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READER INITIATED ALERTS

Below readers can post in the comments section items they believe are important to seen right away by all other readers.

For instance if we are not at our computer and a reader spots a new issue being issued they can post it below where others can come for ‘breaking news’ from other readers.

We want to keep this page ‘fresh’ so we will slick it off every 50 days so the items below remain only newer items.

We only ask that comments beyond the breaking news be kept to other pages or this page will be ‘out of control’ and not fulfilling what I hope is a handy alert page.

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1,490 thoughts on “READER INITIATED ALERTS”

  1. Sachem Capital reduces dividend by 27.3%
    Was off about 11%, now -8.3% little effect on notes and the preferred.

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  2. Hawaiian Electric up 45% after hours. Settlement proposed. Kind of looking like another huge win, I’m in at ~$9.50 since last fall. In addition, have played some in the preferred arena.

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    1. Good catch and very good entry price. Wish I saw this last night. Preferreds even jumped today.

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        1. Speaking of Grid, has anyone heard from him lately? Last post I saw of his was on the 7th and that would be the longest he has ever gone without posting here.

          I would hate to think the ludicrous, bad faith SEC complaint filed by Kaptain Lou made him decide it is more trouble than it is worth to share his knowledge with us.

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          1. He is around. Prob doing more golfing then caring to chat. Frankly I don’t blame him from taking a break after the nonsense posted here by a few people. It was stupid and nothing will happen which is he well aware of. Honestly it even made me stop giving updates on MSEXP. I think everyone understands the situation now.

            On top of that not many deals to be had at the moment.

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            1. Let me know if you actually get your shares converted fc. I would appreciate that.

              Fidelity still says they are waiting on Broadridge and Middlesex to sort things out and issue them something they can put in their system. If other brokers are making more progress I may need to move my shares.

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              1. Yes, I would appreciate any updates as people can provide them.

                I am currently in the process of DRSing my MSEXP from IBKR out to Broadridge. Should be done by Tuesday. I’ve also been trying to track down the actual provisions of this issue (as opposed to the paltry disclosure in their 10-K) to see if there are any roadblocks there.

                I mean, there SHOULDN’T be. But if that were the case the spread between (MSEXP) and (MSEX * 12) wouldn’t be so large.

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            3. ok i’m late to the party…what is the “situation” and what is the deal with Kaptain Lou? Please fill me in.

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              1. There is a heading for issues that rarely trade. One trade can move the posted last price. Some knowledgable information is posted there and one jerk accused it of being a pump and dump. Nobody else believes it.

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  3. Bought a little RTWN at par (9.125% senior BB 3/1/29 call 3/1/26). This was a Feb 2024 issue and since RWT has issued the similar RWTO at 9%. It’s a month until ex-div, so that’s not why RWTN price is down. I’m leery of high coupon issues and REITs and bought today only because it’s senior debt. RWT common has surged recently, perhaps in part because JPM raised it’s target to 7.50.

    I won’t be surprised if RWTN goes lower.

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    1. RWT-A paying over 10%. I’ll step down a few nickels but not a whole dollar for this one.

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    2. good comment …rwtn/sjnk pair at lowest point (underperform) since inception on 2/2)..stripped price near 24.63

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  4. Höegh LNG Partners LP Announces Cash Distribution for the Second Quarter of 2024 on its 8.75% Series A Cumulative Redeemable Preferred Units
    07/18/2024
    HAMILTON, Bermuda, July 18, 2024 – Höegh LNG Partners LP (the “Partnership”) announced today that its board of directors has declared a cash distribution of $0.546875 per 8.75% Series A Cumulative Redeemable Preferred Unit (the “Preferred Units”). The cash distribution for the Preferred Units will be paid on August 15, 2024, to all holders of record of Preferred Units as of the close of the business on August 8, 2024.

    https://www.hoeghlngpartners.com/announcements-and-press-releases/press-release-details/2024/Hegh-LNG-Partners-LP-Announces-Cash-Distribution-for-the-Second-Quarter-of-2024-on-its-8.75-Series-A-Cumulative-Redeemable-Preferred-Units/default.aspx

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      1. Not able to post new item. so. fyi. I am a M&T bank customer.

        Some of their systems are still down. No access for on line banking.

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    1. It might be in line with other TBTF banks, but I think only 2.767% plus 5-year T at the reset date on December 15, 2029 is not enough return for the risk borne.

