Tonight AIG announced a redemption of their series A preferred shares (AIG-A).
Shares are 1st redeemable on 3/15 and that is the date of redemption. Redemption is $25/share plus accrued dividends.
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5/9/2024
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Huh. I was just thinking this afternoon about getting back in. Guess I won’t be doing that.
I didn’t own a ton, but I got out all I had a few weeks ago when it went above $25.25 because I needed the cash to buy something while I was waiting for treasuries to mature today. Thought I could use some of the treasury proceeds to buy back in. Oh well.
I wonder why? There doesn’t seem to be a clear economical rationale for this one to be called, is there?
Oh, I agree. No way they could refinance this at a rate that makes calling this make sense.
Oh Drats. I have flipped off and on since 2020 with generally great results. Only collected $30 in dividends but lots of capital appreciation. Purchased 100 shares today at $24.52. Sad to see it go. I think it’s interesting that it is being redeemed at face when it has been trading at a discount for the last month.
Thanks for the heads up. Owned since March 2020. Sad to see this nice payer go. Time to go shopping (for income).
Is that the good way, the bad way, or the PendragonY way (i.e. very very bad)?
Oh goody