Headlines of Interest for Holders of Preferred Stocks and Baby Bonds

News is always slow until earnings season, but today (and likely tomorrow) are incredibly slow–I think everyone has taken an extending holiday.

2 thoughts on “Headlines of Interest for Holders of Preferred Stocks and Baby Bonds”

2whiteroses says:

12/30/2024 at 4:19 pm

Interesting development with Sirius Point? I wonder what it might mean, if anything to SPNT-B? On the one side, it lowers the equity protection theoretically, but on the other, it’s supposed to be accretive, improving credit parameters. Price wise it doesn’t look as though current price of SPNT-B offers much room for improvement if this is considered good – it’s YTC is a limiting factor. Opinions???

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1. Charles M says:
  
  12/30/2024 at 5:41 pm
  
  2WR if they had that much cash on hand no wonder Daniel Loeb had been trying to buy them. Their credit quality also must be pretty good as they sold an offering of 4.6% 2yr notes in April to call the 7% notes due this year. This is probably the money they were going to use when they were talking about buying Aspen Insurance. They also did a shelf registration to see common, preferred, warrants, numerous other options. With this many purchased shares they could make a listing for sale of $200 million of common to call the preferred shares.
  So, I guess my answer is I am not too concerned about the preferred.
  
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