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Not sure if this was already posted and I missed it
https://www.nrg.com/about/newsroom/2023/42061.html
NRG energy will be offering 7% senior secured first lien 10yr notes next Thurs. the 9th and perpetual 10-1/4% fixed rate reset cumulative $1000 preferred not guaranteed by NRG or any of its subsidiaries.
This might be a private placement and not available to the individual investor. I would have to call to see
Moody’s gave the preferreds a Ba3, and I believe the notes will be at Ba1, but can’t confirm that. I’ve a higher rating limit for my IRA, but maybe tempting for someone younger than these old bones.
John, NRG has shorter term bonds at same YTM no reason to go out that far unless you want longer term. People make comments about Ca. ute’s but I don’t see Tx. utes being much different with last 2 winters causing problems
ASBA start trading today
6.625% Fixed-Rate Reset Subordinated Notes due 2033 (the “Notes”)
$300,000,000
I bought shares today at TDA. But, I can to call the trading desk to place the order. $25.20.
Per Fido, COWNL full call 6/15; no surprise there.
CME FED FUNDS Indications @ March 01 ….
Contract ….. to 5.25% …. to 5.50% …. to 5.75%
FF Contract Probabilities ~ ~ ~
June Mtg ….. 53.1% ……….. 24.5% ………. 2.4%
July Mtg ….. 38.3% ……….. 37.3% ………. 12.3%
Sept Mtg ….. 36.7% ……….. 37.4% ………. 13.8%
above from CME FED Watch site
Dividend for SAJ just showed up in my account. Paid $68.89 for 100 shares, issued on Oct.31st so paid a bit more than regular dividend of $50.00 a quarter for 100 shares.
A long first coupon on SAJ – The initial interest period will be the period from and including October 27, 2022, to, but excluding, the initial interest payment date, and the subsequent interest periods will be the periods from and including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be.
Pre- market just bought some FHN-PB at 25.05 TD Bank has gotten approval I believe to do a buyout of FHN so I figure good place to park some short term money
Charles M
The buyout is extended past May.
I did not take a chance, so I sold all my FHN-E this morning.
If the buyout does not happen, then it could easily fall much more, in line with other regional banks.
TD Bank will pay $1.2 billion to settle a lawsuit alleging its involvement in an infamous $7 billion Ponzi scheme orchestrated by disgraced financier Allen Stanford more than a decade ago. Stanford was sentenced to 110 years in prison in 2012 after being found guilty on 13 counts of fraud-related charges in Houston.
This may or may not impact. That is a lot of cash event for TD.
Ha…. noticed that story, TNT…. It’s been out there for a couple of days now so market apparently has done what it’s going to do in reaction…..
Strange story, this Stanford guy…. Interestingly he started his Caribbean adventure on our old island of Montserrat but thankfully he ended up settling on Antigua instead to be the base of his scheme – probably even looser international banking regs on ANU and more easily bribable Govt – Montserrat’s efforts at being a int’l bank haven with loose reg was quickly quashed by Great Britain intervention….. Stanford’s presence on the island of Antigua was massive with his overly elegant bank headquartered right outside airport.. Then his cricket field was right there too – where he put on cricket matches with unheard of prize money for the competitors. I think ANU built an extra runway just because of him – either that or he paid for it himself … Anyone looking at what he was doing on island just had to wonder where all the money was coming from… It was like economics that applied to everyone else for developing on ANU didn’t apply to him… one of those too good to be true stories for sure
FHN-B floats 2 1/2 years out, which is a bit way out there for me. Now if this was floating in the next month or two like ALL-B, I would consider buying. Too much in the news also for me and that creates risk. I would want a lower entry point to cover any other dark things that come out of the closet.
Webbank UT 5% CD 03/06/2026 947547UH6 New Issue
Non callable 3 year CD at Schwab this AM
i pulled it up on td and it says callable?
I just went to look again and verify and the listing is gone. Can’t find it on the CD page. Maybe they made an error in the listing.
