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DLNG A/B under pressure with upcoming ex-div dates, if this fits your risk profile.
Thanks Steve.
I was able to buy two lots (one odd, one 100 shares) of GMLPF at $10.45 (put in limit for $10.60). Just FYI….goes ex-in next couple of weeks (last ex- was May 7th).
looks interesting ; nothing on SA ;
and I get a quote on Schwab but can’t buy it on my Edge?
I’m a numbers guy not a deep analyst who knows what the Hell is going on with these half priced issues. Hard pass. I’d rather go to Vegas.
1:17 AM EDT, 07/25/2024 (MT Newswires) — Atlanticus Holdings (ATLC.NaE) said Thursday that it priced its underwritten public add-on offering of $55 million aggregate principal amount of its 9.25% senior notes due 2029 at $24.70 per additional note.
12%+yield for 1 month, virtually no risk/
GRIN. The stub left over from the tender is being purchased at 14.25.
Delisting on Aug 17 or 19 (can’t recall), company says payment on Aug 21. Board approved.
I’ve been following a long time and own quite a bit as a yield play.
I’m both bid and offered
12% for you? Or 12¢ ?
It’s $14.13
He’s considering the annualized return, so figure 27 days. Depending on price it’s around 11-12%. If somoene had free cash laying round this is 2x better than what would be earned in money market fund and certainly easier and beats what a 30 day CD would pay. But obvioulsy some risks too, even with Board approval.
At the price GRIN was at when I made that comment, 14.10, it was a 12 yield to the payment date. Yes , it was 15 cents at the time. Yes, its now less than 30 days till payment.
The buyer owns over 90% of the company and this is the cleanup of the remaining shares. Buyer paid , if memory serves $21 for the initial purchase.
I’ve seen weird things happen with the stub of a tender offer when there weren’t many shares in existence….One stock has a short squeeze from 25 to 95 in an hour, and I’ve seen a few go to multi-dollar discounts in a rapidly falling market.
However, this is unlikely to do anything other than slowly trade up. I’m a buyer at one price and a seller at another.
I put odds of something going wrong as close to zero, but certainly not zero. A big rock could hit the Earth. China could invade Singapore.
Almost anything could happen . In the past, things like this have traded close to the short term MM rate.
FWP for the new Morgan Stanley issue. Lower than I expected. 6.625% fixed rate
https://www.sec.gov/Archives/edgar/data/895421/000114036124033873/ef20032899_fwp.htm
It is trading as MSPQV at $25.80 (5,000 shares traded). I will pass. So, I did not try to hunt down the prospectus.
Which broker, SteveA?
Do not know which brokers. I can do a stock quote on Schwab. I do not know if they will accept orders yet. 390,000 shares currently at 25.75
I am surprised it started at such a high price right out of the gate. Now I have lost a bit of interest and feel no rush to buy. At that price I have to check what else everything comparable is selling for.
Just noticed, the prospectus was linked to in the FWP. Did not have to search for it. The use of proceeds is for general purposes. They have some higher fixed rate issues. perhaps they will be called.
https://www.sec.gov/Archives/edgar/data/895421/000095010324010465/dp215004_424b2-prodepsq.htm
Wow, the new 1,000 issues more attractive.
What issue are you talking about at $1,000???
I looks like the ATLCZ secondary is hitting the market this morning. 24.3 x 24.4 premarket
good comment.. the atlcz/sjnk pair traded below its prior low which was set in april and and now is slightly above.. I paid 24.6
Sold MITT-B today with almost one-year of dividends in cap gains. Not happy letting go of the yield. Feeling edgy about REITs.
Sandbox material?
good comment.. mitt.prb/pff pair has outperformed since october 2022 nearing all time set in february 2022..on a 1yr horizon trading near 2 sigma rich ..nice trade
Mitt-B has nice gains can’t fault you for taking profits but I’m holding on Switched into MITN below stripped par for 9.5% baby bond with first ex-div in a week.
PMT / Pennymac common down 7.2% on earnings shortfall: earned .17c vs .35c expected. The key sentence in the press release explaining the shortfall was, ” Net losses on investments for the segment were $37.2 million, which primarily consisted of losses on MBS due to higher interest rates.”