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    2. Has this WFC cu 95002y806 preferred begin trading, is this qualified dividend?Thanks for any info

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    2. Does this news affect Key Bank? I bought their preferreds cheap in the panic last year, wondering if it’s time to sell.

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      1. Credit agreement and covenants are done ahead of time at the time of the loan. Of course they can be re-negotiated. These are the rules that govern the loan. For instance there might be line items that govern the payback of the loan. Ex. if new debt is taken on, then the new debt must have provisions to pay down existing debt. Nothing to be alarmed as this is following the terms of the agreement.

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    1. complicated biz I don’t understand. Buffett shied away from such. I will do as well with this offering.

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  9. Another Day, Another AT&T breach…

    WSJ – AT&T today says hacker stole cell, text data on nearly all of its wireless customers. AT&T points finger at Snowflake as a 3rd party cloud storage source. AT&T, Santander Bank, & Ticketmaster all recently breached using Snowflake. Snowflake down today in an up market and also down from $234 to $134 in 4 months.

    Maybe carrier pigeons will make a comeback!

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    2. Franchise Group Inc. investors sued ex-CEO Brian Kahn and investment partner B. Riley Financial Inc., claiming shareholders were shortchanged in a $2.6 billion take-private buyout of the operator of franchised-retail brands.
      Kahn and his allies are accused in the suit of using their control of the company to wrongfully push through a $30-per-share buyout in 2023. The firm’s brands include Vitamin Shoppe, Representatives of Kahn and B. Riley didn’t immediately respond to email and phone messages after regular business hours seeking comment. and Sylvan Learning.

      Reply

  10. ABR probed by DOJ over lending practices. Anybody know what this is about? Stock drops 12% Preferreds drop 4 to 6%
    A buying opportunity or were the negative nellie’s right about them?

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    1. I would assume a follow up to all the short attack stuff in the recent past. DOJ just poking in to see if anything is true.

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      1. And the preferreds go ex div on Monday, here’s hoping they make a statement before the close.

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        1. Just bought some of the D shares. Thanks to those who sold at $16.60!
          Company already commented that they are confident in their portfolio and looking forward to their next quarterly earnings call.

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  11. July 11

    * CPI Y/Y…Now 3.0%, Prior 3.3%

    * Core CPI Y/Y…Now 3.3%, Prior 3.4%

    * 7-Eleven…annual FREE small slurpees all day on 7/11. 🙂

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    1. Hilarious you threw in the free Slurpee anniversary. Love it.

      Thanks for the periodic stats btw

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      1. Cusip 89116CKP1

        Etrade description Callable 07/29@100 – Fixed to Float – 7.25% FIXED until 07/31/2029 then 5YR CMT + 297.7BP – Conditional Calls.

        BAA1 (Moodys) BBB(SP) credit rating

        Ugh – Blue Sky Restrictions: This bond is not available to the legal residents of the following states/territories: Arkansas, American Samoa, Federated States of Micronesia, Florida, Illinois, Louisiana, New Hampshire, New York, North Dakota, North Marianas, Ohio, Pennsylvania, Tennessee, Texas.

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        1. BS – I am going to try and buy it anyway. If my broker refuses, I can move money back to a broker where I don’t have to call the bond desk to buy. Can we just get rid of the expert market and state-level restrictions?

          Does anybody have experience with Blue Sky restrictions at a state level?

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          1. Steve,
            I tried to get a price on that at Schwab, unavailable to purchase. Assume that was same answer you got?

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            1. They took the Cusip number at 10:30am EST today. Waiting a call back to see if they can acquire it. No response as of 12:00 today. I called in and it is still out for a bid.

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                  1. I like Canadian banks and find the note interesting. I called to inquire at Fido. They told me par and 200 min. I asked if they would lower the min, verify the tax witholding / Canada treatment, and whether the tax is qualified. If they tell me anything, I’ll share it.

                    It’s an attractive coupon.

                    I bought the somewhat comparable State street issue. (still) Considering the Citi issue, and know some people consider it TBTF, but as is pointed out here, the Canadian banks are yet more attractive for various reasons.

                    appreciate all of your commentary and continue to learn a lot from the group.

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                    1. This one is interesting to me too. Thanks in advance for sharing your results.

        2. Steve—the two sites I looked at (Schwab and Finra), indicate this issue is a fixed rate issue. Where can I go to actually see the variable rate info? Thanks.

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                1. My read on the prospectus (tax implications) is this may be subject to the under the Canada-US TAX treaty. It also may or may not be considered a dividend. Clear as mud, to me. If it falls under the Canada-US tax treaty, I guess that it would need to be in an IRA account to get the full “dividend” payment.

