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READER INITIATED ALERTS

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1,809 thoughts on “READER INITIATED ALERTS”

  1. GMPLF
    Should pay its dividend tomorrow but I have not seen any declaration announcement. Has anyone read/ heard anything?

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    3. The common AOMR has been trading since June 2021. I see another BB AOMN issued in July 2024 at 9.5%. Cost of capital angelic.

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  3. The fate of the municipal bond tax exemption appears secure — at least for now — under the first detailed glimpse of a tax bill released Monday afternoon by the House Ways and Means Committee.

    I have been loading up on tax free. Regardless of Senate, in conference I don’t see the house giving an inch on this.

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  4. Wow! QVCGP, a $100 preferred, is down to $13. At that price the dividend ($8) is over 60%. Haven’t seen any news about that them stopping the dividend.

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      1. agreed…arg-d/vclt pair trading near .5 sigma cheap (1 yr horizon) ..was near 3 sigma cheap (like everything else) on liberation day ..was near 3 sigma rich in early january

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      2. R2s. Do you own ARGD? It looks good but with Brookfield involved I am worried about delisting. Any thoughts? I already own KTBA and I really don’t like holding delisted securities. Thank you for any information you can provide.

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        1. Timdman-
          I own a little ARGD. I like that it’s senior notes. The common ARGO is doing well. In my uninformed opinion, Brookfield doesn’t bother me because they like their insurance companies. I haven’t studied the fundamentals. I’d consider adding.

          What I don’t understand is why the CY is 8% and not lower. Perhaps it’s because of the 2042 maturity.

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          1. Thank you. I like the maturity too, even though I will be extremely lucky to be around. Think I will join you with a small taste

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  6. call it a trading recommendation:
    COIN add to S&P 500: The history of these adds is a big down day b4 the stock gets added. this is up so much not just due to the add, but the slightly shorter time frame than usual and BTC move up.
    I’m selling the 280’s to 300’s expiring Friday

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    1. Not sure when but the S&P500 will eventually just be the NASDAQ in due time. Already tech and communication (which is a similar to tech) is approx 40% of the weight. With 10 tech companies being approx 33% of the whole shebang. Not sure what to think of more additions like COIN which strikes me more like tech then a financial. I have to wonder if this is the type of company which will be on it for a while and then booted off in due time.

      COIN.. speculators betting on speculators betting on… and produces nothing of value. Solid addition. What could possibly go wrong?

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      1. fc,
        I would think the same thing but this has been a big holding of Seth Klarman’s Baupost. I don’t know if he still holds it.
        I rate him above Buffet in investing skill.
        I’m still trying to figure out how Bill Miller considered Bitcoin a value investment, but I don’t have enough fingers to count the great investments I’ve missed.

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      2. Looking at COIN past trading trend, very stable and reliable. LMAO Trading at a huge PE. I guess this must be represenative of our markets, bring it on.

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  7. Comparison:
    Treasuries: The 18 year IO treasury STRIP is trading at 5.20%
    912834md7
    Do you really want a BBB- perpetual preferred at 6 or even 6.5?
    I need a lot more premium.
    It looks like the long term TIPS are about 2.65 over inflation…assuming I understand the pricing. I’d love to have someone who does understand it opine

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    1. I have tried three separate times to fully understand TIPS but it has never clicked with me.

      So I just buy I-bonds for inflation protection.

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    2. I guess it is a question of after tax return, depending on your tax bracket, state tax, and if you holding your assets in tax deferred accounts. In worst case you could be paying almost 50% tax on that long dated Treasury while the preferred is qualified income…

      If taxes were not an issue I agree USTs look like a better deal and TIPs are fairly attractive

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  9. Anyone know what happened at IBKR?
    I just got noticed a bunch of securities became restricted, including the SJI 2031 subordinated notes:

    No Trading Permission, Customer Ineligible; Ineligibility reasons: Opening trades are restricted in a bond that is not quote eligible pursuant to Rule 15c2-11

    It says I can sell but not buy these, but right now the system is not even letting me enter a sell order when I tried to test it.

    I am so tired of the SEC protecting me, but weren’t most of these 1000 notes covered by the SEC’s November 22, 2024 no action letter?

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    1. I’m not seeing that message when entering a test buy order for those bonds.

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      1. Same, no issues on my end.

        Dave, give IBKR a ring, it is probably a “permissions” issue.

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      2. Ok. That’s a positive sign. I emailed them, hopefully they will fix it.
        I got these notices and see I can not buy the SJI 2031’s and the Land o Lakes & SBL Holdings perpetuals, all of which are from companies that are not publicly traded.
        Lately I have been having issues with IBKR and its hard to communicate with them. Still trying to get them to fix my 1099 where they mistakenly classified QDI dividends as bond interest.
        Thank you!

