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New Issue 6% GS Bond…
* 38151FDH3, Senior, A2/BBB+, Annual
* Coupon 6%, Price 100.
* YTC 6% 1/22/26, YTM 6% 1/20/44
DYODD
After being in this crazy game now for over 50+ years that GS issue is about 50 basis points below my minimum requirements.
TLT now lower but preferreds and babys I look at are all up.
One of the reasons I stopped trying to arb preferred stocks was holders moving large blocks of stock from a margin account to a cash account after I had borrowed it, thus causing the borrow rate to skyrocket.
For reasons unbeknownst to me it looks like arbing baby bonds against anything is a waste of time . I’m always looking for something to arbitrage…last good thing in markets was the spac craze …spacs and their warrants were very interesting and profitable.
I’m now back to the fun of watching interest accrue.
TLT pays 4.4%. If I play for a flip and I’m wrong then I’m stuck earning below average divvies. One of the reason I’d rather play higher dividend issues, if I get caught leaning the wrong way at least I’m making half decent earnings.
martin-
Agree. I decided this year that TLT is a bad yield play, good for cap gains only. Good luck to anyone trying to pick the TLT bottom.
Noticed that WAL-A is not listed in the floating rate preferreds chart. Its one of my favorites callable starting 9/30/26. It only pays 4.25% vs par (about 4.8% based on current price of just over $22) but the rate reset is 5Y Treasury + 3.452%. WAL is a stable Western regional bank and price should approach par near call date. If its called you return about 12% annualized. If its not called it should still provide near the same due to rate reset – which would be ~8.8% vs par at current Treasury rates. Happy New Year!
Thanks for calling this to our attention. It does seem to be an interesting Fixed-Rate-Reset, and it’s trading well under par. Does anyone else have more thoughts on Western Alliance Bancorporation? Are they exposed much to commercial real estate? If not, it does seem quite tempting.
I recall the common stock getting into the 7’s in 2023 …lemme look, ah yes, 7.46 on 3/19/23 and the preferred I’m not sure of the low. (WAL did close at $31 ish that day).
So, my thought is the same as with all financial stocks: JUMP TO DEFAULT is a real risk–3 times in the past 20 years……. and thus I could never rely on a credit rating on a financial.
It takes industrial companies much longer to end up in a default, and that’s why the debt of financials trades at higher yields than industrials for a given credit rating.
I’m sorry if that’s not the answer you’re looking for , because it’s much more difficult to find great preferred yields on non -financial companies.
It, Thanks for comment. As a dividend investor on this site I know we are all looking for a return on our investment. Sometimes I find myself over reaching for yield. It is tempting sometimes but I don’t want to get too far out into the sticks. I loaded up on financials in the panic at lows I find it hard to sell now because of the return I am getting.
As we enter 2025 I think these bear closer watching. I got into NYCB-PU (now FLG-PU) when it was talked about on here as one of few bank preferred still left that is cumulative. I held for several years and by luck (yes luck) I got out before the recent collapse. I then went on to trade it and did good, not as good as some here but again it was risky. I finally sold out of it and quit playing with fire just before the last run up so I missed farther capital gains.
I was considering getting back in, but my recent reading has me convinced the risk is too high. The story is starting to read like the classic business takeover from the 70’s raiders of the lost ark. P.E my favorite bogey man has money or borrows it to buy the business then refinances and loads the company up with debt or issues new stock. Cuts the dividend to conserve cash and pay the debt but sets themselves up as management and has the company pay management fees. Then they sell off the assets with the most value to subsidiaries of their own P.E company. In the end after the Spider has sucked all the juice out of the victim it does an IPO to buy itself out or sells to another P.E. company.
If you think I am cynical or exaggerating I have personal or indirect experience with this.
https://lostcoastoutpost.com/2017/feb/17/company-town-no-more-three-scotia-houses-escrow-an/
Bluelinx is another one that I worked for when it was Georgia Pacific. you can look up the history.
Buyouts by P.E have a 50/50 chance of working. But not so well for the investors.
I just finished reading the article to the link I posted. There are two comments at the end of the article. I got a chuckle out of what the second commentator posted 8 or 10 years ago.
ABLLL update. We have an answer for the meteoric rise. Yesterday, 12/31/24, the largest preferred ETF (PFF) DID add it’s first position: 363,595 shares @ 33.66. 318K of those were added in a single block @ the regular hour NYSE close @ 4:00 PM Eastern. This is typically how we have seen PFF trade shares in the past. The trade is negotiated off-market, then reported at that time.
I was 100.000000% wrong in my guesses as to what might explain the rise. I said that the PFF traders were exceptionally good and would NOT pay way over the market price like this. Obviously they did. They got the marching order to buy at any price and they did! I do not recall every seeing a PFF trade that moved the market like this one.
The question is whether the index that PFF tracks: “ICE Exchange-Listed Preferred & Hybrid Securities Index” publicly announces the changes in advance. In any event the rise was classic front running. Somebody(s) knew or guessed that PFF was going to add ABLLL and bought up roughly 300K+ shares in advance of them. If the index addition was public, then a great trade. If it was NOT public, then it is a SEC investigation candidate.
Once again, we have never held ABLLL shares either long or short in any account.
Learn something new every day. . .
Tex, I’m really cynical about things like this ever really being prosecuted. Even if it is, it will be years in court and the money leveraged many times over with enough profits made to pay any legal fees and fines leveled. No one goes to jail and they are free to do it over again. Think AIG, Countrywide.