I had been looking at PMT preferreds. Did you dump on stick with them?
Yield Hunter, They had a mixed earning report. I expect they will be on a roller coaster ride for a while. The market for residential mortgages is thin right now with what people perceive as high rates because the cost of buying a property is so high that they have to take a larger loan with bigger payments than 3 or 4 yrs ago. If the market gets spooked or the economy goes into a recession the amount of mortgages sold is going to slow down even more. How much that affects PMT I don’t know.
That’s where so many of the mREIT are. It’s tough and takes a lot of dissection but there is tremendous value with the right ones…
Yield Hunter – I have every series of PMT Preferred and also BB, PMTU. Noy worried too much about the preferreds, have not sold one share. Fan
One consideration is how they’ve treated their Preferred stock owners. A and B were supposed to float w LIBOR this year, but, unlike almost every other LIBOR floater, which transitioned to SOFR+, they decided that since LIBOR no longer exists, they’re not required to change to float and have maintained payments at prior fixed rate. Can’t believe that SEC, etc. have let them get away with what seems to me to be a dishonest approach to this. Also surprised there weren’t any lawsuits (that I know of) from the usual securities lawyers.
If I’m wrong about this, appreciate any corrections. TIA
mficl/sjnk pair trading near inception low (underperform)..the mfic/bizd pair has seen mfic outperform since inception in august 2022.. mfic dropped over 8% today seeing the pair go from 2 sigma rich in june to over 3 sigma cheap today…I bot some
Is the drop due to the merger of the three funds?
Probably has a lot to do with the merger, Gary, compounded by a heavy selling pressure day.
Aha- selling….
no it came down because of an overabundance of sigmas
man.. i need to get me some sigmas σσσσσσσσσ
sometimes it is hard to tell if 2wr is joking or not. He is like a Joey Bishop or something.
2whitesigmas…well one these days sadly. better than twowhitepennystocks I guess.. Bea, the old childless cat lady..
I do have a coupla those pennystocks, Bea – penny stocks that didn’t start out as pennystocks…. I’ve very disciplined and successful at setting aside some throwaway money for spec and throwing it away… Witness EOSE which is no longer a pennystock buf from my cost point of view might as well be… One of the Koch brothers and I were way too early in getting into this one, he to the tune of $100 mil… Me? way way WAY fewer digits involved…
Atlanticus Holdings is adding shares of ATLCZ:
http://archive.fastedgar.com/20240723/AHZZS22CZM2242Z3222F2MZZN6KRZ6X8ZU62/
I think this is the best of the “Baby Bonds.” ATLC is a thriving company unlikely to default and the issue yields 9.25% at par.
good comment.. over its short life the atlc/sjnk pair is trading near 1 sigma cheap…it was near 3 sigma cheap in april
FWIW, I like ATLCZ but really like ATLCL as short money hold. ATLCL has a coupon rate of 6.125%, based on current Ask @22.75 this has a current yield of 6.6%. However it matures 11/30/26 which gives it a YTM of 10.9%. ATLCZ matures 1/2029.
ATLCL now trading at $22.67 YTM of 10.66% matures 11/30/26
I would have to double check my memory on this but they use the money from Z to pay off even more expensive class B preferred. They actually save money by doing this.
I own all 3 of ATLCs offerings. The preferred and both BBs. I add to Z whenever I have some loose change floating around the account when I do not know what to buy.
Oh.. it was 2wr here on this forum who shared this in the past.
“”We intend to use the net proceeds from this offering to redeem a portion of the $100.5 million principal amount of Class B preferred units issued by one of our subsidiaries and/or for general corporate purposes. The Class B preferred units carry a 16% preferred return payable quarterly, with up to 6 percentage points of the preferred return to be paid through the issuance of additional units or cash, at our election. The units have both call and put rights and also are subject to various covenants including a minimum book value, which if not satisfied, could allow for the securities to be put back to the subsidiary. A holder of the Class B Preferred Units may, at its election, require the subsidiary to redeem part or all of such holder’s Class B preferred units for cash on October 14, 2024. We have the right to redeem the Class B preferred units at any time with notice.”
