For the Weekend

Users of the 2 ‘Master Lists” will notice that those 2 sheets are being worked on this weekend.

We are adding a ‘Yield to Worst’ column to those sheets.  This will be the worst realized yield if the issue is called on the 1st available call date.

This means more info–and we are always about more info.  It also means we are doing thousands of more calculations each time the listing is loaded–maybe it will cause a 1/10th of a second slowdown of the page.

For those that have downloaded a copy of one of these sheets (and renamed it) for their own personal use you should download a new copy next week if you want the new added data.

24 thoughts on “For the Weekend”

  1. I had you pictured older Grid. Next you will say you don’t drive a Buick? Anyway, I heard that saying decades before Mickey said it, but now I can’t remember when. Some attribute it to Mark Twain.

  2. Each person’s reaction to volatility is relative. You seasoned preferred/ETD investors have expressed dismay at the recent volatility. Having been involved with bitcoin and crypto currency since 2010 this market looks pretty tame. Which is exactly what I’m looking for in retirement income. 😉

    1. Mikeo, I love volatility as long as I can exploit it. If it is exploiting me, well not so much, lol…But I have been fortunate to take advantage of it the last 2 weeks…But I was looking at my 17 preferreds. Eight I have held for at least 2 weeks without exploiting movements (most though been held a lot longer)…But if you want to see tame look at the price movements in these I own over last 2 weeks…UEPCO 0%….NISOP 0%….ALLY-A minus 0.98%….CNIGO 0%…CNIGP 0%…FIISO 0%….MSEXP 0%….AILLL plus 0.38%… Pretty boring there, lol…

      1. Boring is LOVELY for retirement Gridbird! But those ill-liquid’s trades are as rare as hen’s teeth and most of the yields are a little low for my needs (unless you steal them, which you may have!).

        1. Mikeo, they arent for everyone I agree totally. Some of the low yielders are relative in relation to the term though. When I bought my CNIGO I bought with idea 5.75% YTM QDI for a 5 yr term dated duration was a good yield in terms of its safety…CNIGP was really bought as a disguised common stock with a term dated backside put on it. Unlike most ripoff convertible preferreds this one converts to 1.2 common and it is positive accretive already for me…But Im waiting 5 to 6 years to see if common can go to $25 so I can get $30 worth of common. But most of my 17 preferreds are in the 6-7% range and I just trade in and out…But I do go down to a bit over 4% owning GJP just bought again at $21.45. I have a couple 8% ers but am eyeing a 9% plus for tomorrow though. Need a little thrill every now and then, lol.

        2. Mikeo, I forgot..I have one real nasty dirty yield chase issue…The old PFX that is delisted and trades on bond market.. 7.45% debt issue at $25 par that has mandatory maturity in 2032. I bought somewhere around plus $18 and its right around $16. The 5 interest payments have me around break even, so it hasnt been a winner. Bought Im either going to score nicely on this small purchase in 2032 or watch it go bankrupt. I aint selling!

          1. Hahaha! I hope you are younger than I am, don’t think waiting until 2032 to cash in would work from the grave. 😉

            1. Mikeo my neighbor is 89 and we take turns driving 70 miles for our group golf outings. You may be saying sometime….If I had known I was going to live this long I would have taken better care of myself (Mickey Mantle)…2032 would put me at 67…I will feel ripped off if I dont make it to that age. 🙂

              1. Tim, unfortunately I think Paul is onto something…My girlfriend of 12 years is always accusing me of “acting old”.

                  1. I think that for many of us, our sons are likely older than Gridbird.
                    Thankfully, I’m not in that camp – so I don’t have to feel sorry for myself, feeling old.
                    For a young ‘un, Grid knows enough to put us old codgers to shame.