The favorite tactic now of the rich and famous is to deny and delay and is an accepted part of our society as long as you pay the PAC’s and anyone holding their hand out. The few who do get prosecuted like Madoff is because their victims were those same inner circle of society.
I don’t ever write this kind of stuff so you can tell it bothers me.
More to the story. It appears that the index had a substantial reallocation where weights for each issue were changed. Correspondingly PFF made large volume trades @ the 4:00 PM close. PFF does not disclose the tickers or CUSIPS for issues it holds. It only gives a company name, acquisition cost and shares held. That makes it a little difficult to easily track down which shares it owns. One III’er used to track these changes every day, so maybe they will speak up.
My database showed 318 preferreds/babys/terms as potential PFF trade candidates. I checked about 100 of them and they all had large 4:00 PM trades, typical of PFF. And many of them had relatively outsized price movements up or down yesterday. In first glance I did not see any whose size approached the ABLLL percent change over the last few days, but I did not run the numbers.
Here are 48 issues that did have large PFF type trades:
Special note that 2WR’s TVC mentioned below is on the list!
ABLLL
AFGC
AFGD
AHL-D
AHL-E
ANG-A
ATCO-D
ATLCL
BML-J
BPYPM
CHSCO
COF-K
C-N
DLR-J
DUKB
EFC-A
EFC-C
ELC
EPR-E
HBANM
INN-F
JSM
MGRB
NRUC
ONBPO
ONBPP
PRS
PSA-I
PSA-J
PSA-K
REGCP
RF-F
SCE-K
SEAL-A
SF-B
SIGIP
SNV-D
SPNT-B
SR-A
TRTN-B
TVC
TWO-B
UNMA
USB-P
USB-Q
VNO-N
WBS-G
WRB-E
Tex-
Weirdness abounds. The trading philosophy at PFFA is pretty much the opposite of PFF.
CHSCO had a weird two days. On 12/27 it touched an uptrend line that connected lows starting in Oct 2022 and bounced. On 12/30 it had a huge up day on good volume. Then on 12/31 another nudge up on enormous volume concentrated in the last 10 minutes. If there was any frontrunning, I’d guess it was on Monday.
Happy New Year, Tex –
Yes, I’ve been tracking the daily movements of PFF for the last several years. It used to be an interesting exercise, but over time as PFF has improved the way it handles large volumes of illiquid preferred shares, the routine of downloading the daily file and comparing the deltas has become more mundane and a matter of habit. Back in the old days, a person could really make hay as PFF ladled out these forced sales into an illiquid market. (PFF’s forced sales of the Ladenburg preferred shares back in the summer of 2020 are the classic example, and I can cite many others.) But as you note they’ve gotten a lot better about handling these changes in the underlying index (the ICE Exchange-Listed Preferred & Hybrid Securities Index or PHGY).
+++++
More specifically, to your point about how to track the ICE Exchange-Listed Preferred & Hybrid Securities Index (PHGY) that PFF follows, it’s a relatively simple exercise once you know where to look.
Start here:
https://indices.ice.com/
Go to Indices -> Publications -> ETF Benchmarks -> then filter (or scroll down) for PHGY
– The PHGY file will download
– Interestingly, as of today, January 1, 2025 the ICE site still shows the 12/31/2024 index e.g., not the 1/1/2025 index (“Constituents for the month of December” – ABLLL is not listed). So unless ICE is somehow covering up a mistaken leak somewhere, there’s no way to attribute the ABLLL spike to ICE. If history is any guide, the ICE web site will show the January, 2025 index later today or first thing tomorrow, and I expect ABLLL will be in that list.
+++++
This morning I downloaded the PFF file for 12/31/2024 and ran the standard “figure out the delta” formulas in Excel. Here’s an overview / analysis of PFF changes for 12/31/2024:
First, there were 8 preferred share listings added to the index (format is Symbol, Name, Accrual Date).
ABL ABACUS LIFE INC 10-Nov-23
AIZ ASSURANT INC 19-Nov-20
BA BOEING CO 31-Oct-24
CRBG COREBRIDGE FINANCIAL INC 22-Nov-24
GAIN GLADSTONE INVESTMENT CORP 17-Dec-24
MBIN MERCHANTS BANCORP 25-Nov-24
NEECV NEXTERA ENERGY UNITS INC 29-Oct-24
PCG PG&E CORPORATION 5-Dec-24
RC READY CAPITAL CORP 10-Dec-24
+++++
Most of PFF’s activities yesterday were “sells” – six figure sales of 131 issues, five figure sales of 169 issues, and 113 issues where PFF sold either thousands or hundreds of shares.
Outside of the eight new issues including Abacus, there were only 11 “buys” by PFF – mostly six figure additions to five JPM issues – as well as the two CODI issues noted previously where PFF bought 65,728 shares of the one flavor, 97,215 shares of the other, resulting in price spikes of 3.2% in one, 1.89% in the other.
Only 16 issues showed no activity by PFF.
+++++
If anyone is interested in how PFF dealt with specific preferred issues, please let me know and I’ll respond. Generally I’ll say that in the preferred shares that I own and/or follow personally, PFF was able to move large blocks without greatly affecting the share price.
Happy New Year!
ESW3, excellent analysis as always! You provided a lot more detail about what PFF transactions were yesterday. This confirmed it was a major re-allocation day for them.
Since the index was NOT released to the public before yesterday, the ABLLL trades do smell a little fishy. Or maybe somebody’s crystal ball was particularly clear. IDK.