FGBIP is on a downtrend, current price is 23.51. This is a small bank in Texas & Louisiana. Coupon 6.75%, unrated, financials look good. I just bought 200. Please do your own DD.
Coaster. It made my list as the volatility is low (could be because the trade volume is low), so tendency to be pinned to par, yield is in range I am looking for, and it ~ hit a triple bottom in 6 months. The downside is that this is a very small bank. Disclosure, I have grabbed 1,300 shares.
Last 2 financial reports ( Oct. & Jan) show earnings and revenue down. If the trend continues the preferred still might have more to drop.
I am guilty of yield chasing, but I just have too many bank preferred right now.
HBANJ
https://www.sec.gov/Archives/edgar/data/49196/000119312523049943/d261926d424b2.htm
Just saw it J – thanks for being on it.
RE: HBANM – Be careful with this one: Use of Proceeds on new issue states “We intend to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the redemption of some or all of our 5.700% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock and related depository shares.” HBANM is also 5.70% coupon but it is Series I, NOT Series E. HBANM is NOT the one being targeted for redemption.
2wr-
Hmm- quantumonline doesn’t show a series I
SORRY- I meant no series E showing.
Series I is not a listed preferred…. I think it’s actually $100,000 liquidation preference…. You can track it down in the 10k, probably 10Q. It’s also shown in the Capitalization area of the new prospectus https://www.sec.gov/Archives/edgar/data/49196/000119312523049943/d261926d424b2.htm
Ready Capital to merge with Broadmark Realty Capital. Not sure how this affects outstanding RC preferreds like RC-C (perpetual) and RCA (term). Prospectus seems to indicate a “Fundamental” event triggers investors ability to force company to buy back those 2 preferreds, but hard to tell from the language.
I think the event mentioned in the prospectus would refer to some entity buying RC. In this case, RC is the buyer.
As is usual in this type of event BRMK (being acquired) is up, RC (the buyer) is down. Looks like no change in RC preferreds.
And RC will be assuming Broadmark’s outstanding senior unsecured notes…
Anyone notice the 9:27 AM news on COWN?
TD is approved to close on them in 5 days.
What about COWNL notes?
Are they a buy till the call date of 6-15-23 ?
I bought 400 shares a minute ago.
I am also playing the FHN Pref too.
ex-date is 2/28
ken,
I figured it would be a safe cash holding, yielding better than mmkt rates for 3 months.
Charles – FYI the relevant language is at https://www.sec.gov/Archives/edgar/data/0001466538/000095015722000833/ex2-1.htm p.55 sect 6.18 and it’s repeated in https://www.sec.gov/Archives/edgar/data/1466538/000114036122036813/ny20005205x2_defm14a.htm#tTMRA p. 104.
It looks as though they will have the ability to have a tender prior to the 6/15 call date but that would be a voluntary decision on part of holder to participate…. I also wonder if the language, “Parent in connection with any steps Parent may determine are necessary or desirable to take to retire…” affords some wiggle room – i.e. necessary OR DESIRABLE….. I’m long but have kept position small.
COWNL can be called 6-15-2023 but full maturity is 6-15-2033.
Timdman,
I know that, but once TD acquires them in a few days, I expect an IG rating from the ratings agencies.
6.5% IG?, nah, TD will call it earlier.
TD has only 1 issue paying 3.6% outstanding
I’m not sure of the conditions of that issue since it’s written in Canadian.
Have a good week
I own 500 still. Have not gotten clear yet whether they will remain a subsidiary or part of TD. Probably mentioned here already? I suppose the country compliance may have something to do with the jurisdictions???
PS on PRU’s new issue, I’ll be long gone and am planning on spending everything before I go…sorry kids!
PPS: regarding Malone below: needs the golden parachute payout soon. ..in cash for services rendered.