“
What the heck is that 16% about ? – it’s a much lower, 7.625% coupon.
It was a private placement. It is not the 7.625% one you are thinking of.
Yup…. I also pointed that out after further research…. I was lucky to get out of P even after making that mistake and really never looked deeply into Atlanticus..
Meanwhile, as of today, a short seller has “borrowed” my small # of Z shares and I’m getting a daily rate of ~$0.08/day/share or 16.375% per Fidelity. May try to buy more tomorrow.
they had my Woodside (WDS) the acquirer shares borrowed up till the merger announcement and then took the short off I guess. Too soon, Woodside was flat on the news but down on the 2nd q report given the cost overruns on the Scarborough AUS lng project. Added to WDS today. No position in TELL or Z’s. good luck. Most analysts positive on it and that they will bring in strong partners.
So far- not specifying the number of shares.
Morgan Stanley Pfd. incoming
Each of the depositary shares offered hereby represents a 1/1,000th ownership interest in a share of perpetual % Non-Cumulative
Preferred Stock, Series Q (“Series Q Preferred Stock”), liquidation preference $25,000 per share, of Morgan Stanley, deposited with The
Bank of New York Mellon, as depositary. The depositary shares are evidenced by depositary receipts. As a holder of depositary shares,
you are entitled to all proportional rights and preferences of the Series Q Preferred Stock (including dividend, voting, redemption and
liquidation rights). You must exercise such rights through the depositary.
Holders of Series Q Preferred Stock will be entitled to receive dividend payments only when, as and if declared by our Board of Directors
or a duly authorized committee of the Board. Any such dividends will be payable from the date of original issue on a non-cumulative
basis, at a fixed rate per annum equal to %, quarterly in arrears on the 15th day of January, April, July and October of each year,
commencing on October 15, 2024. Payment of dividends on the Series Q Preferred Stock is subject to certain legal, regulatory and other
restrictions as described elsewhere in this prospectus supplement.
In the event dividends are not declared on Series Q Preferred Stock for payment on any dividend payment date, then those dividends will
not be cumulative and will cease to accrue or be payable. If we have not declared a dividend before the dividend payment date for any
dividend period, we will have no obligation to pay dividends accrued for that dividend period, whether or not dividends on the Series Q
Preferred Stock are declared for any future dividend period.
We may, at our option, redeem the shares of Series Q Preferred Stock (i) in whole or in part, from time to time, on any dividend payment
date on or after October 15, 2029 or (ii) in whole but not in part at any time within 90 days of certain changes to regulatory capital
requirements as described under “Description of Series Q Preferred Stock—Redemption,” in each case, at a redemption price of $25,000
per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared
dividends. The Series Q Preferred Stock will not have voting rights, except as set forth herein under “Description of Series Q Preferred
Stock—Voting Rights.”
Has anyone heard an indication for this?
6.625 …
Do you know if it’s fixed or reset?
Fixed
1 billion dollars
Does anyone have a date for trading or ticker for this?
TRINI up on Fido pre-market, Bid/Ask now 24.9/24.93
Surprising it hasn’t climbed more since yesterday.
RF-F term sheet:
Priced at 6.95% initial coupon.
Resets at 5-yr Treasury + 2.771%
https://www.sec.gov/Archives/edgar/data/1281761/000128176124000045/regionsfinancialcorporatio.htm
According to Fidelity, Indaba Capital, a ‘hedge fund’ of about 1bil AUM, which personally I had never heard of, has taken an activist? stake in EQC Equity Commonwealth. Well, 6.5% on the pfd even backed by $2bil in cash and a few B type ofc buildings is not enough to keep me in the pfd EQC-D anymore. I sold at 25.11 was a small ‘juice’ cash holding for me anyway and I don’t want any illiquid securities or otc stranded type issues. fyi. Bea https://indabacapital.com/team/
Well according to Bloomie this is only a 3% holding in EQC by this group, should have known these pop up all the time and do nothing..that said I guess I am glad having collected 6.5% for a while on this that I got out at 25.11. Something will probably happen even management said they will move or get off the pot (to put it ‘nicely!’ ) lol.