Also, you confirmed my point about the PFF traders. When I say they do a great job, I mean they do large trades without significantly moving the market. The traders do NOT make the decision which issues are to be added or dropped. And based on yesterday’s ABLLL trades, they do not have the discretion to ease into a position so as not to disrupt the market. Then again, I do not recall seeing front-running to this magnitude on past additions.
Thanks for all of the great info and looking forward to 2025!
Tex, interesting footnote by you and ESW3 that PFF had more sales than buys. Who knows, maybe similar to how some of us feel about the market. Building up cash reserves for future opportunities.
You and others have talked about dark pools and the restrictions of 144a stocks. More and more forcing the herd to dealing with the market movers and shakers and giving up some control over our own accounts.
Now Fido’s limits on trades are making it difficult to exit a position if needed. Yesterday I gave up on placing multiple orders to sell 500 shares. Small amount by some investors standards. Today I was able to cancel the 3 smaller orders and replace with one large order that was the total 500 shares. Guess the volume was much higher yesterday.
PFF had very large IPOs they had to add yesterday (BA-A, NEE-T, PCG-X etc), they needed around $800m. Hence all the sell imbalances in their existing holdings.
Charles
I had the same experience today of FIDO being “more” lenient on illiquid trades.
Perhaps a 2025 change in procedure?
Nah Westie, I think volume was up on the few you and I were looking at placing orders on. Small investors taking advantage of the last day of the year and setting up for the uncertainty of entering the New Year. The volume allowed us to place orders.
1st hour of the day my few gold stocks have been recovering from the lows they hit in the last few weeks and WTI oil is showing a solid move up finally after several months of testing a bottom.
The index’s are mixed, started up in the first hour now several are showing red. Who knows where the day will end.
Hi ESW3, thank you so much for the comment. Can you please share how you see the delta? Do you have any research that you share or newsletter? Do you have any channel that I can check?
Thank you! Will be much appreciated!
It’s straightforward – I manually download the published .csv file each day and then compare the values in the cells of interest. I’ll bet some whippersnapper could automate the process (2WR, are you listening?
) but as it stands it only takes a couple minutes a day, so I slog through it.
Hi ESW3, thank you so much for the comment. Can you please share how you see the delta? Do you have any research that you share or newsletter? Do you have any channel that I can check?
Thank you! Will be much appreciated!
Maybe ABLLL is not listed because they bought the 300k shares before the ‘addition’ – instead of buying, they managed to engineer a sale and got rid of them. Just my cynical take.
Amazing that it is still B/A at $28/30 or so.
They sure seemed to have done a better job of managing their selling on TVC than they did on ABLLL as the market handled over 30x normal volume on TVC during the day while still finishing off with a block sale of 240k that didn’t move the market at all on the close… TVC was down .71% on the day after their selling palooza… and I’m guessing their selling on TVC tripped off some arb trades on TVE as well as most likely some sold TVE strictly just to buy TVC during the day…. Martin G, what do you think? Spread too narrow for that?
2wr,
Just curious how you feel about GJO? If a person likes TVC and TVE which mature in 2028 and 2029.. GJO could be a very interesting option to have a laddering going on which matures in 2030. Since it is Walmart you can basically say it is an easy A rating and you get 3 month SOFR+.50%. So it can act as a hedge against rising rates. It is under par right now so you get a tiny kicker at maturity or wait for a better opportunity to buy in. Of course what it pays could sink like a rock but eventually you are made whole in 5 years.
Just thinking out loud. Maybe the market would allow an opportunity to consider it.
I’ve owned GJO since May 2016…. It’s pure sock drawer to me, a security that I admittedly have lazed out on over the years…. Unquestionably, there were plenty of opportunities to trade in and out of these and goose the return and I never did it even when we were heading into ZIRP and it was obvious I was going to earn next to nothing by continuing to own. But you’re right, I do like to own some credits such as WalMart and TVA that I don’t even have to think twice about from a credit point of view… And of course, the relatively short maturity, even in 2016, made it fall right into my bailiwick… On the other side of this coin SOFR + 50 doesn’t give you much return or sex appeal, so opinion wise, even just under par, its not screaming at me to buy more… I did add to TVC this week when PFF was selling, but with TVC yielding about 5.33% YTM and maturing about a year and a half earlier, I prefer the TVA issues over GJO F/F issue right now…. That opinion might change if my crystal ball on direction of interest rates clears up.
I did remember correctly- they do overpay, so not the smartest guys on the trading floor ( or cushy seat in their offices).
Definitely SEC worthy — but nothing will happen.
Checked a few others on the list – some they paid-up, others dropped.
Bit of rotation from SEAL-A -loser, to B (up)
Gary –
The derelict traders at PFF also paid up/jammed the CODI preferreds near the close yesterday. I own CODI-C and had recently bought more. Was happy to sell some at the highs near the close. I was scrambling to see if the issue had been called for redemption, as it can be called as of 1/30/25.
Nope…just the PFF traders doing their thing. This is truly the dumbest $14.5B ETF on the planet.
PFF did bring in $700M in inflows in 2024 (and was up 7.5% for the year), but that trend may reverse in 2025. Since the first week of December this ETF has had 200+M in outflows.
Hey, Papa Doc, where can we see the outflows?
haha. see the performance of my no-brainer portfolio that Tex put together for $850 bucks and how it outperformed PFF by a mile….
I was right yesterday- they do overpay, so not the smartest guys on the trading floor ( or cushy seat in their offices).
Definitely SEC worthy — but nothing will happen.
Checked a few others on the list – some they paid-up, others dropped.
