As you likely know Gaslog LTD (GLOG) has made an offer to acquire Gaslog Partners (GLOP)
The letter on the non binding proposal, which is supposed to have been filed with the Gaslog LTD 13D, appears to have been left off the filing–I suspect it will appear sometime soon.
I am not aware of any danger to the issuers preferred stock–but holders need to aware of the potential transaction and act accordingly. GLOP preferreds and GLOG preferreds.
This note is simply to make sure investors are aware of the potential deal.
While I thought we might see a bit of a downdraft in prices today it isn’t coming to pass. Our accounts are down just a tiny bit. The 10 year treasury yield is off just a fraction of a basis point–let’s say unchanged.
Equities are trying to rally a bit off their lows–actually they have rallied a good bit–earlier off about 1 1/2% and just now down just 1/2%. It’s hard to keep a strong market down.
I have trimmed a bit more around the edges–have not bought anything. I have 7-8% cash now–a tidy little sum to invest when the time is right (like when prices back off a couple percent–assuming they do)–if not I am stuck for a bit at money market rates–sounds much better to say that now as compared to a year ago.
I am waiting on Customers Bancorp (CUBI) earnings after the market close today and then looking for PacWest Bancorp (PACW) to announce tomorrow. Both of these have preferreds and while I own some of the CUBI preferreds I am just looking at the PacWest 7.75% fixed rate reset preferred (PACWP)–would prefer it some below the current $25.72 price though.
Equity futures are looking red by almost 1% this morning. The earnings season is upon us and the numbers are not looking great. Boeing (BA) just announced and they missed on the top and bottom line–nothing new for them as they have missed on a regular basis the last couple of years. Microsoft (MSFT) reported last night and other than their cloud business business is soft.
I am watching some of the banking company’s earnings–mainly because I own some of the regional/community banks preferred shares, but also watching the big banks. Capital One (COF) announced last night and their earnings per share were more than a dollar below the year ago quarter–the company is building reserves for future credit losses, which seems to be a common them. WesBanco (WES) also reported and 4th quarter earnings were about flat with a year ago–contrary to most banks they did not increase their provision for loan losses substantially. All banks are against comparisons that include PPP loan fees etc–and deposit lvels from government ‘free money’ programs
Interest rates are looking lower this morning–off 5 basis points to 3.42%. We’ll see if lower rates outweigh the downdraft in common shares to keep income issues green.
Yesterday was a slightly green day for us–not sure how many days in a row have been green–maybe the last 10-11, but all good things come to an end and today may be that day–we’ll see.
We have no economic news of interest today–we are saving that for the next 2 days when we will have a plethora of data–including an important inflation number (the PCE) on Friday.
