On this page reader/participants can post comments pointing out ERRORS AND OMISSIONS on our various lists.
I think we are dealing with near 1000 pages on site at this moment (1/5/2019) and we always say we have maybe 98% good data with 2% being incorrect or simply missing.
For instance this week Affinity4Investing let us know we were missing one of the Allstate Corp preferred issues–fortunately we stumbled on his comment so we were able to get the issue added, BUT there is so much commenting activity we can only skim through them. Thus if they are posted here were can, at a glance, find out issues.
We will respond to comments on this page, but we will clear it off every week or two.
hi tim – thanks again for sharing your very hard work [and patience!] with all.
one correction, one addition to the tome:
correction:
ECCB: Maturity Date should be 10/30/2026
addition:
AIRTP: Air T Funding, 8.00% Alpha Income Trust Preferred Securities Due 6/7/2049
CUSIP: 00919P120 Previous CUSIP: 00919P203
1st call: 6/07/2024
Maturity: 6/07/2049
interesting background:
Air T Funding, 8.0% Alpha Income Trust Preferred Securities, liquidation amount $2.50 (became $25 on 01/14/2020) per share, guaranteed by Air T, Inc (NASDAQ:AIRT) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer’s option on or after 6/7/2024 at $2.50 (became $25 on 01/14/2020) Per share plus accrued and unpaid dividends, and maturing 6/7/2049. Cumulative distributions of 8.00% per annum ($0.2 (became $2.00 on 01/14/2020) per annum or $0.05 (became .50 on 01/14/2020) per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date which will be one business day prior to the payment date while the securities remain in book-entry form (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders (see page 59 of the prospectus for further information). The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust’s assets consist of the 8.0% Junior Subordinated Deferrable Interest Debentures due 6/7/2049 which were purchased from the company using the funds generated from the sale of the trust preferred securities. This security was not rated by Moody’s or S&P at the time of its IPO.
SBLKZ at: https://innovativeincomeinvestor.com/short-medium-maturity-income-issues/ should be 11/15/2022 and not 11/15/2020
Hi Tim:
Thanks for reinstituting the $25/share Gain/Loss Daily Spreadsheet. The “First Call Date” column is truncated. That is, it does not show the full date. Was wondering if it might please be possible to include the full column??? If not, no worries. I can just check with the master list.
Thanks!
– Dave
Dave-I moved some columns around. If you need to scroll right you can click anywhere on the sheet and then arrow right.
Perfect! Thank you much Tim.
I am grateful for your site. You have done a great job to facilitate a balanced prospective from different contributors in different physical locales. Alternative views is what makes a market. Your sagacious opinions are typically right on target. The opinions expressed by all contributors have been extremely helpful, timely, and thought provoking. Keep up the good work.
“Search Securities” with parent company ticker SBNY yields “no securities” found despite recent SBNYP preferred offering.
Regards, and a Happy New Year to all.
Tim – for those investors that own shares in IRET and their preferred IRET-C, it appears they have now changed their name. The new ticker symbol for the company is CSR and CSR-C. Notified QuantumOnline this evening and just wanted to make mention of it here as well. They now appear to be called Centerspace. I don’t own any shares now, but IRET-C was on my watch list at TD.
Thanks and Merry Christmas to all!
On the sortable spreadsheet (ver 11/06/2020) in appears there are two different formulas being used for Yield to Worst. For example COF-J uses =(25-J147)/25 while COF-H uses ={{L148*U148}+{(25-J148)/25}}/U148. To me it looks like the COF-J formula is incorrect as it does not take into account the number in dividends in the future (I think this value is represented by the U column). I might be missing something.
Note: neither COF-J nor COF-H are past call)
Tim, I think the formula you are using for yield to worst for issues that are not callable might be incorrect. It is reporting the total yield, as opposed to the annualized yield.
For example on PIHPP, you have
L2*U2+(25-J2)/25/U2 =22.28%
I think what you want is an extra set of parentheses
(L2*U2+(25-J2)/25)/U2=10.86%
COF-K rate is 4.625%, not 4.75%.
Thanks for the ‘proofread’ Fredson. Correcting.