Bit of rotation from SEAL-A -loser, to B (up)
I’m going to throw in a comment here that may not be correct any more since it’s been years since I was fully engaged in trading….. but I know large trades of relatively illiquid stocks can be handled this way, and it’s not illegal at all.
First, the trade(s) put up at the end of the day , at least on NYSE (and this could have changed in succeeding years) used to be 1) The closing print including market-on-close imbalances, and 2)an OTC trade, representing either a VWAP order or a negotiated price. I used to do married puts with Susquehannah in the OTC market, ( for example, you were given a one day deep in the money long option and long stock, and the option was autoexercised at the end of the day–so if you sold the long stock out of the combo you’d be net short at day’s end. Susquehannah would put up the stock print at some price it liked (because the option was priced accordingly) in the few minutes after the close.
Next, if I have a lot of stock to buy, I’d give the order to a broker who is empowered to look around for stock, buy stock in the open market, and even short to me to complete an order. The broker would put together the print, then sell it to me at a profit. That is not considered front- running at all. This set of facts is actually a test question on the old Series 7.
I’ll spend some time looking at these ETF’s but this is the source of the many preferred stock closing imbalances I saw.
I’m wondering if T prA was added or HTLFP as these had imbalances and gaps up .
I recall around 2010 or 2011 there was a day at the end of a quarter where some WFC, DB, JPM and Reit prferreds moved $2.50-$4 on the close. Shorting those was my last, best preferred stock trade after getting lucky with the govt conservatorship of FNM and FRE causing all those preferred spreads to collapse to pennies.
Perhaps I’ve added something here, perhaps I have not?
LT, appreciate the color on MOC trades of relatively illiquid preferreds. I agree that any and all price movements related to the closing order imbalance are NOT front running. The thing about the ABLLL trades is that it started last Tuesday on 12/24 with the first big up day on large volume. Then on the 26,27,30 and 31 all had large price moves before yesterday’s closing order imbalance was disclosed. The issue is that these moves started 4+ days before the PFF large block buy. Let’s assume that PFF routed the order out to Citadel, Virtu, Susquehannah 5 days in advance of when they wanted a fill. If they starting adding the shares to their own book that many days in advance, is that front running or not? Once again, in all of my years of watching preferreds, I do not recall seeing a percentage move (~ +25%) this large before a PFF trade, either way. Something is very different about this one.
i’m soliciting opinions on NCV pra and NCZ prA. These seem to have done nothing except decline for years
I buy these frequently depending on the price. My view is that they are the lowest rung of the safe CEF prefs. They are in the safe category because a) they own public cusips which can be sold in the open market during a crises, maybe a 5-10 point haircut , and b) their asset manager is good enough.
They are the lowest rung because their converts are a little less liquid and tend to be junkier issuers. Last I looked, moodys had them at A.
They tend to yield more than the other cef prefs because they run a riskier portfolio, including at least 1 instance of forced deleveraging over the years.
TVC – There’s been a seller in the market all day today with volume nearly 5 times normal… Same kind of volume not happening on TVE. Seller’s been mostly selling near the bid side… 22.57 = approx 5.30% YTM… That’s almost exactly 100 basis cheaper than comparable TVA bonds with a 2028 maturity are trading…. Bid side yield on 1k bonds = 4.37%. Keep in mind this is a GSE and it’s only 3 1/2 years to maturity.. 3 year Treasuries are at 4.28%
Curiously, there is nothing special (or illigal) about the ABLLL situation . It is an addition because more shares were issued and it became eligible for inclusion in the ICE index. Traders frontrun the PFF and that’s all. Not the first time and not going to be the last time. Just like TSLA, SMCI and SPY, for example.
Vito, S&P publicly announced they were adding TESLA to the 500 index effective on December 21, 2020. Their announcement was dated November 18th, 2020. So anybody could trade TESLA between those dates without any accusation of being front running.
Maybe I missed where ICE announced they would be adding ABLLL to the “ICE Exchange-Listed Preferred & Hybrid Securities Index.” I would appreciate if you would point me to their announcement about one month in advance of the addition.
Link to SP announcement adding TESLA to SP500:
https://www.spglobal.com/en/research-insights/market-insights/tesla-added-to-the-sp-500
Ah, Tex, you are making me wistful for the days of free money buying S&P 500 additions 1 minute before the close and entering a “market on close sell.”
Just a little look back :
AOL added . 10 seconds to the close, stock at $144.75. Final trade occurs 18 minutes after the close at $160, and the stock is instantly 155 offered in huge size on ARCA after hours.
Safeway added . 10 seconds to the close $50. Final print $55.
There are many others including Goldman, UPS, etc …7 in one day when foreign companies were removed.
Tex, cant wait for the announcement (if there is one)… It was below 100mln market cap, with the additional shares it went above that number so it automatically qualifies.
Another example would be CTO-A in April where the company issued at the market additional shares and CTO-A went above 100mln market cap.
Has anyone received the proceeds for the SACC redemption?
SNewman – Fido initially deposited $10 per SACC bond yesterday, then backed that out. They are working through the correction, since it should be $25 instead.
Addendum – Correct amount for the redemption of SACC showed up on Fido after hours.
Interesting. For what is worth, Vanguard told me they only received the interest payments from DTC as of mid-day yesterday but that didn’t necessarily mean there was a problem.
I see that Vanguard posted the transaction today so it must have come in late yesterday.
Maiden Holdings – MHNC
And there it is, filed just under the wire on the 6-year statute of limitations.