                  Do any others care to weigh in?

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                  1. Steve,
                    I have lots of Canadian bank bonds in various IRA accounts, dividends are paid in US dollars and not subject to taxes. Was worried about that coming over to Schwab, but all seems well on that front.

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                    2. Pig what is the history with Canadian banks? Seems with TD having to pay 7.25% indicates a higher risk?

                    3. Charles,
                      Most all the Canadian Bank bonds I’ve seen come with that ‘Bail In” clause which essentially in a crisis allows the banks to convert your bonds to common stock. So they usually have a slightly higher coupon that what you maybe are used to with American banks. Having said that, 7.25% for this TD offering seems a little on the high side. But maybe with the float feature they had to go that high to get interest. TD also has had that recent issue where their employees were busted for drug running or something. Perhaps TD paying a price for those shenanigans. But, I have multiple TD Bonds and wouldn’t hesitate to keep buying as Canadian Banks are solid and arguably more properly regulated than their US counterparts.

        3. Steve – I looked at buying this on Etrade and find there appears to be a 200 ($200K) minimum. (Let me qualify this by saying I really have no experience in the purchase of corporate bonds, and, therefore, might not be attempting this correctly). Anyway, is there anyway to purchase less than 200 of this bond?

          Reply

          1. I see that on Etrade also. But if you look at the trade history. I see trades of 50 and 200.

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            1. Yes. I see that on the trade history as well. Interesting. I’ll just keep checking back to see if there are smaller lots being offered. Thanks.

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  14. Good news today regarding progress with Hawaiin Electric Industries settlement with last years maladies/fires. Common up 15% +/- and preferred issues up today as well. DYODD.

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  15. Hump Day Top 10 MMFs…

    1. VMRXX…5.28%
    2. VUSXX…5.28%
    3. VMFXX…5.27%
    4. GABXX…5.26%
    5. DTGXX…5.25%
    6. IDSXX…5.17%
    7. SWVXX…5.14%
    8. FZDXX…5.14%
    9. TSCXX…5.09%
    10. PRTXX..5.04%

    Dogs Of Dow Barking Loudest Dividend Yields…

    1. Verizon…..6.63%
    2. Dow………5.43%
    3. Chevron…4.43%
    4. IBM………3.79%
    5. Cisco…….3.54%
    6. J&J……….3.41%
    7. Coca-Cola…3.17%
    8. Amgen….2.93%
    9. McDonalds…2.88%
    10. 3M…….2.82%

    Building Permits & Lumber…straining under higher interest rates

    * M/M US Building Permits…March (-5%), Apr (-3%), May (-2.8%)
    * Lumber (USD/1000bf)……..$617 (March 11)…$436 (July 10)
    * 30yr Fixed Mortgage….7%

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    1. The old “expert market” catch-22, limits the ability to buy/sell and just screws over the average retail investor.

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    2. Look at the stock price trend over the last year or so and you will see these type of swings aren’t unusual. I own some of GMLPF due to being asleep at the wheel and now stuck with it unless I am willing to enter the casino and sell into this black hole called the expert market. At least the dividend is paid (so far!). Sometimes I wonder what New Fortress plans to do with GMLPF. They stated earlier this year they plan to support the dividends for another year. Will they call it at par, do a tender offer between par and where it bounces around at, or simply abandon it? I think New Fortress wants to protect their reputation and access to the credit market, but also wants to get out as cheaply as possible.

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  19. New issue at Schwab
    Jeffries 47233WFW4 6.3% 7/17/39, call 7/17/29 (5 years)
    BBB Baa2 senior

    Opinions on Jeffries?

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    1. Man.. a long time ago I used to work for Corning in their division that made passive wavelength division multiplexing devices (think fiber). That company was always HOT or COLD. I was so very thankful I exited my shares at a peak but I learned a valuable lesson back then with everyone else that trees do not grow to the sky.

      I would never invest in that company unless I was buying at a recent historical low but the company still seemed very viable in multiple ways. Their customers are brutal. One moment ordering everything they have and the next canceling orders left and right.

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      1. Fc local company that does metallic coating of glass you might know about. Same with them, always hiring and laying people off depending on how they are doing. Think computer screens and the windows in the Apollo space capsules. Then they found another use for their powdered coatings. Even the janitor became a millionaire who held company stock. That was if they sold it at the right time. Look at any countries currency including the US and look at how the color changes on the ink. Wish I had bought stock in the company at the time.

