Closed end fund (CEF) Aberdeen Income Credit Strategies Fund (ACP) has announced they will be selling a new issue of $25 preferred stock.
As always I am pleased that another closed end fund comes to market with a preferred–in spite of generally lower quality I do like the asset coverage rules (must have coverage of at least 200%) that will apply to the issue.
The issue will be cumulative and unrated.
This is another issue where investors will likely need to dive into the CEF deeply to determine suitability of the issue.
The preliminary prospectus can be read here.
ACPPP otc ticker.
5.25%
https://www.sec.gov/Archives/edgar/data/0001503290/000110465921060209/a21-14969_1fwp.htm
Thanks Bob!
Good yield if you can buy at par.
Thanks aview
Anyone hearing any pricing talk on this one yet ?
Stacking–6:40 pm (central) and still no pricing announced. Ever since Covid pricing seems to be way slow.
I’m interested and in doing my due diligence, I’ve noted that their top holding is named Virgin Money.
Made me chuckle.
Virgin Money is a financial service company in the UK.
I noticed that when I filed a FBAR for a client.
Newman,
Do you have to file an FBAR for crypto ? Because where in the hell is it stored??
Max, good question. Starting in 2021 some crypto holders will have to file and FBAR. I bet a lot of them don’t do it. Penalties can be steep.
https://brighttax.com/blog/cryptocurrency-accounts-added-fbar-reporting/
For those unfamiliar with the term FBAR, aka Fubarite, it’s a geological term meaning F&%!$# Up Beyond All Recognition.
It’s also the acronym for a form filed annually with the Financial Crimes Enforcement Network. a government agency. In the eyes of the Feds if you dare to hold foreign financial asses you are evil. And if you forget to file the form you will be a criminal and the penalty is close to confiscation of the asset in question. Even if you declare all the income on your tax return, even if you check the foreign account box on your 1040.
U.S. law is filled with such punitive practices. No other country on earth does such things to its citizens.
It’s pretty much a contradiction in terms. What is it with Branson, anyway?