                    1. Inspy, Your gonna have to drop me a few pegs lower on the investing mantel….Two weeks ago I bought a little slug of IPL-D around 21.80…Sold them all a buck higher Friday. It has jumped over $2 today…I left a lot of meat on the bone!
                      I dont understand why people would pay over par for a 5% perpetual…I also dont understand why I didnt wait one more day to sell either, lol…

  3. Good morning all…while there are many seemingly good deals out there, I remain skeptical that the volatility we’ve experienced has concluded. Imagine the shock an average investor who doesn’t follow the markets closely is going to have when their brokerage sends them their quarterly statement in about 10 days…and what will be their likely reaction?

    As good as the deals are now, I’m willing to bet that they’re gonna be even better in a few more weeks after another round of sell offs. I’m using rallies to sell my weakest performing preferred shares (mostly perpetuals) and nibbling on baby bonds with 2019 and some 2020 maturity dates.

  4. Please check the recent comment section. As of now is poster name Hang, posting on for the weekend. Shows up as one sentence. “Hang on for the weekend” . Bout sums it up 😏

  5. Tim,

    What do you think of the GLOP prefs versus HMLP-A? Seems HMLP has a slightly better balance sheet and less risk, but HMLP-A price has run back up to $24 and is no longer a steal, while the GLOP prefs are still around $20.

    1. Hi Hang–am still liking GLOP issues. Hoegh and GasLog are pretty comparable but as you mentioned HMLP-A has traded stronger thus not offering the best risk/reward.

  6. Rubicon Assoc has a nice article on DLR-Pfd J on SA..

    w all the REIT pfds on sale (?? to be determined..lol ) good to see him back to his “roots” from a recent (although well written) foray into MO and XPO.. he also does a daily blog which often contains interesting pertinent tidbits. Not sure if he still works for/with Dalio (Bridgewater) but regardless one of the few quality places to get info on that site anymore…

    stayed on the sidelines for the most part last two weeks like Tim.. my watch lists are so chock full have to cull them out in the next few days.

    smart phones (no thanx) .. I love my large screen laptop..

    1. Bea, stay flexible! Im a borderline luddite myself. But you never know when a deal comes…Fellow poster Inspbudget this last week posted MTB- was in sell off mode. I was on a vacation this week and bought on his tip earlier this week with my smartphone brokerage app 2000 miles away from home at $955. It is showing $1029 today. I didnt have my chromebook with me and would have missed the deal. 🙂

    2. I read that and it was a good article. I think I might add to KIM-L instead though. Trying to be disciplined with what I own and limiting number of positions but, like you said, shopping list is full. Liking UNMA as well but waiting…

    3. Thanks for the info Bea on Rubicon–used to follow him, but he kind of disappeared for a while.

      Yes–my buy list is chock full also and starting Wed will likely start slowly snagging some issues in the 7-7 1/2% current yield area.

  7. Tim, about a month ago I purchased some GDL-C in a taxable account, thinking that it was QDI. I noticed that the first dividend payment was shown as “non-qualified dividend” in my Schwab account. I’ll call Schwab on Monday, but I wondered if you know why this would be. Thanks

    1. Hi Alan–interesting and taking a quick look I see some of the dividends are ‘return of capital’ and I assume that is why it indicates non qualified.

      Qualified dividends can only be paid from income–for instance if a regular c corp pays a quarterly dividend and then ends up losing money (no net income) during the period of dividend payment those dividends would be non qualified.

      Also for a dividend to be qualified the security must be held for a minimum amount of time–for preferred stock it must be held for more than 90 days during a 181 day period starting 90 days before the ex dividend date.

      In the case of GDL, being a closed end fund, most of the payments should be qualified–but some would be return of capital. And assuming this is a longer term hold for you your tax document will show the breakdown on the dividend payment.

      Hopefully some others will chime in – I don’t personally have to worry about such things as about 80% of all our investments are in IRA–with the balance being in non qualified interest bearing instruments.

      1. Thanks Tim. It may the 90 day holding criteria. I’ll wait and see how the next quarter’s dividend is classified.

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