Prudential’s new offering:
6.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2053
https://www.sec.gov/Archives/edgar/data/1137774/000119312523044979/d472778dfwp.htm
Moody’s rates it Baa1.
https://www.moodys.com/research/view–PR_1000007405?emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiJkYzVkYjczMC01NTBiLTQ3ZjctYjhjZi05NzY2ZjAxZmU0MzMiLCJEb2NJZCI6IlBSXzEwMDAwMDc0MDUiLCJjcmVhdGlvbkRhdGUiOiIyMDIzLTAyLTIyVDE0OjM0OjM3LjI0MDY3ODEtMDU6MDAiLCJleHAiOjE2Nzc2OTkyNzcsIlVzZXJOYW1lIjoiY3BhbWlrZW1iYUB5YWhvby5jb20iLCJVc2VyVHlwZSI6IjIifQ.hXP6aLTThodv6Z7YrcRilS6mu2xcWumP-CEt0O8n5EA&cid=GAR9PTU7VKT2671
Re: New issue Prudential -https://www.sec.gov/Archives/edgar/data/1137774/000119312523044267/d464067d424b2.htm#srom464067_21 ‘We intend to use the net proceeds from this offering for general corporate purposes, which may include the redemption or repurchase of all $500 million aggregate principal amount of the 2044 notes. This prospectus supplement does not constitute a notice of redemption with respect to, or an offer to purchase, any securities.’ That would be Prudential Financial, 5.20% Fixed-to-Floating Junior Subor Notes due 3/15/2044
Ticker Symbol: TEMP90 CUSIP: 744320AN2 HOWEVER, the 2044 notes are not callable until 3/15/2024. Last trade on the 2044 on 2/22 = 98.159 Could they be looking to purchase these in the open market? They don’t begin to float at 3 month LIBOR + 3.04 until 3/15/24,
Are you buying this issue?
Thank you
If you’re asking me, sjc, no, I’m not. I didn’t do any DD beyond checking Moody’s rationale for withdrawing… and don’t take anything from that – I didn’t reject buying, just didn’t pursue it further… The great outdoors was calling me today – 80 degrees today and actual real live sun…. high tomorrow = 54, so I took advantage….. Yeah I know, Tim, eat your heart out. lol
Liberty “intends to offer $1,100 million aggregate original principal amount of exchangeable senior debentures due 2053 (the “Debentures”)….” and will use the proceeds to redeem “1.75% Exchangeable Senior Debentures due 2046… 2.75% Exchangeable Senior Debentures due 2050 and its 1.25% Exchangeable Senior Debentures due 2050, …”
Anyone know what the coupon on is on the new issue? Not that I can or would buy it, just wondering what kind of a move this is by management.
The coupon is 3.125%
https://www.businesswire.com/news/home/20230221005956/en/Liberty-Broadband-Corporation-Prices-Private-Offering-of-1100-Million-of-3.125-Exchangeable-Senior-Debentures-due-2053
why would they replace long dated debt with long dated debt at a higher overall rate, makes zero sense to me but Malone is smarter than me..I think.. seems very odd to me.
Unless they are pocketing some of the cash for rainy day –so the 1.1bil is more than they need to redeem the other stuff. idk. and PRU having to pay 6.75%! wow.. a solid rate bet pension funds etc will snatch that up.
( and yes Stephen we all have to acknowledge we are not robots, and check the pictures off.. I don’t mind. Yahoo makes me do the same on my ac’s there… I am a clear cookies, cache gal anyway it is extra work for me but going thru all the work and passwords gives me peace of mind. Bea
Bea, the interesting thing being painfully shown in the Pru debt issue is that the resets have gone 180 degrees now from post covid reset issuances. Because the yield is relatively high along with the 5 year, the adjustment reset is a puny 2.85%. That may not possibly serve as a “par anchor” come reset time unlike the ones coming up with their bloated 5% plus adjustments issued in recent past.
Interesting… ALL-B is now floating, 3ML + 3.165. Essentially now an IG at just about 8%. However, Allstate announced redemption on their ALL-G issue, fixed rate with 5.625% coupon.
