Headlines of Interest

Below are some press releases from company’s that have preferred stock or baby bonds outstanding.

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Triumph Bancorp Announces Dividend for 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock

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CTO Realty Growth Announces Public Offering of Common Stock

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Runway Growth Finance Corp. Commences Offering of Notes

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GasLog Ltd. Declares Dividend on Series A Preference Shares


Zions Bancorporation Announces Fiscal Fourth Quarter 2022 and 2023 Earnings Release Dates

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Best’s Special Report: First Look: U.S. Property/Casualty Industry Registers $24.3 Billion Underwriting Loss in the First Nine Months of 2022

Enbridge Announces 2023 Financial Guidance and Dividend Increase

As Expected a Crazy Market

Today I listened to Jay Powell’s entire speech and found it very balanced–personally I didn’t hear too much new news, but I did hear him practically promise (not quite a promise) to slow the interest rate hikes in December.

Of course what I hear and what the computers hear aren’t too similar so up we go in equities and down we go in interest rates.

Oh well it is what it is – I care about next year, not the next hour or day. Besides we have inflation numbers coming out tomorrow morning and then the ‘official’ employment numbers on Friday. The employment numbers from ADP showed a softening of employment, but these numbers seldom, if ever, move markets. Directionally I hope that ADP is right – ADP showed 127,000 new jobs and the forecast for the ‘official’ jobs report on Friday is 200,000–certainly something a bit under forecast would be helpful.

My accounts were higher by a small amount prior to the rally–now are up 1/2%–can’t whine about that I guess.

The question everyone asks ‘have we seen rates peak’ can’t, of course, be answered, but if you are fairly fully invested it doesn’t matter too much – rates somewhat higher or somewhat lower doesn’t change anything I am doing–which isn’t much.

3 Fed Yakkers Today

We end November today with a trio of Fed yakkers–they will, almost without, doubt move markets.

Today we have Fed speakers Cook and Bowman as well as Chair Powell at 12:30 p.m. (central) so we will see some spikes and dips in markets during the day–long term it doesn’t matter. No one will be dovish – it is just a matter of how hawkish they will sound.

To me, personally, we have more important news today than Fed speakers. We have the ‘jolts’ report so we will see how many job openings we have out there. We also have the ADP employment report at 7:15 (central). Chicago PMI and pending home sales are also on tap. Then we have the beige book release which will give us a recap of regional information from the various Federal Reserve banks.

Once again the futures markets are very quiet at 6 a.m. – S&P500 up 1/5%. The 10 year treasury yield is at 3.72%–just right again.

Today my plan is to buy some community/regional bank preferreds as I noted here. Next I will be looking over the portfolios to see what I can can sell to generate some investable cash–some positions are overweight and with my low cash position I will be forced to sell something if I see a ‘bargain’ appear. On the other hand maybe I won’t have to sell anything–depending on the timing of a ‘bargain’ purchase since I will have 3 month treasuries maturing in December–we’ll see.

Well winter is back in Minnesota – I was hoping for more global warming, but with 6″ of fresh snow on the ground we may not see the grass for 4 months or so. Worse than the snow is the cold and the wind–will be around zero today with the wind chill and I will be out looking at a house mid afternoon–ugh!! Actually I have plenty of weapons against the cold–I mean I have lived in Minnesota since 1985 –plenty of super warm coats, hats, gloves and boots. Only 2-3 days ago I saw folks walking around in t-shirts and shorts–that is how it works in Minnesota–when it is 40 or 45 degrees and sunny folks think summer is here and dress accordingly.

Headlines of Interest

Below are some press releases from company’s that have preferred stock or baby bonds outstanding.

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Costamare Inc. Announces Formation of New Dry Bulk Operating Platform

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Argo Group Mails Letter to Shareholders Setting the Record Straight on Capital Returns’ Many Naïve and False Claims

MIND TECHNOLOGY ANNOUNCES FISCAL 2023 THIRD QUARTER EARNINGS RELEASE AND CONFERENCE CALL SCHEDULE

ASHFORD SECURITIES ANNOUNCES FEBRUARY 17, 2023 AS FINAL CLOSE DATE FOR BRAEMAR HOTELS & RESORTS SERIES E & SERIES M PREFERRED STOCK OFFERING

iStar Announces Details for Its Special Dividend

iStar Announces Details for Its Special Dividend

Exiting My Money Market Funds

I had a chunk of money in a Gabelli money market fund for a good share of this year and with buying cash in short supply I have put in a sell order for the end of day today.

I am looking back to the mid sized regional/community bankers to buy in the next few days. I am going to add to a current position in Customers Bancorp FTF (CUBI-F) which is now floating–I already owned it and added a little today at $25/share (utiltized the last of my cash in that account). The issue went ex dividend today and is next redeemable on the next dividend payment date (3/15/2023). Current dividend is at a yield of around 8.2%.