On December 26, 2024, WUSO Holding Corporation and 683 Capital Partners (“Plaintiffs”) filed a lawsuit against Maiden Holdings North America, Ltd. and Maiden Holdings, Ltd. (together, “Maiden”) in the Supreme Court of the State of New York, County of New York, captioned WUSO Holding Corporation and 683 Capital Partners, LP v. Maiden Holdings North America, Ltd. and Maiden Holdings, Ltd., Index No. 659861/2024. The complaint alleges that Maiden’s sale of Maiden Reinsurance North America, Inc., which closed approximately six years ago from the date of the complaint, breached a sole provision of Maiden’s indenture governing its Senior Unsecured 7.75% Notes. Plaintiffs allege that principal and interest under the Senior Unsecured 7.75% Notes are due currently, rather than upon the Notes’ stated maturity date. Maiden believes it has substantial procedural and substantive defenses to the asserted claims, and it intends to vigorously defend against these claims.
Just want to remind people that the rules were changed on MM funds several years ago. This sort of relates to what happened in Great Britain when something similar happened there. The rules were changed to the effect banks and brokerage houses can freeze withdrawals and even return less than a dollar to the investor. This caught my eye today on my Fidelity account way down on the portfolio summary page in fine print.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund’s sponsor, is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.
Fidelity’s government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares.
Quite a drop in LTSH this is on Tex’s list of Ill liquids and listed as expert market. Showing a loss $3.25 end of yesterday. These BB are due 6/30/2029
Probably mentioned earlier, but BC-B 6.625% showing called.
ABLLL craziness. . . Several III’s have posted about the meteoric rise the last few days. ABLLL is up 27.2% in the last three trading days from 12/24. The high today (12/30) was up 36.6%. Regular III’ers know that I track all prices for all preferreds/babys/terms every day. I do NOT recall seeing anything quite like this in many, many years. Normally when you see those kind of percentage increases, it is one of the following:
1) A non-payer, possibly bankrupt, that is trading for literally 1 cent and goes to 2 cents for a 100% daily gain
2) A cumulative non-payer with depressed pricing that reinstates dividends, and announces a large cumulate catchup payout
Neither of these applies to ABLLL.
Some have postulated this is a short squeeze, where investors that shorted it, are forced to chase it higher to cover the short. Think GameStop from a few years ago. NOT likely IMO. NASDAQ reported the short interest as of 12/13 for 7,389 shares. The total volume for the last three days is >300k shares so the shorts would have been easily able to cover. Several brokerages did not have any shares available to short in the last many weeks. Possibly more shares were shorted than the 7,389 but unlikely to be enough to make a dent in the 300K shares traded.
Others have postulated that it is going to be added to the index (ICE Exchange-Listed Preferred & Hybrid Securities Index) that the largest preferred ETF (PFF) tracks. The theory being that some investors have divine wisdom and are buying up the shares and PFF will be “forced” to pay up to get enough to add to the ETF. While it is possible that some investors think this, I think they will be sorely disappointed that PFF does NOT pay the elevated pricing. The Blackrock iShares traders are incredibly good. Their job is to buy/sell large blocks WITHOUT moving the market prices. And they usually succeed. IMO they will NOT pay say $32 to $37 for a $25 face issue.
So, what is the cause of the rapid price increase? We can only speculate, but I offer three guesses in order of highest probability to lowest.
1) Lack of willing sellers at any price. We see smaller moves like this all of the time but not to this extent. I term them mini-flash crashes. This would require a buyer that was told: “Get me 100K shares at any price” or something along that line and potential sellers say: “These are in my sock drawer and they ain’t coming out.”
2) Short sellers that did not properly borrow the shares. This of course is illegal, but there are rumors that it is still done. So instead of the 7,389 short, maybe say 100k or 200k were short and had to be covered.
3) Algo trader gone bad. If you are NOT Blackrock but you are a smaller fund or family office, you often will often use an automated algorithm to acquire your position. Say you wanted 100k shares of ABLL, but you know you cannot put in order for a 100K block. The algo would be programmed to acquire the shares over some period of time, say weeks on an issue that typically trades 5K per day. If you mess up the algo, it can go off the rails and do crazy things. And it DOES happen, not usually to this extent. Think the Designated Market Maker firm Knight Capital that released new software that “accidently” melted up several hundred stocks in a less than an hour back in 2012.
4) Other . . .
We have not held any position, long or short, in ABLLL in any account ever.
Sold mine for 30 Friday and was scratching my head, no clue the climb would continue today. So odd!
I was just going to ask if it were worth shorting, but I see it’s already off 16% today as of 11:30am ET.
I seem to recall that ishares PFF has long been ridiculed for their approach to adding & deleting– perhaps over-paying at times – just OPM after all.
But, they might be ultra bright. I doubt we’ll ever know or guess correctly.
Does anyone has insight into why ABLLL, the 9.875% 2028 Note, has a meteoric rise the last few days. It is up 14.92% as I type this, changing hands at a ridiculous $33.96 …!
There is no news on Abacus’ site, nor Yahoo Finance or other major sites.
I sold all of my shares which I acquired at pennies under par in February, assuming and hoping I can buy them back for a more reasonable price before the first call of Feb 2027. Even if that doesn’t happen. I’ll still be very content with my 26% gain in less than a year
Somebody mentioned that it is getting added to PFF tomorrow and that why. Do you know where I can see the rebalancing? How do they know that its being added?
Certainly a possibility I didn’t think of; thanks TY!
I have never seen advance notice of what rebalancing is going to look like, only after it’s done. Hence, obviously, no idea where to find who’s in and who’s out beforehand.