Allstate must be planning for 3ML to drop below 2.65% soon. In mean time will enjoy the juicy dividend on this.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Allstate Announces Redemption of Series G Preferred Stock
NORTHBROOK, Ill., Feb. 17, 2023 – As part of Allstate’s priority to effectively manage our capital, The Allstate Corporation (NYSE: ALL) today announced that on April 17, 2023, it will redeem all of its outstanding Series G Preferred Stock at par for a total redemption payment of $575 million. The dividend rate of the securities to be redeemed is 5.625%.
The redemption will include all 23,000 shares of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series G, as well as the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of the Preferred Stock.
The Depositary Shares are currently traded on the New York Stock Exchange under the symbol “ALL PR G” (CUSIP No. 020002127). The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share.
On April 17, 2023, a dividend in the amount of $0.3515625 per Series G Depository Share will be paid in cash to holders of record at the close of business on March 31, 2023. On and after the redemption date, the Series G Preferred Stock will no longer be deemed outstanding, and no further dividends will be declared or payable on it.
The Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Equiniti Trust Company, Allstate’s redemption agent for the Depositary Shares. Questions about the notice of redemption and related materials should be directed to EQ Shareowner Services by mail at P.O. Box 64858, St. Paul, MN, 55164-0858, Attention: Corporate Actions; by overnight courier at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN, 55120-4100, Attention: Corporate Actions.
This news release does not constitute a notice of redemption under the certificate of designations governing the Series G Preferred Stock or the deposit agreement governing the Depositary Shares and is qualified in its entirety by reference to the notice of redemption issued by The Allstate Corporation.
This is unusual… Not many companies give 60 days notice of a call. They normally give the minimum of 30 days… I wonder if their calling these instead of B has anything to do with B being a subordinated debenture with a maturity, be it a long one, while G is a Non-Cumulative Perp Preferred Stock? It is tough to theorize why, especially with G essentially has been trading below liquidation preference….
2WR, As you well know this doesnt mean B hasnt been put next in line of the guillotine though. They actually gave us the reason though hard to interpret… priority to effectively manage our capital… It always isnt about the yield. Its also about the purpose, the capital side of the ledger, need for tier capital, etc. Its kind of like your wifey… You were attracted to her from her looks, but there were other things involved that caused you to put a ring on that finger!
Allstate will keep you on your toes. Call some not really expected and some in the past have dragged on a bit. I own B and assume its a goner soon anyways treating it as a temporary yield spicer.
Remember though you cant treat yield apples to apples with subordinated debt and preferreds as preferreds are paid out in after tax dollars, and the debt will get a tax write off.
Grid – I think both your posts are kind of confirming my suspicions, right? A good part of the rationale of doing G at least first is the debt aspect of B making the inside Alstate accounting different than it would be for we outside holders.
Yes, I definitely think that but what reasons I have no clue. It certainly doesnt appear to be a call and reissue though, at least at this time. Definitely still would have taken the bet on B being called first….and lost… These things except for maybe C-N ultimately tend to meet their call fate in due time anyways. I have burrowed up into a few of these hoping for high yield near term and maybe get a perpetual drop before they get call whacked and then rotate. Dont feel any hurry to buy a bunch of 5% -6% perpetuals now while short CDs are nipping on their tails and it doesnt seem Fed will cave near term.
So this was released on Thursday after market and it appears as though the market didn’t react at all on Friday. Wow! Seems very weird that this didn’t run up to par immediately. Am I missing something here?
Shares finished at $24.33 on Friday. I happen to own quite a bit of this one so I’m happy to hear this news. Thanks for posting.
Dick, it appears to me it was done after market close yesterday.
https://www.businesswire.com/news/home/20230217005345/en/Allstate-Announces-Redemption-of-Series-G-Preferred-Stock
Ah thanks. That’s what I get for drinking tequila last night LOL
I’ll go have another cup of coffee now!
It hit 25.00 in after hrs = 1k shares poof!