I am also looking at others including the Valley National 5.50% fixed to floating (VLYPO) which has just converted to a floating rate effective 10/01/2022. This will be inferior to the CUBI floaters in yield terms–but I need some diversification. The December dividend is around the rate of 7.3% and all things being equal more in March. Of course this issue is now redeemable, but only on a dividend payment date.

Equity markets have been quiet today–the 10 year treasury moved up by 5 basis points. While I would prefer ‘flat’ in interest rates, plus or minus 3,4 or 5 basis points is not harmful to our investments—remember speed kills (i.e. 10 or 15 basis point moves).

They Had No Clue a Year Ago and Still Have No Clue

Almost every business day we have Fed speakers–you know the folks–the ones that had no idea that interest rates were too low a year ago and missed the obvious (which almost all of us knew). They are the ones that say they are ‘data dependent’, but yet every day shoot their mouths off about what they will do in a few months. Give me a break!! Are you data dependent or do you simply like to hear yourself talk?

Anyway Fed folks Bullard and Williams shot their mouths off yesterday–stocks tumbled but the bond market yawned. Almost without doubt these Fed officials are ‘pleased’ when stocks tumble – whatever. Eventually markets will turn a deaf ear to these clowns–see them as the buffoons they are. I think the bond markets have them figured out already–yawn.

I see the futures markets are up a bit–mostly meaningless of course. The 10 year treasury yield is at 3.65%–steady as we go–perfect.

So today we have some housing data and some consumer confidence numbers. No reason to think these pieces of data will move markets absent major (huge) surprises. I think markets are focused on PCE (personal consumption expenditures) on Thursday and employment on Friday.

I didn’t do a thing yesterday–no buying or selling–in fact I only checked my accounts at the end of the day to see the bottom line–very tiny amount of red–almost a rounding error. As I mentioned before I like the end of the month since that is when dividends and interest roll into my accounts–kind of a silly thing really since the amounts are not exactly life changing–BUT over time it is real money.

Yesterday I paid $2.34/gallon for gas for my SUV–felt like the olden days. Locally we have a bit of a ‘gas war’ raging with prices much below the Minnesota state average prices–regional giant operator Kwik Trip is putting the hammer to competition–capitalism at its finest for consumers (although long term maybe not). Minnesota has a law that puts a floor under retail gas prices so we don’t see gas wars often, but it sure feels good to fill up for $30 once again.

I see another crypto brokerage firm went bust yesterday. I understand zero about crypto–I simplistically equate it to precious metals, but I can hold my precious metals in my hand. The concept of digital coins is a bit far for me–BUT if bitcoin ever went to $1 I would buy some just because–because maybe a more foolish person would pay me $67,000 for it someday.

“Reply Link” Not Adequate

There have been some comments about the ‘Reply Link’ disappearing in the comments sections.

My research has found that the current website setup allows for only 10 comments in reply to an initial comment before the ‘reply’ link disappears. I don’t remember this being an issue before–or maybe it was and I missed it.

Regardless the setting only allows 10 at a max–this can be changed but it will require a bit of coding to fix–and while there is a chance I could do it myself I will get it on the list for a ‘pro’ to do. I don’t want a 69 year old doofus (me) messing with the website code.

So for the moment please bear with me until we can get it adjusted.

Headlines of Interest

Below are some press releases from company’s that have preferred stock and baby bonds outstanding.

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Stifel Reports October 2022 Operating Data

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Brookfield Infrastructure Renews Its Normal Course Issuer Bids

View Press Release

RiverNorth Specialty Finance Corporation Announces Name Change to RiverNorth Capital and Income Fund

View Press Release

XAI Octagon Floating Rate & Alternative Income Term Trust Will Host Q3 2022 Quarterly Webinar on December 1, 2022

Bank of America Corporation Announces Hypothetical Accrued Dividends and Hypothetical Total Consideration for LIBOR Depositary Shares Sought in its Cash Tender Offers and Amendments to the Offer to Purchase

Bank of America Corporation Announces Hypothetical Accrued Dividends and Hypothetical Total Consideration for LIBOR Depositary Shares Sought in its Cash Tender Offers and Amendments to the Offer to Purchase

Waiting on Important Economic News

Looks like markets are waiting on economic news later in the week. Chinese unrest is playing on the markets today. Markets have moved lower in an orderly fashion.

Treasury yields today are moving at a snails pace. There is no economic news today, but in a few minutes we have a couple of Fed folks shooting their mouths off. Big mouth Bullard will give an interview at 11 a.m. todays and Williams will speak at the same time. Can’t imagine what Bullard can say that is more hawkish than his recent statements—but he can always come up with something–who knows.

Tomorrow we have a few more minor reports–Case Shiller home prices and consumer confidence. Not likely market moving.

On Wednesday we have ADP employment (who really cares?) and the revision of 3rd quarter GDP. We will also have the job openings report–we’ll see if these are weakening. Also Fed Chair Powell and Fed governor Cook speak around midday.

Thursday and Friday will have market moving economic news–posted below. These will be wild days.