Might be worth holding the common Bea.
TRINI is active @ FIDO
$24.92
I only seen propsectus without rate – What’s the coupon rate for TRINI?
@FK_Guy
TRINI is paying 7.875%
for some reason my previous posts died…crowdstrike?
oops typo s/b FL not the other one
my bad
Hi FL_Guy.
Coupon = 7.875%. Same coupon as TRINZ.
https://www.sec.gov/Archives/edgar/data/1786108/000121390024061872/ea0209506-01_fwp.htm
RFPrF incoming
…we intend to use the net proceeds to redeem all
outstanding shares of the Series B Preferred Stock RF-B…
https://www.sec.gov/Archives/edgar/data/1281761/000128176124000042/regionsfinancialcorporatio.htm
Expected Security Ratings:*
Baa3 / BB+ / BB+ (Moody’s / S&P / Fitch)
Issuer Ratings:*
Baa1 / BBB+ / A- (Negative / Stable / Stable)
Size:
$250mm (10mm $25 par securities)
IPT:
7.125% Fixed-Reset
CUSIP:
7591EP860
Thanks EB
Thanks J
PRE-J symbol has been changed to PREJF
Woodside (WDS adr or WDS.Australia) is buying Tellurian TELZ is a listed BB. Long WDS. Part of my energy portfolio… Meg makin moves like a strong woman boss! She is developing offshore MX w Pemex, just brought on a big off Senegal oil field, secured LNG to Taiwan, has obtained big investments from strong Japanese co’s derisking LNG developments, has a JV 50/50 w a big NG field in Canada w Paramount Resources (long that well run co as well. PRMRF otc or POU on TSX.) Woodside took over BHPs o/ng biz including now producing under Woodside’s finishing of development Gulf of MX oil. They have a JV w Total Energies for oil as minority partner off Trinidad. DYODD, interesting!! Bea https://ir.tellurianinc.com/press-releases/detail/291/tellurian-to-be-acquired-by-woodside-for-approximately-900
i wonder what this means for the tell note due in 2028
Telz
TELZ
Merger, Consolidation or Sale of Assets
The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into us), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property in any one transaction or series of related transactions unless:
•
we are the surviving entity or the entity (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made will be a corporation or limited liability company organized and existing under the laws of the United States of America, any state thereof or the District of Columbia;
•
the surviving entity (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the trustee, executed and delivered to the trustee by such surviving entity, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us;
•
immediately before and immediately after giving effect to such transaction or series of related transactions, no default or Event of Default has occurred and is continuing; and
•
in the case of a merger where the surviving entity is other than us, we or such surviving entity will deliver, or cause to be delivered, to the trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the indenture relating to such transaction have been complied with.
thanx 2WR, guessing WDS will ‘assume’ for now the bb’s not sure, high int rate, probably wont announce till they know it is approved . An easy payoff if they redeem they are a large co of course.. some of us remember Cheniere LNG in the doldrums –lots of hurdles.. now a ‘blue chip’.. oh well lots to come, no production till 2028 ..was talk of WDS brining in Aramco to jv, Woodside does a lot of jv’s to derisk, or US partner to make it ‘more palatable’ oh well, WDS selling off a little Aussie buzz mostly good but o/ng down mostly anyway. Hope the longs on TELZ make out well. Not for me but will keep the long position in WDS. Bea
Ugh, Bea.. You had to mention LNG and ruin my morning.. lol…It was one of my worst chicken out moves I can remember. I bot LNG in Dec, 2010 at under 5 and got out 3 months later at 7.50… Jumped back in Nov ’11 @ 19.75 and unloaded in Feb ’12 at 22.28 never to return…. boo hiss……… yeah I know, you never go broke taking a profit blah blah blah. ha.
Congrats to those who held on to TELZ. I used to own it but could not handle the disastrous mgmt and got out taking a small hit. I tried to follow along out of interest but figured they only had months to survive now days and someone would pick up the pieces in bankruptcy. The common shareholders got truly destroyed if they held for any length of time. What a wild roller coaster for the BB holders.