In light of some folks on here holding positions in USM $25 long term senior note floats and the $10 synthetic baby bond; the common stock price today making a gigantic move as it is gapping higher 22% from yesterday close. Nearly hit revenue target. Folks were expecting much worse.
****United States Cellular GAAP EPS of -$0.33 misses by $0.01, revenue of $1.05B misses by $30M****
Probably sold too soon theta, but like Tim I was looking to lighten up on some of my higher risk holding to get some cash. Sold the UZD & UZE about 2 weeks ago. Had a nice run up from when I bought them.
Charles M – Tactically raising cash is always a good move especially given the duration on those two holdings, I would just mentally think of them as a perpetual position plus with the amount of opportunities that have been popping up the last few months, plenty of other places to deploy that money . My only exposure is the ten year $10 synthetic baby bond.
Given this ER I plan on holding through entirety of this year at minimum as competition is really heating up in this particular space so my logic is at some point USM makes a decent takeout candidate. Their 5G is just getting going and with annual revenues now well over $4B and operating cash flow over $800M, I will let this play out a bit longer.
theta, I kept the strats myself. I averaged down in the past 6 months but they just kept going lower so I paused my buying. On one hand there is consolidation in the cellular sector, but even Comcast the cable company is getting in the act. I think TNTowanda even mentioned today his electric utility company is starting to offer high speed internet. Too much competition and a lot of debt with the legacy phone companies.
More shocking than the news Mr. C is into embroidery is the rate gyrations of the last few months. From around December 1:
Anyone who predicted rates would go lower has been correct twice, and
Anyone who predicted rates would go higher has been correct twice.
Meaning anyone in the prediction business has been correct 200% of the time…er, yeh something wrong with that math – unless you’re in the prediction business.
The takeaway for us I think is to have an action plan in place for any scenario, well-before we get to that scenario – and then just execute the plan on arrival. Allowing “predictions” to enter the consideration can only lead to analysis-paralysis because it’s impossible to know the future – even if that is only 5 minutes from now.
Rates have been rising, prices have been soft. Tightening up the bids on my favorite-40 a midge at a time seeking out panicky sellers predicting doom.
HMLPF just went dark also (along with SJIJ, which Tex just reported in Sandbox Page).
Anyone buying the Hmlpf now that it is on the pinks?
No pinky no more.
https://www.otcmarkets.com/stock/HMLPF/security
Thanks, Grid…..that’s what I meant by “going dark.” I definitely flubbed up the announced de-listing trade in December, and lost $3-4 per share bc I got scared/was hoping for a drop to sub-$12 once it was OTC’d.
Hey Graustus, I assumed you understood, I was just replying to SJC. I saw your post yesterday and the price drop and tried to see if I could sneak in a small buy after drop, but brokerage already had ticker blocked like you stated.
Sjc, It sure appears it went to “expert market”. Which means it joined the graveyard of securities us mere mortals can only sell, but not purchase.
Got it – thank you!
Grid what does this mean? It won’t trade on any exchange?
Thank you – I am new to these and still learning. Much appreciated.
There is a lot of information out there on the web. You can google, can’t publicly buy, de-listing, removal from listing, etc. I generally try to not go out of my way to buy stocks before they are de-listed. I have only done it a couple times. Lots of processes are potentially ignored when this happens. Next thing you know, you start posting on this site, “hey did anyone get paid from the company that de-listed their stocks? What is going on with company X?” There are usually underlying reasons why a company goes dark, and some of those reasons aren’t necessarily a good thing. Many of them are to avoid following financial best practices. Getting information about their profit, loss, assets, debt, etc, “may” become difficult.
Good call Grid on the bond in the risk category. Just hold for the income. Think I caught them around 78 or 79 price
TravelCenters of America to be Acquired by BP
https://www.businesswire.com/news/home/20230215005964/en/
I had a position in the common for a decade and sold few months back in the mid 40’s argh!
Anything on the baby bonds?
Not a yield buster, but if you like sock-drawer issues, are balancing reinvestment risk or value higher IG QDI, a CNLHP seller just now dropped into the mix at 41.90. Baa2/BBB+, YOC about 5.40% before QDI considerations.
