has announced the issuance of a perpetual preferred.

Previously the company had announced the redemption of the 5.875% PSA-A issue which became redeemable on 12/2. The redemption date is 12/30/2019.

The company had sold a preferred issue on 9/5/2019 with a coupon of 4.875%, PSA-I, and a 4.70% issue PSA-J on 11/5/2019 so we know this will be a darned low coupon.

All of their outstanding issues can be seen here.

The issue will be investment grade.

The preliminary prospectus can be found here

Thanks to mcg, EarlyBird and if you prefer–all right on top of the announcement.

Kayne Anderson MLP Prepares for Redemption

Closed end fund, Kayne Anderson MLP (KYN) is preparing for redemption of their 3.50% monthly paying term preferred shares.

They have announced the private placement of mandatory redemption preferreds in amounts that are adequate to redeem the KYN-F shares.

The KYN-F shares must be redeemed on 4/15/2020 (or before). Shares pay a 7 cent/month dividend and currently are trading at $25.12.

The company press release on the private placement can be found here.

This is NOT a notice of redemption of KYN-F.

Disclosure–I own a large position in KYN-F.

Gabelli Equity Trust Prices New Preferred

The Gabelli Equity Trust (GAB), a closed end fund, has announced the pricing of their new issue of perpetual preferred stock.

As the SEC paperwork has not been filed many details are unknown–we will post details when they are released.

The issue prices at 5%. 4 million shares are being sold.

The company press release can be found here.

Quiet Markets While The FED Meets

It is most interesting that since the FED claimed they are on hold until we see inflation news, markets are not paying too much attention at all to them.

They began meeting today and tomorrow they will make an announcement on the Fed Funds Rate–certainly any change, in any direction, would be one heck of a surprise to everyone.

Just watching the 10 year treasury–while no one is talking much on the meeting it is certain the bond traders are waiting for the official ‘news’–which will be no news.

The 10 year treasury opened the week at 1.83% and hasn’t moved more than 2 basis points in either direction in 2 days–that is pretty unusual.

Personally I have barely peaked at the personal accounts–although moments ago I looked for the 1st time today and there is some upward creep–I’m talking a few cents–maybe a dime in an issue or two and as always I am just fine with quiet markets–certainly excitement of some sort will come before the month is out.

CEF Gabelli Equity Trust to Sell New Preferred

Gabelli Equity Trust (GAB) has announced the sale of a new issue of perpetual preferred stock.

The CEF had already announced the redemption of the GAB-D 5.875% issue for 12/26/2019. With the new issue the company will have 4 issues outstanding–none of which have coupons above 5.45% and this one is not redeemable until 2021.

Outstanding issues can be seen here.

Of course being a CEF and needing to have at least 200% asset coverage ratio this will be a high quality issue.

When we could last accurately calculate the leverage GAB was at 465% (6/30/2019). Being that their assets are level 1 (directly observable prices–i.e. common stocks) investors should feel fairly secure here.

The issue will likely be unrated–they were last rated by Moodys at A1, but now they are unrated. I will need to update lists etc for this change (as well as check other Gabelli CEFs).

The preliminary prospectus can be read here.

EarlyBird and mcg were right on this new issue.

Allstate Calls ALL-A

Thanks to Zwei, who posted in the Reader Initiated Alerts page, we have now seen the official notice of redemption of the ALL-A, 5.625% perpetual preferred being called.

The issue is being called 1/15/2020 which is the next dividend payment date (Allstate preferreds can only be redeemed on a dividend payment date).

It is always amazing that even after the company signaled that they might redeem the ALL-A issue investors kept trading the shares with little caution as it had closed last week right at about $26. Yesterday it fell to $25.77. Only 2 months ago it traded around $26.70.

It is fine to own some potential call candidates, I certainly do, but giving away 1-2% or even more, at this stage is probably a bit silly–I mean ALL sold their last preferred issue with a 4.75% coupon.

The official notice is here.