Regardless, anyone who just bought at $37.22 just has to regret this when things get back to normal. There is no way they’ll make up for the inevitable loss; there are nine payments before call date, or roughly $5.55 so anything bought over $30.55 is almost guaranteed to result in sour grapes.
Appreciate your comment!
On ABLLL, I sold my first tranche at $31.10, and second tranche at $36.10. Crazy!
Oops, not sour grapes of course, I meant big time regret.
I considered this possibility, but couldn’t find any evidence. On the other hand, I don’t know that I would be able to find evidence even if it existed. Certainly this would be a good thing to know about in advance.
Assuming it’s true, this seems like a really good reason to avoid Preferred ETF’s like PFF. Chasing illiquid issues like ABLLL to buy a set number of shares regardless of price seems like a catastrophically bad strategy for generating shareholder profit.
In the past year ABLLL has never been to $28. Most of the year its been blow $26. Sold mine this morning when it went to 29.91. Yes someone paid $37. Ended the day at $34.64. It has a call and mature date so normally it would eventually go to $25.
I couldn’t find any news to explain what happening. We’ll see what happens tomorrow.
I paid 20.57 for OAK/PRB (STRIPPED PRICE 20.43 CY 8.03) the oak.prb/pff pair is trading near a 3yr low (underperform)..it peaked in december 2022 ..and was 2 sigma rich in october
Don’t the OAK A and B preferreds generate a K 1? That was my impression, so I’ve shied away from them.
Yes. the OAK preferreds will generate K-1’s.
Thanks, Justin!
Stock Market will be closed January 9th in honor of Jimmy Carter’s State funeral.
Why preferreds are sinking? Several III’ers have posted questions asking why ABC preferred is down by X% and wondering when it will stop falling. Simple answer is that it is bond math. The US Treasury 10 year most recent bottom was @ 3.62% on 9/16/24. A little over three months later, it closed @ 4.62% yesterday. That is a darned large increase in a short period of time. I will not go into the math here, but high-quality bond prices change directly in proportion to the UST10 yield. Preferreds do NOT perfectly track the UST10, but it is a reasonable approximation. They actually track corporate BBB interest rates, but that is a more obscure value. The bond math shows that low coupon issues will have larger price changes than high coupon issues. The extreme case being zero coupon bonds which will have the largest change. The model projects that the preferreds with the lowest coupon yields would fall the most. And how did the model fit? Looking at all preferreds that:
Traded on 9/16/24 and 12/27/24
Were currently paying out dividends
Were NOT convertibles or PUTS
CSV Format is: number of issues, minimum coupon rate, maximum coupon rate, median price change from 9/16/24 through 12/27/24
41,3.5%,4.5%,-12.48%
98,4.55%,5.5%,-11.41%
107,5.6%,6.5%,-4.11%
53,6.53%,7%,-1.01%
71,7.03%,8%,-1.53%
36,8.12%,9%,-1.39%
31,9.15%,13.25%,-0.24%
The model correctly said that the lowest coupon issues would fall the most and the highest coupon issues would fall the least. Generally, the lowest coupon issues are the highest quality, so they have performed poorly. 3.5% to 4.5% issues lost -12.48% in a little over three months.
While this explains what has happened, it gives each investor a choice to make at the current fork in the road. If the UST10 continues to increase, in general all preferreds will suffer. The opposite if UST10 falls. The near-term outlook for preferred prices depends on your guess for long term interest rates. Or you might want to get off the preferred train and shift to shorter maturity baby bonds which will offer date certain yields to maturity. Reminder to all that in rising interest rate environments, broadly speaking all preferreds become perpetuals and will NOT be called. Obviously, a few, particularly those that are float/reset heading for very high coupons will be called. Those are a small fraction of the preferred universe.
Here are the ten worst performers that did NOT fit the model very well:
Format is: ticker, coupon yield, price change
RILYL,7.38%,-47.5%
RILYP,6.88%,-42.6%
POWWP,8.75%,-37.9%
BW-A,7.75%,-35.1%
SACH-A,7.75%,-31.9%
HFRO-A,5.38%,-26.6%
AHT-I,7.5%,-25.3%
AHT-H,7.5%,-24.1%
CFG-E,5%,-22.3%
CFR-B,4.45%,-22.2%
If they keep paying their dividends you’re getting what you paid for. similar to a bond or annuity payment. The only real loss is a default. As a trader I don’t mind trading one falling price for a bigger falling price, that’s a profitable trade in my view. There’s generally more trading opps in a down market.
Tex, I posted under the 1000 bond forum before I read this.
Charles, what the 1000 bond forum
https://innovativeincomeinvestor.com/bond-discussion/
Tex-
Great analysis! And thanks for quantifying what I’m seeing. One idea that comes to mind is to look for high coupon issues that have fallen more than expected since Sep 16.
Rocks, the analysis is pretty easy to do. It is NOT perfect and a better approach is more detailed than this. That involves modeling each preferred differently with a yield spread. But given the limitations, here is a list than can be used as a starting point for further research. There were 7 different coupon rate groupings. With the spreadsheet skills I picked up from 2WR, I calculated the price change of each issue compared to the median for the group. For example, on CFR-B which has a coupon of 4.45%, it was down -22.2% compared to the group median of -12.5%, so this underperformed the group by -9.7%. I found the 5 largest underperformers and 5 largest outperformers for each group and have them listed here. The sort is by coupon yield group from lowest to highest, then by under/over performance for that group.
CSV Format is: ticker, coupon yield, price change from 9/16 through 12/27, price change minus median for the group.