TravelCenters of America to be Acquired by BP for $86.00 Per Share, or Approximately $1.3 Billion
https://seekingalpha.com/pr/19121783-travelcenters-of-america-to-be-acquired-bp-for-86_00-per-share-approximately-1_3-billion
From the prospectus for TANNZ: Consolidation, merger or sale
Unless otherwise noted in a prospectus supplement, the indentures do not contain any covenant restricting our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets. Any successor or acquirer of such assets, however, must assume all of our obligations under the indentures or the notes, as appropriate.
CUBI-E/F dividend in 29 days and no notice of a call. Is it good for another 3 month cycle?
Timely observation as per usual, Martin….. That should be the case I think, but will see if I can get IR to confirm…. That would mean CUBI-E would be crossing the 10% coupon rate were it to reset today vs 29 days from now……..
3 word response from IR – “nothing being announced.”
Tim,
Can you add PNFPP to the database?
Rated investment grade by Kroll and Egan Jones
In my experience, any company that has a pulse and an open checkbook can get rated IG by Egan Jones. I’m sure there are exceptions, but probably not many. JM2C
Secondary c.d. offered on Fido: cusip
32110YB46. Coupon 4.65%, price $98.2, YTM 4.849%, maturity 1/31/35. First call 1/31/24. YTC 6.45%.
Looks like somebody messed up and purchased KTH at $31.66 – 900 shares, My GTC at $30.90 did not hit.
closed at 29.06 !!
NGL pref’s popping post earnings release…anyone see commentary on divy restoration..? TIA
Gladstone Commercial Corporation
We are offering a maximum of 19,329,859 shares of our 6.00% Series F Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series F Preferred Stock”), on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, LLC (“Gladstone Securities”) pursuant to a Dealer Manager Agreement, as amended from time to time (the “Dealer Manager Agreement”), at a public offering price of $25.00 per share, and up to 5,975,410 shares of Series F Preferred Stock pursuant to a dividend reinvestment plan at a price of $22.75 per share to those holders of the Series F Preferred Stock who participate in such dividend reinvestment plan.
The offering period for the dividend reinvestment plan under this prospectus supplement will terminate on the earlier of (1) the issuance of all shares of Series F Preferred Stock under the dividend reinvestment plan and (2) the listing of the Series F Preferred Stock on the Nasdaq Global Select Market (“Nasdaq”) or another national securities exchange.
https://www.sec.gov/Archives/edgar/data/1234006/000119312523030383/d779650d424b5.htm#supprom779650_4
https://www.sec.gov/ix?doc=/Archives/edgar/data/1091748/000110465923014614/tm235943d1_8k.htm
My suspicions were confirmed today
ARGO-A will remain outstanding
At the effective time of the Merger, each issued and outstanding depositary share, each representing a 1/1,000th interest in a 7.00% Resettable Fixed Rate Preference Share, Series A, par value $1.00 per share, of the Company , will remain issued and outstanding as a depositary share of the Surviving Company.
Yeah, I didn’t expect them to redeem it at the premium price allowed by the CoC provision of $26. However, the question remains whether it will remain listed on the NYSE. BNRE would have to keep making SEC filings and paying listing fees for ARGO.
New 5 Year CD – 4.65% paying quarterly – BMO cusip 05600XMD9 , Call Protected
Wrong Info on Etrade , CD is callable 8/2023 . Had to Called to brake this trade
The BBB rated debenture ALL-B began floating at 3-mo. LIBOR + 3.165% on January 15 (if they don’t call it). Quoted around par, net of accrued interest, so not much call risk.
Waiting, there may be one or two seats left on this “high yield chicken trade” bus, so jump on and join us.
Good one for now. Biggest risk is if future rates drop real low again the float rate becomes too low. I aint afraid of no call. Ghost Busters.
Fed not signaling any short term rate drops in next year, and then maybe extending into 2024. So should be good for a while. I feel Allstate will call before we worry about the downside on this. But who knows.