For redemption in these time frames:
” after 11/30/2024 but prior to 11/30/2025 at $25.50 (102%) plus accrued and unpaid interest, after 11/30/2025 but prior to 11/30/2026 at $25.25 (101%) plus accrued and unpaid interest, after 11/30/2026 at $25.00 (100%) plus accrued and unpaid interest, and maturing 11/30/2028.”
Callable since last Nov. Parent Co is TELL, not TELZ
TELZ is doing well– same for TELL- only better.
Bea- what is the tax treatment for dividend on WDS in tax deferred accounts, do they deduct tax?
Jay, if held in a IRA or 401k there would be no withholding. But to confirm look at comments on SA
PRE-J going dark. Not expected to stop paying. Price dropped somewhat but still only paying 7.25%. too low for the dark market so more drop may be forthcoming.
Martin, Agree. Grid said if it dropped to $12.00 he might take a nibble but 7.25% isn’t enough for the risk with it possibly not trading. Fidelity allows trading in the LTSA BB’s and the preferred. But since this isn’t a term preferred as far as I know.
Oops, duplicate post.
I blame Crowdstrike.
Sachem Capital reduces dividend by 27.3%
Was off about 11%, now -8.3% little effect on notes and the preferred.
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.
Good catch and very good entry price. Wish I saw this last night. Preferreds even jumped today.
And in other utilities with a history of fires…
This was filed yesterday.
Ole Grid will just love this one…
https://www.sec.gov/Archives/edgar/data/1866514/000119312524180824/d859219dfwp.htm
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.
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.
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.
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.
Didn’t Grid say he was in Las Vegas this week?
When has that ever kept him from posting before?
ok i’m late to the party…what is the “situation” and what is the deal with Kaptain Lou? Please fill me in.
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.
costing $4B in fines- announced today
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.
RWT-A paying over 10%. I’ll step down a few nickels but not a whole dollar for this one.
good comment… rwtpra/sjnk and rwtpra/sjnk pairs both trading near fair value
good comment …rwtn/sjnk pair at lowest point (underperform) since inception on 2/2)..stripped price near 24.63
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
AOMN incoming
Angel Oak Mortgage REIT, Inc.
% Senior Notes due 2029
https://www.sec.gov/Archives/edgar/data/1766478/000110465924080702/tm2419516-1_424b5.htm
Yield Talk: 9.5% Area
Thanks J
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.
Wells in market yesterday 1000 structure 6.85 coupon.. Cusip 95002y806
https://www.streetinsider.com/SEC+Filings/Form+FWP+WELLS+FARGO+%26amp%3B+COMPANYMN+Filed+by%3A+WELLS+FARGO+%26amp%3B+COMPANYMN/23470354.html
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.
Has this WFC cu 95002y806 preferred begin trading, is this qualified dividend?Thanks for any info
TRINI incoming
Trinity Capital Inc.
% Notes Due 2029
…We expect to use the net proceeds from this offering to pay down a portion of our existing indebtedness outstanding under the KeyBank Credit Agreement and, depending on the remaining amount of net proceeds after such use, to redeem a portion of our outstanding 2025 Notes.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1786108/000121390024061552/ea0209397-01_424b2.htm
Thanks J
Does this news affect Key Bank? I bought their preferreds cheap in the panic last year, wondering if it’s time to sell.
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.
do you have a symbol for specific key bank preferred?
No reader alert to talk about baby bond NYMTI? https://www.sec.gov/Archives/edgar/data/1273685/000110465924075168/tm2418101-3_424b5.htm
Seeking alpha quick presentation done by ADS analytics
https://seekingalpha.com/article/4703823-nymti-the-new-9-125-percent-bond-from-mortgage-reit-new-york-mortgage-trust?source=WhatsApp
complicated biz I don’t understand. Buffett shied away from such. I will do as well with this offering.
Not interested selling above par I’ll stick with the perpetuals.
Tim, did you want to put up a new-issue post on this new baby bond?