Below are some press releases from company’s that have preferred stock or baby bonds outstanding.
Athene Holding Ltd. Declares Third Quarter 2022 Preferred Stock Dividends
Global Ship Lease Announces Forward Charter Agreements
Orchid Island Capital Completes One-for-five Reverse Stock Split
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Joel even in the F to F there doesn’t seem to be solid ground. Several I watch have been drifting down. Could be several reasons, unease in the market stocks going x dividend, even people flipping look at NSS that people watch or are invested in has went down. Next couple weeks will be interesting. But when the Feds finally bump up rates it may be a non event since people are expecting it
Charles, JMO and only where I play, but I have been buying F/F with no expectation of real or any cap gains as most of the live ones are relatively call anchored. The gain would be only the increase in yield but certainly no right or claim to price stability as anything can go down.
But taking NSS as an example I actually have seen it as being relatively stable the past 12 months.. Past 5 days its up .73%, past month -0.52%, past 3 months -0.64%, YTD -1.47% and past 12 months -1.43%. So added in the interest payments its been a good positive hold over past year. CUBI-E has largely been around 0% entire time and up 0.95% past 12 months and that is not including dividends. So overall in this market they have held up very well compared to many fixed perpetuals some being down 30%….So far…Tomorrow is another day as we know, so who knows. That is why I have IBonds, short duration CDs and Tbills, and some short duration HQ bond notes too. As I dunno….
I picked up VLYPO and ZIONO today mainly for the dividend over the next 6 months but will be keeping an eye on LIBOR as everyone seems to think rates will trend down next year, but again who knows?
Charles, just some more color on both securities you have referenced:
VLYPO = from 6/30/2022, distributions will be paid at a floating rate equal to three-month LIBOR plus a spread of 3.578% per annum.
ZIONO = After 3/15/2023 the non-cumulative distributions will be paid at a floating rate equal to the Three-Month LIBOR plus 4.24%.
Wishing you profitable investing, I am Azure
Under Headlines of Interest:
“Stocks Indexes are down 3-4 % this month.”
So, I bot a $20 stock. Now, it’s panic time to sell at $19.40 to $19.20? …and now there’s a bum’s-rush to bonds? Why did I even risk the Market? SLOSH!
It’s the headlines in my MIND that create the problem.
PS: The recent topics here regarding F to Fl issues and 3 Mo LIBOR have been very thought provoking. The strategy of employing these issues is fairly complex and have much to do with prognostications. I am glad to have spent time spinning the five year resets in my mind over the last 2+ years and see much of the same ‘management-neediness’ with these issues. They are going to require a certain adeptness to manage as the swiftness of short rates moves at a MUCH steeper slope over short timeframes. It’s harder to get in front of the faster train and dance with it. Imagine ME on Dancing with The Rates!
I have appreciated the mental comradery, outside my own bubble, in asking me to think it all through. Looks like there is opportunity embedded there though.
Best for All, JA