I agree, being its call anchored and has a credit quality yield well above current market conditions, we would have time to get out with our wallet and dignity intact. I love above market yield Allstate issues so much I also have a fair but smaller position in GJT with it.
Broadly speaking, the individual floaters price action has really been underwhelming. I’m actually surprised frankly. I have a whole bunch that I follow and there has not been much price movement. A year ago had you told me the story of the last few months I would have thought these would be trading allot higher, especially say that entire STRATS series. in particular the Goldman and All State issues there, still way under par.
Actually the synthetic adjusters GJP and GJO have popped pretty good. Actually to a point I dont think there is any risk value reward owning. GJT hasnt as you noted. But I like my entry point of $21.10 from a few weeks ago and have collected one interest payment also. And 3 month keeps crawling north so that increases monthly yield.
Collectively many floaters start to float after call protection ends so this will inhibit any cap gains and its just a relative higher yield par anchored chase. And for others there will always be the suspicion the rate hikes will be short lived and one wouldnt want to be caught holding the “floating bag”.
I bought 500 shares of SLMBP back in August and they are up 14% plus 2 juicy divis paid. But…Im hoping it has a bit more in it. If not its still over 10% now.
Theta I picked up a small amount of the GS J yesterday. Back to just parking some money in safe place short term I feel. Although a lot of GS preferred have went to floating and are not called yet.
Charles if you really want safe, safe are you aware of issues like GBIL? Owns only 1 month through 1 year treasuries. And they can tilt it within to ride the short duration wave. I am going to put some in this for the liquidity.
Interesting chart GB, one could make a dime or two buying GBIL at the beginning of the month and selling near the end of the month before it rolls over. Need a good chunk of pocket change though to make it worth it.
Its an is what it is thing. You are getting nothing but short duration treasuries and are riding the rising short duration yield wave. Its very liquid very tight bid/ask spread and you give up about .15% bps for the liquidity and convenience instead of buying the auctions all the time.
Have you noticed that ALL-B’s prospectus, page S-18, contains a provision that could allow them to use a rate as low as 0.31% as the 3-month LIBOR after Jan. 15, 2023?
I’d defer to nhcoast as the final arbiter on this language but the way I would think it should be interpreted would mean that that 0.31% as a possibility is now off the books entirely because the rate WAS reset using 3 Month Libor for the period after the Jan 15, 2023 date to be paid on 4/15. The language reads, “However, if fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described above, three-month LIBOR for that floating-rate interest period will be the same as three-month LIBOR as determined FOR THE PREVIOUS FLOATING-RATE INTEREST PERIOD [emphasis added] or, in the case of the interest period beginning on January 15, 2023, 0.31%.” So since the previous floating rate interest period now in effect would be the one that was set on Jan 12 but beginning on Jan 15, which I think is 7.994% if I remember correctly, then 7.994% replaces 0.31% in the language. That would change again on the next reset date if not called before. Want to weigh in nhc? Incidentally, I believe the .31% rate was what 3 Mo LIBOR was on the date of issue for ALL-B in Jan 2013
Just saw this. No reason to defer 2WR, as you are 100% correct. That was put in prospectus solely in case there was no Libor at transition from fixed to float. A line can be drawn through that now as it is irrelevant.
This is an offering of $300,000,000 aggregate principal amount of 6.625% fixed-rate reset subordinated notes due 2033 of Associated Banc-Corp.
https://www.sec.gov/Archives/edgar/data/7789/000110465923012466/tm235046-3_424b5.htm
Thanks J–totally missed this one.
Anyone have the temp symbol for this one yet? I had read somewhere it’s supposed to start trading Feb. 10th?
RILY – hit with a bear attack – down 14% – https://wolfpackresearch.com/research/rily/
A bit more color on the B Riley attack https://www.marketscreener.com/amp/quote/stock/B-RILEY-FINANCIAL-INC-23041121/news/B-Riley-shares-drop-after-short-seller-Wolfpack-Research-takes-aim-42932217/?countview=0
Thanks Azure!