BLACK BOX WARNING: This is NOT an actionable list without further work. You absolutely, positively SHOULD not base any buy/sell decisions without more due diligence. For example, look at the RILY issues which have fallen substantially more than the group median. This is because many people expect RILY to go belly up and NOT pay out on their preferreds. So, there might be a good reason for every issue on this list. Stated differently, maybe the market’s interpretation is correct.
CFR-B,4.45%,-22.2%,-9.7%
COF-L,4.38%,-18.9%,-6.5%
SCHW-J,4.45%,-18.3%,-5.8%
COF-N,4.25%,-18%,-5.5%
PSA-M,4.13%,-18%,-5.5%
CMS-B,4.5%,-6.2%,6.3%
UEPEO,4.5%,-4.4%,8.1%
BOH-A,4.38%,-0.6%,11.8%
WAL-A,4.25%,4.6%,17.1%
MSSEL,4.44%,6.7%,19.1%
HFRO-A,5.38%,-26.6%,-15.2%
CFG-E,5%,-22.3%,-10.9%
GGN-B,5%,-18.4%,-7%
ALL-I,4.75%,-18.3%,-6.9%
TFC-R,4.75%,-18.1%,-6.7%
NXDT-A,5.5%,3.2%,14.6%
SCE-J,5.38%,3.6%,15%
HPP-C,4.75%,5.2%,16.6%
FULTP,5.13%,6%,17.4%
CNOBP,5.25%,6.1%,17.5%
KREF-A,6.5%,-18.6%,-16.7%
PEB-E,6.38%,-11.7%,-10.5%
TRTN-E,5.75%,-13.1%,-9.7%
ATH-B,5.63%,-13.6%,-9.5%
PEB-F,6.3%,-10.6%,-9.2%
FLG-A,6.38%,4.9%,6.9%
EBBNF,5.86%,6.1%,8.9%
CDR-C,6.5%,7.8%,9%
ZIONP,6.25%,7.9%,9.4%
ABR-F,6.25%,16.2%,17.3%
RILYP,6.88%,-42.6%,-41.9%
BHFAO,6.75%,-15.8%,-15.5%
OAK-A,6.63%,-15.2%,-14.7%
BHFAP,6.6%,-15.1%,-14.3%
NEE-R,6.93%,-13.6%,-12%
EFC-D,7%,5.8%,7.3%
NYMTL,6.88%,6.8%,8%
SRG-A,7%,6.3%,8.1%
GPMT-A,7%,6.4%,8.4%
RILYL,7.38%,-47.5%,-45.6%
BW-A,7.75%,-35.1%,-34%
SACH-A,7.75%,-31.9%,-30.8%
AHT-I,7.5%,-25.3%,-23.6%
AHT-H,7.5%,-24.1%,-22.6%
HTIBP,7.13%,-12.1%,-10.6%
AFSIM,7.75%,3.2%,4.4%
TFINP,7.13%,3.2%,4.9%
CDR-B,7.25%,3%,4.9%
LFT-A,7.88%,8.6%,10%
POWWP,8.75%,-37.9%,-36.6%
PMT-A,8.12%,-6.3%,-4.9%
FATBP,8.25%,-5.5%,-4.9%
LNC-D,9%,-4.3%,-4.1%
CHMI-A,8.2%,-5%,-4%
IIPR-A,9%,-4.4%,-3.9%
SNV-E,8.4%,1.7%,3.1%
NREF-A,8.5%,2.2%,3.3%
GMLPF,8.75%,7.7%,8.3%
CDZIP,8.88%,9.8%,10.4%
LUXHP,13%,-17.6%,-10.1%
SQFTP,9.38%,-8.3%,-8.3%
AHL-C,9.81%,-4.7%,-4.7%
CHMI-B,11.19%,-2.2%,-4.6%
FITBI,9.51%,-3.2%,-3.2%
TEN-F,9.5%,-3.1%,-3.1%
CUBI-F,10.48%,1.1%,1.1%
RWT-A,10%,1.4%,1.3%
NGL-C,12.68%,4%,1.5%
CUBI-E,10.86%,2.3%,2.1%
VIASP,12.17%,7%,4.5%
Woo hoo, Tex! I’m going to have some fun with this!
“the spreadsheet skills I picked up from 2WR????????????????????????????????” Surely you jest……..lol
Tex, what is the 2WR
TY It’s Just our shorthand for 2whiteroses
Thanks for this excellent analysis.
I probably should know this but I’m not getting why the price moves with the coupon and not the yield.
If there are 2 preferred stocks (or bonds) both yielding 7% but one has a 4 percent coupon and the other has a 7% coupon, why would the 4% coupon preferred change more for a given change in interest rates? The change being calculated before and after the last change in rates as opposed to from the original issue date.
Also, I assume when you said coupon yield above you meant coupon rate given your prior post.
Thanks in advance,
This is sort of where the concept of “duration” as opposed to “maturity” comes into play… although there are a few definitions of what “duration” actually is, what makes sense in a bond math way is that it’s a measure of the time needed to recoup your original investment in a bond.. Obviously, the lower the coupon, the more time it takes to recoup. So when interest rates go up (or show up between bonds of the same issuer – meaning a 7% coupon vs a 4% coupon as an example), it takes a greater price change for the lower coupon to make up the difference thus making for greater volatility. In other words, 2 bonds of the same maturity but one with a 7% coupon and the other with a 4% one have different durations with the 4% having a longer one… The longer the duration, the more sensitive to interest rate movements.
like like like
This is all true, but I’m not sure it’s the best answer to Peter’s question. Yes, the low coupon bond will have greater duration, but why? And why does this matter? I think it needs to mention a few more essential steps. Let me try this instead:
If two bonds are issued by the same company and have the same maturity, we’d expect them to be priced so that investors are indifferent choosing between them. For investors to be indifferent, this should mean that the total return should be the same. Obviously, the price of the lower coupon bond needs to be lower. But how much lower?