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        1. There are definitely other bonds that are not buyable at IBKR due to a “trade notice” that you can trade at other brokers. So that issue does exist but it’s usually when the outstanding size is small compared to the issuance size. I’m just not seeing it for the SJI bonds.

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    2. I got the same message in my IBKR Pro account when I placed an SJI 2031 buy order yesterday. I cannot sell either.

      The message reads: Opening trades are restricted in a bond that is not quote eligible pursuant to Rule 15c2-11.

      My last buy order was of 21/04 and went through.

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    3. Wow – I have been seeing all these issues with Schwab, Fidelity and now IBKR! I have had eTrade since the 90s and never had one of these problems. There were a couple of small hiccups when MS bought them a couple years ago but they were quickly resolved. I considered trying one of the other brokerages recently but guess I’ll stay put!

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  10. Officially received partial call notice at par for VIASP.

    Does it now go on the hiding spot list for the remaining .50 of capital gain and 11-12% annualized qualified distribution?

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    1. May not get to sell any of the 2066 or 2067 notes since they are lower priority than the senior bonds with amount outstanding of twice the max amount to be tendered for.

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  12. Moody’s just changed it’s ratings outlook on Allstate from negative to stable.

    New York , May 12, 2025 – Moody’s Ratings (Moody’s) has affirmed the A3 senior unsecured debt rating of The Allstate Corporation (Allstate; NYSE: ALL), and the Aa3 insurance financial strength (IFS) ratings of Allstate Insurance Company (AIC) and certain of its property-casualty subsidiaries. We changed the ratings outlook for Allstate to stable from negative reflecting improved underwriting profitability in personal auto and our expectation that the company will continue to improve its risk adjusted capitalization and financial leverage metrics.

    https://www.moodys.com/research/null-Moodys-Ratings-affirms-Allstates-ratings-A3-senior-unsecured-outlook-changed-Rating-Action–PR_1000011401?cid=GAR9PTU7VKT2671&emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiJkYzVkYjczMC01NTBiLTQ3ZjctYjhjZi05NzY2ZjAxZmU0MzMiLCJEb2NJZCI6IlBSXzEwMDAwMTE0MDEiLCJjcmVhdGlvbkRhdGUiOiIyMDI1LTA1LTEyVDE5OjAxOjQxLjE1OTQ1MjktMDQ6MDAiLCJleHAiOjE3NDczNTAxMDEsIlVzZXJOYW1lIjoiY3BhbWlrZW1iYUB5YWhvby5jb20iLCJVc2VyVHlwZSI6IjIifQ.FXk4eNMMG93a2uFtjsDQqux9F5DFQlmDgsLsRZ_Qy0o#0572b961dceedc105347b4ba6f05cd6f

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  13. BWNB and BWSN – “Babcock & Wilcox announces private bond exchanges to reduce outstanding debt”
    “Babcock & Wilcox Enterprises (NYSE:BW) has entered into privately negotiated exchanges with a limited number of noteholders that will result in $131.8 million of outstanding Senior Notes due 2026 being exchanged for $100.8 million in newly issued 8.75% Senior Secured Second Lien Notes due 2030. The exchanges will include approximately $84 million in 8.125% Senior Notes due February 28, 2026 and approximately $48 million in 6.50% Senior Notes due December 31, 2026. Total interest expense will be reduced by $1.1 million annually.”

    https://seekingalpha.com/news/4446313-babcock-wilcox-announces-private-bond-exchanges-to-reduce-outstanding-debt?mailingid=39820356&messageid=2900&serial=39820356.194&source=email_2900&utm_campaign=rta-stock-news&utm_content=link-3&utm_medium=email&utm_source=seeking_alpha&utm_term=39820356.194

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    1. Hmm. I guess that’s a win-win. Though I’d be a little annoyed if I was a BWNB/BWSN holder and did not have the opportunity to make the exchange and go a little higher up on the capital stack myself.

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      1. I’m guessing the new notes are a private placement 144A so retail investors would not be eligible to buy it. But yeah, annoying.

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    3. Dang. I added the F shares to replace the income I lost when the H shares were redeemed.

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    4. Thanks to your timely post, CR I managed to enter a buy at the full offered side at the time of 24.95 and have it execute at 24.78…. Yay, III!

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      1. Very welcome. I’ve been the recipient of a lot of good info from this site (quite often from you, 2WR), and have rarely been able to contribute. I just came across this as I was scrolling through my (way too) numerous small holdings this morning and saw the sudden jump. Tried to buy more at 24.8 but didn’t hit.

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  16. They’ve had multiple tender offer below par and slightly below the selling price. Trying to get out cheap before the call. Don’t know why anyone would accept.

    Reply

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