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    2. I read all the big banks passed and GS and others increased their dividends.
      So what should I believe? As usual no one.

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  22. Friday Bank Bonds…

    * Goldman Sachs – 6.05%
    38150AUL7, A2/BBB+, Senior, Semi-annual, price 100.21
    YTM 9/15/38 6.026%, YTC 9/15/26 5.938%

    * Morgan Stanley – 6.0%
    61766YPY1, A1/A-, Senior, Semi-annual, price 100.35
    YTM 8/31/38 5.962%, YTC 8/31/25 5.672%

    * Wells Fargo – 6.05%
    95001DG53, A1/BBB+, Senior, Semi-annual, price 101.03
    YTM 5/6/34 5.909%, YTC 5/6/26 5.445%

    * Bank of America – 6.0%
    06055JCJ6, A1/A-, Senior, Semi-annual, price 100.71
    YTM 9/21/35 5.911, YTC 9/21/25 5.374

    * JPM – 6.0%
    48130CNW1, A1/A-, Senior, “Annual”, price 100.20
    YTM 6/21/44 5.982%, YTC 6/21/26 5.884%

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    1. Thank you sir. I was looking at bonds earlier today. Nothing appealed to me. But I did notice all my bonds are up for the day.

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  23. Beware if you are holding NEWTL at Fidelity. Redemption date is Aug. 1 @ $25 par. Fidelity sent out a maturing alert claiming it is $10 par. After 45 minutes on the phone with them and multiple supervisor the best they could do was first tell me it was “in their system” at $10 per par, per a communication from the company. I invited them to read the prospective and also noted there is no such communication from the company. They insisted it is to be redeemed at $10 par and offered to transfer me to yet another department, which I declined. I ended up selling it today, which cost me some $$ as I figured they had wasted enough of my time.

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    1. My daughter got that notification and I told her just to hold it while they get it straightened out. If enough people get cold feet there may be a buying opportunity here.

      2WR is our resident expert on all things NEWT. Maybe he can chime in.

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      1. it was Fidelity that was wasting your time, not NEWT….. That’s just bad info. I own NEWTL at Fido but did not get the same notice… Email notification is what you got? That’s just bad info… That’s just bad info that will cause you no harm upon maturity…

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        1. Exactly 2WR. My issue is with Fidelity, not NEWT so didn’t mean for it to come out any other way. Yes, email alert is what prompted me to call and then they continued to claim it was a $10 redemption.. What was really unimpressive is that after talking to 3 people none of them could describe the supposed “communication” they recently received notifying them that is was a $10 redemption. Just incompetent.

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        2. There was slick banker named Barry,
          Of him, several were quite wary
          He went by the name of Sloane,
          King of the Alternative Loan
          Feet first was his final carry

          And yes, I do still own NEWTG

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  24. Bought some more EICB today. Had a GTC order out for 24.26 and it hit. Have to see it I am over my 3% rule and if so I may flip some.

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      1. Gumfighter I guess I am stubborn. I have set a price usually based off the yield I would like to get. I don’t have a RSS or alerts set up. Maybe old school or lazy I don’t know. Some of my GTC is probably wishful thinking. As long as I am getting around 5% on my cash I am content to let it sit there.

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  26. 5:00 today after market close, NYCB announced a 3 for 1 reverse stock split. If they can get the price to stabilize at 10.00 or above this will allow institutional funds to hold their stock.

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    1. That ol’ RSS is usually an indicator of cloudy skies ahead for a company. 6 months ago this had a stock upgrade then collapsed 3 months later after acquiring the assets of failed Signature Bank. Hopefully they can get things turned around.

      Reply

    1. Isn’t Via Renewables now a private company and this sounds like a tender offer to convert your preferred shares into cash? It is a ridiculous offer considering it was north of $23 per share a couple of days ago. They can delist the preferred and move it to the expert market at their will where the price will crash and all you can do is sell it at lord knows what price. Be there and done this once or twice before and don’t need to add another, even though the dividend is in the stratosphere.

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      2. The interest rate goes up by 2% if the security is delisted. See page S-22 of the prospectus.

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    2. It’s simply the change of control conversion rights in the prospectus. They’re required to make the offer

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  30. 6% JPM Bond…

    * CUSIP 48130CNW1
    * A-/A1, Senior
    * Price 100.09, Coupon 6%
    * YTC 5.947 6/21/26
    * YTM 5.992 6/21/44

    Reply

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