Below readers can post in the comments section items they believe are important to seen right away by all other readers.
For instance if we are not at our computer and a reader spots a new issue being issued they can post it below where others can come for ‘breaking news’ from other readers.
We want to keep this page ‘fresh’ so we will slick it off every 50 days so the items below remain only newer items.
We only ask that comments beyond the breaking news be kept to other pages or this page will be ‘out of control’ and not fulfilling what I hope is a handy alert page.
TO START A NEW THREAD GO TO THE BOTTOM OF THE PAGE
Users who liked this:
I was talking to a broker at schwab. he said that SLMNP (LYONDELLBASELL) is now fully in the expert market, so I have to put in all transactions through a broker (only sales allowed).
I still have a few I picked up in the 800s I have been selling as price has ticked up, but I was able to place sell orders by myself until today.
Squeezing the last drop of financial blood from that lemon. Grrr….
Looks like FIDO hasn’t started doing that.
mmarek evans
May 30, 2025 3:17 PM
CTA-VCLT pair trading 1.5 sigma cheap (1yr range) ..LANDO/VCLT pair 2 sigma cheap (1yr horizon)… TRTN preferreds 1.5 sigma cheap.. among others .. broad based selling in low coupon perpetuals
Mj is that you? I’ve been following mmarek over on the SA once in a while.
pair trades are measures of relative valuation using standard statistical measure (standard deviation/sigma)
ATH-C redemption 6/30
https://www.streetinsider.com/Globe+Newswire/Athene+Announces+Redemption+of+All+Outstanding+Series+C+Preferred+Stock+and+Related+Depositary+Shares/24877741.html
Are there any problems with this in a taxable account?
Irish – is there a problem with what in a taxable account?
I think your comment got separated from the message you were talking about?
Ath-c, being redeemed
Quantum Online says that the call date is 9/30/2025, not 6/30/2025. I just bought in on that assumption
Looks like they can call it June 30, with proper notice
from the prospectus
” The Series C Preference Shares are redeemable for cash at our option in whole or in part, from time to time, during any par call period at a redemption price equal to $25,000 per share (equivalent to $25.00 per depositary share), plus the amount of declared and unpaid dividends, if any, without interest on such unpaid dividends. “Par call period” means the period from and including June 30 of each year in which there is a reset date (which is three months prior to the reset date in such year) to and including such reset date. “
And the link on QOL itself to the issue’s prospectus, which is the issue’s Bible, not QOL, clears it up: p S-27 – We may redeem the Series C Preference Shares at our option, in whole or in part, from time to time, during any par call period, at a redemption price equal to $25,000 per share (equivalent to $25.00 per depositary share), plus the amount of declared and unpaid dividends, if any, without interest on such unpaid dividends. In the event the applicable reset date that is the redemption date is not a business day, the redemption price will be paid on the next business day without any adjustment to the amount of the redemption price paid.
“Par call period” means the period from and including June 30 of each year in which there is a reset date (which is three months prior to the reset date in such year) to and including such reset date.
So much for a safe hideout. I was hoping for another 3 to 4 months like the rest of us.
Now need to find something to replace it with.
I wouldn’t call it “safe,” or not as safe as ATH, but FTAIN is now below par and also has a crazy high reset.. I took a starter..
“ Distributions based on the stated liquidation preference of $25.00 per share will be payable on the shares at a rate equal to (i) from and including the date of original issue to, but excluding, June 15, 2026, 8.25% per annum, and (ii) thereafter, during each reset period, at a rate per annum equal to the five-year treasury rate as of the most recent reset distribution determination date (as described elsewhere in this prospectus supplement) plus a spread of 737.8 basis points per annum.”
Any thoughts on BWNB or BWSN. Both mature in 2026 and are trading in the $11- $13 range. Value at maturity is $25 so a chance to double investment$$? Thoughts?
BG–I would call it an interesting speculation. On one hand the company is getting a little bit squared away–peeling off some assets etc. But on the other hand this is a B Riley financed company and I have 0 faith in Bryant Riley given than he is so slimy. Maybe there is room for a little taste of speculative play here–the risk/reward is decent.
These are extremely high risk issues. The company has to roll a lot of debt in the near future and has issued a going concern warning.
If you can get comfortable with the financials, have at it, but you should examine them closely.
UMBXV is up on fidelity
Buy, buy, buy??
Just read Colorado Wealth’s post were he expects TWO to lose a lawsuit over its firing of the external manager. Judgement against it approx. 190 million.
Not sure how this will affect their preferred B & C
LANDO/VCLT pair has gone from 2 sigma rich on 5/21 to near 1 sigma cheap today (1yr horizon)
Would you explain what this post means for the folks in Rio Vista?
I have no idea what I’m being “alerted” to…
Here’s how I interpret this:
mjtroll is taking the price of LANDO and dividing it by the price of VCLT. This generates about 250 numbers, one for each trading day in the last year. Using that set of numbers, he computes the average and the standard deviation. For a given day like today, he can then tell you how many standard deviations above or below the annual average the current price ratio lies.
There are two assumptions hidden in the background. First, this implicitly assumes that this ratio is distributed as a Normal Distribution (the famous bell curve.) Second, this implicitly assumes that there is some long-term average that the ratio should respect, so if LANDO is below its average as compared to VCLT, it is likely to rebound to that average.
If you accept both of those assumptions, then LANDO is likely to overperform VCLT over the next indefinite time period.
mjtroll, please jump in to correct any errors I have made or to explain in greater detail where needed.
Citadel,
It’s a secret fraternity thing. Thus, the use of “Sigma.”
You obviously didn’t get a bid during III rush week.
Nobody did……..