I emailed investor relations on what will happen with ARGD and ARGO-A. I hold some of each.
So far, the preferreds seems to like the buyout.
Mr c – from ARGD prospectus – https://www.sec.gov/Archives/edgar/data/1091748/000119312512398425/d410461d424b2.htm#toc412953_16
Neither Argo US nor Argo Holdings may consolidate with or merge into or amalgamate with any other company or entity or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to another company or entity, unless:
in the case Argo US or Argo Holdings consolidates or amalgamates with or merges into another person or sells, assigns, transfers, leases or otherwise conveys all or substantially all of its assets, the person formed by that consolidation or into which Argo US or Argo Holdings is merged or the person which acquires all or substantially all its assets expressly assumes our obligations on the debt securities under a supplemental indenture, and, with respect to the senior indenture, is a corporation, partnership, trust or limited liability company organized under the laws of the United States of America, any State or territory thereof or the District of Columbia, Bermuda, Cayman Islands, Barbados or any other country or state (including under the law of any political subdivision thereof) which is on the date of the indenture a member of the Organization for Economic Cooperation and Development;
immediately after giving effect to the transaction no event of default, and no event which, after notice or lapse of time or both, would become an event of default, has occurred and is continuing; and
•
Argo US or Argo Holdings (as applicable) or the successor have delivered to the trustee an officer’s certificate and an opinion of counsel stating compliance with these provisions.
Nevertheless, there’s something about Brookfield that I just don’t trust.. and who can figure out how Brookfield Re fits into the Brookfield behemoth anyway? Am holding ARGD
Brookfield is taking them private. Could they delist them? Don’t think they can stop paying ARGD since its a bond. Any thoughts?
From: Hersom, Andrew
Sent: Wed, Feb 8, 2023 5:45 pm
Subject: RE: Question
Mark:
The preferred shares and debt securities of Argo will stay in place and remain issued and outstanding post the close of the merger.
Please let me know if you have any additional questions.
Thank you,
-Andrew
Andrew Hersom
Head of Investor Relations
Thanks Mark,
Brookfield to buy ARGO, wonder how this will affect the preferred shares
From Quantum online, it looks like the ARGO-A has a nice change of control provision.
The Company may redeem the Depositary Shares outside of the call period at $26 (104%) of their principal amount plus declared and unpaid dividends, if a change of control event occurs.
https://www.quantumonline.com/search.cfm
https://www.sec.gov/Archives/edgar/data/1091748/000119312520190244/d112454d424b2.htm
Yes, But as soon as you open the prospectus there is no mention of such clause, the only similar one i see is the Amalgamation one, and whats happening to ARGO should be a buy out NOT a Amalgamation.
There certainly is room for speculation in this one.
SJIJ trading normally today @ 15.35, down 4 cents
Fingers crossed that it gets down to $10.
Today too. Holding tight to the $15/share range.
Finished the day below $15 and got as low as $14.91. Could $10 be on the way?
KANSAS CITY, Mo. – February 6, 2023 – CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) (“CorEnergy” or the “Company”) announced today that its Board of Directors has determined the Company will suspend dividend payments on its 7.375% Series A Cumulative Redeemable Preferred Stock and the Company’s common stock.
https://www.sec.gov/Archives/edgar/data/1347652/000134765223000012/exhibit991pressreleasefebr.htm
California is bat shit crazy.
Stating the too obvious! In ref to what??
CORR-A and their operations principally in CA
IIRC, CORR management made some bad decisions – sold off their assets around the delta and got some in CA. Made no sense to me, but I was out of their shares way before that happened, so I didn’t research it much.
PFF SJIJ holdings down to 450k, which I think implies a sale of 80k shares on Friday.
I know we like to make fun of PFF, but at least they are trying to manage the wind down. SJIJ actually had a price spike up on large volume towards close on Friday. Assume it was a market maker managing the price.