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New JPM Bond… too conservative for most on this site….”extended” 5-Year call protection, annual payment
* 48130CUK9
* Senior, A-/A1 rating
* 5.125% Coupon
* Price 99.7
* YTC – 11/14/29, 5.189%
* YTM – 11/14/34, 5.189%
Another LNG shipper preferred shares alert from your humble narrator: Seapeak LLC (SEAL-A, SEAL-B) filed its 3rd Quarter, 2024 6-K less than an hour ago:
https://www.sec.gov/Archives/edgar/data/1308106/000162828024047815/seapeak6-kq3x24doc.htm
My little buddy Claude tells me that:
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The company reported:
• Net income of $37.3M for Q3 2024
• Net income of $190.6M for the first nine months of 2024
While profits are lower compared to 2023 ($117.2M in Q3 2023 and $315.0M for first nine months of 2023), the company remains profitable with positive income from both its LNG and NGL segments.
The lower profitability in 2024 is partly due to unrealized losses on derivative instruments and changes in credit loss provisions, rather than fundamental business performance issues.
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Draw your own conclusions, of course. No current position in these shares, but I follow the company. I will note that the company has (for obvious reasons) curtailed its repurchases of the preferred shares, and that:
As at September 30, 2024, the remaining dollar value of Series A and Series B Preferred Units that may be repurchased under the plan was $23.3 million.
ESW3 I used to own it and still follow it. If I remember correctly the investment fund running it had to inject cash in the past year when they had some new ships drop down. I seem to remember the P.E group invests for the Canadian employee’s retirement fund and other retirement funds. This is just going from my hazy memory.
Thursday Midday data dump…
* Top 10 MMFs…hit all-time high of 7T in MMFs
1. GABXX – 4.71%
2. VMRXX – 4.66%
3. VMFXX – 4.64%
4. VUSXX – 4.62%
5. SWVXX – 4.54%
6. IDSXX – 4.52%
7. TSCXX – 4.51%
8. AMAXX – 4.51%
9. FZDXX – 4.46%
10. PRTXX – 4.42%
Loudest Barking Dogs of Dow Yields…
1. Verizon – 6.62%
2. Chevron – 4.35%
3. JNJ – 3.32%
4. Merck – 3.29%
5. Coca-Cola – 3.2%
CME Dec 18th Fed Rate Cut Probabilities…75% 25bp cut, 25% no cut
US Producer Price Index…UP
* PPI – increased from 1.9% to 2.4% (yoy)
* PPI Core – increased from 2.8% to 3.1% (yoy)
Social Security…
* House passes SOCIAL SECURITY FAIRNESS ACT which eliminates windfall elimination provision (WEP) that reduces benefits for individuals who receive state & local pensions. Senate expected to pass bill too. Impacts 3% or 2.1M SS beneficiaries who would benefit with a payment boost. Expected to add 196B to US debt over next decade.
Preferred Ups & Downs…
* FGFPP (+ $1.47), PRIF-I (+ $0.48)
* CUBB (- $0.71), SACH-A (-$0.71)
Other…
* USD – 52 week high, $106.66
* Gold at 2 month low
* US initial jobless claims at 6 month low
* NYT – cheap flights ??.. “Airlines hate Skip-Lagging, he helps them pull it off”…legal supposedly, but airlines say no & fighting back with suits & bans.
Höegh LNG Partners LP Announces Availability of Its Interim Financial Statements for the Quarterly Period Ended September 30, 2024
11/13/2024
HAMILTON, Bermuda, November 13, 2024 – Höegh LNG Partners LP (the “Partnership”) announced today that its Interim Financial Statements for the Quarterly Period Ended September 30, 2024, are available on the Partnership’s web site.
https://www.hoeghlngpartners.com/announcements-and-press-releases/press-release-details/2024/Hegh-LNG-Partners-LP-Announces-Availability-of-Its-Interim-Financial-Statements-for-the-Quarterly-Period-Ended-September-30-2024/default.aspx
Direct link to Q3 2024 financials:
https://s22.q4cdn.com/766559106/files/doc_financials/2024/q3/24_Q3_HMLP_USGAAP_Interim-Reporting_v15-0.pdf
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14. Subsequent events
…
On November 15, 2024, the Partnership will pay a distribution of $3.9 million, or $0.546875 per Series A preferred unit, for the period commencing on August 15, 2024, to November 15, 2024.
On November 15, 2024, the Partnership will pay a distribution to Höegh Evi of $52.0 million, or $1.6 per common unit, for the third quarter of 2024.
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Note name change of parent in September:
References in these financial statements to “Höegh Evi” refer, depending on
the context, to Höegh Evi Ltd. (previously named Höegh LNG Holdings Ltd.) …
Thanks. Much appreciated.