GasLog Partners Preferred Purchase

We had forgotten to mention last Friday that we had purchased 400 shares of the new GasLog Partners 8.50% fix-to-floating rate preferred which is now trading on the OTC Grey Market under the temporary ticker of GLOUF.

We paid $24.50 for the shares and we see the shares are trading at $24.25 right now.  Even with this bargain price it is unlikely that we will purchase more.

Further info for the issue can be accessed here.

Today we will add 200 shares to the High Yield portfolio which can be seen here.  We already hold the 8.20% fixed-to-floating issue (GLOP-B) in this portfolio so we are making the new purchase small.

All issues from GasLog Partners (GLOP) are junk rated (they have no rating), but we consider them pretty good junk because of their strong balance sheet and large backlog of contract revenue.

Also we note that eTrade charged just the regular commission on this purchase—no $50 foreign stock charge.

14 thoughts on “GasLog Partners Preferred Purchase”

  1. AILLL is down to $26.21 if anyone is interested. They have a new debt issue coming out that they will use to pay down higher interest debt, but I haven’t checked to see if AILLL is in any danger of being called yet.

    1. Scott, its going no where. I got the board meeting minutes results down to the day and hour of dividend declarations, lol. Truth is, the price is where it should be. I was buying at $26.55 just days before exD last month. The stock never dropped a penny after exD because it never traded for the longest period of time. Funny I led the selling yesterday. I made a purchase so I needed to sell some AILLL to cover that trade at 26.69. After I cleared that bid order out, I tried to sneak some out at 26.59 to myself into my taxable account from HSA. Some bastard interecepted my trade and stole the shares…Serves them right. I still have plenty.

    2. What I think saves AILLL is the relatively minuscule amount outstanding. If there were a big amount it would be called.

      The risk here is that some assistant controller in the company persuades the CFO to “clean up the balance sheet” by calling all the past-call preferred. It does happen but I am taking the risk on this issue.

  2. The Teekay preferreds dropped in price as TOO-A was dropped from a preferred stock ETF (PFF) per Richard Lejune on Seeking Alpha.

    FWIW, Teekay preferreds are a big part of my income portfolio.

    1. Hi jjamh–don’t really watch any of the Teekays, but would suggest all crude oil related issues are susceptible anytime crude is off $4 bucks.

  3. Retired, I buy these fixed to floating issues through Fidelity all the time. Yes, they make me go through a real person and will not allow them to be purchased online. At least, they only charge me the regular $4.95 online rate plus the extra $50 when applicable. I complain and the rep on the other end agrees but their hands are tied. I figure some really high up people instituted this policy to protect from lawsuits from customers who might complain down the road that they lost money because this class of preferreds is different and it was never explained to them.

    1. Jerseyvinny–I don’t even try these with Fido, just go straight to the etrade account where I know I can buy them without hassle.

    2. At times I think Fido is appropriately nick-named. At least all I get from Vanguard is a warning message about fixed-to-float issues.

      I can buy options, penny stocks, issues with suspended dividends, and just about any other dog with no message, but should I buy an investment grade issue with F2F feature I need to cautioned.

  4. Thanks for the heads up on this one, Tim.
    Just bought first 1000 share block at $24.25 in taxable account.
    Love these QDI issues that are cumulative.

    Keep up the great work. Been following you since your Dividend Hunter days.
    Glad you are back to being “independent” again!

    1. Thanks Dura-Ace. I hope to be back in a bigger presence down the road a bit–when more time is available.

  5. Picked up 250 shares yesterday at $24.48. Being a fixed-to-float issue and with the account being at Fidelity, if I wanted them, I had to buy while they were trading on the OTC grey market. May by another 150 today.

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