If the price was so much lower so that the current yield was the same, this would mean that the low coupon bond pays the same total interest over time but has more capital gain on redemption, violating our assumption that the total return is the same. So instead we know that the low coupon bond needs to pay less as interest, since it offers greater capital gains at the end.
The hard part is figuring out what the exact price should be. Handwave, handwave, the exact price depends on interest rates relative to the different coupons. Because the high coupon bond pays more interest before maturity, it has a shorter duration and thus is less sensitive to interest rates. The low coupon bond, which pays a greater proportion at maturity, has longer duration, and thus more sensitivity.
Hmm. Maybe that’s not that much more satisfying. But it think it’s good to try to explain why duration is different. In my mind, it’s not directly because the coupon is lower or higher, but because price difference means the payoffs happen on a different schedule. Anyone have someone better, especially for the “handwave” section?
good explanation
EXCELLENT ANALYSIS..plenty of opportunity here…
to get ball rolling
CFR.PRB/PFF pair has gone from near 3 sigma rich in september 2 near 1 sigma cheap today.. all time low was october 2023..will be looking to acquire if/when we get there
COF.PL/PFF pair similar pattern going from 2 sigma rich in october (3yr horizon) to 1 sigma cheap now …was 2 sigma cheap in october 2023
mj, a GTC floating out there if you don’t mind the money sitting in a MM fund for $15,85 will give you a 7% on cost.
ATH.PRB/PFF pair has gone from multiyear high and 2 sigma rich november to 2 sigma cheap now (3yr horizon) …low on pair was march 203 where it over 3 sigma cheap.. am looking for modest weakness to acquire
Maiden Holdings, Ltd. (MHLD) (“Maiden” or the “Company”) and Kestrel Group LLC (“Kestrel”) today announced that they have entered into a combination agreement to combine and form a new, publicly listed specialty program group…
https://seekingalpha.com/pr/19956817-maiden-holdings-and-kestrel-group-announce-combination
There are people still interested in Maiden? Now they are merging with some company named after a bird?
Tex,
I’m of the opinion t the higher rates go, the more likely the risk of omitting div’s or outright default on higher coupons. Any history on this?
No. Recessions are almost always the reason for suspension unless the company was low-rated to begin with.
HFRO-A is currently A1 rated by Moodys. The rest are for the more adventurous.
I thought might be a good time to call attention to a three Fixed-To-Float preferred issues that are switching early next year.
Ticker Price NonStripped-Yield -> Reset-Yield Reset-Date NonStripped-YTC
RITM-C 24.59 6.48% -> 9.51% 2/15/25 19%
MFA-C 24.29 6.75% -> 9.89% 3/31/25 18%
DX-C 25.40 6.79% -> 10.00% 4/15/25 1.5%
RITM is a moderately risky mREIT (Moody’s Daily Credit Risk = 6). They have a couple comparable preferred stocks both trading over par, although those are about 50 BPS higher. yield They haven’t been called, so this one isn’t that likely to be called immediately either. But even if it is, it’s a great short term return.
MFA is a slightly riskier mREIT (MDCR = 7). They don’t have a directly comparable preferred, but based on their BB’s this should trade slightly over par after the conversion if not called. And based on the rates for those recently issued BB’s, this probably won’t be called immediately.
DX is a much more stable mREIT (MDCR=4). The price is better than it looks it goes ex-div Dec 31, so it’s actually a few cents under par. This is their only outstanding preferred, so no clear indication if it will be called. But they are stable enough that at 10% this might be a safe hold until it is.
Note that while the YTC for the first two is happily high, it’s only for a very short period so the total gain isn’t actually that much. But I think they are all decent places to park money, so I’m currently holding all of them. Opinions on why I shouldn’t be (or why something else is a much better choice) gladly received.
Also holding RITM-C for reasons you mention. Anticipate it being a longer term parking spot.
I know few weeks ago there were some discussions here about a potential call on TBB. I now see 1/27 as next callable date on bbg. I was wondering if anyone has seen any updates on that. TBB has been inching higher despite the overall weakness in the preferreds market.
I’m short TBB and thinking about this as I got caught on TBC.
A redemption makes no sense, but ofc it’s AT&T, and buying Direct TV made no sense, nor did trying to buy Tmobile and having to pay out $4.5 billion on the break of that deal.
So, I’d expect to see this get called as it’s “par” for the AT&T course (and I’ll be paying out par).
Maybe they announce the call at their next golf tournament.
Ive seen it happen where insiders knew about a redemption and let their friends know..I can’t remember the company but they did the right thing and reimbursed my losses on a short position when I asked. Some people do the right thing.
Not to mention their $40 billion loss on Time Warner.
Have to wonder how CEO managed to keep his job.
interesting. I could justify TBC call since it had higher coupon an we were in a lower rate environment. But like you said TBB redemption makes no sense. Given callable date is on 1/26 if they don’t announce anything today redemption will be off the table for few more weeks. I am also short from low 24s. I may start trim it next week.
Why are you all short since its going to get called?
FWIW – You’ll see that call date change every day because all it’s telling you is that they have to give 30 days notice before they call, whenever they call…. There’s nothing magical aobut the call being 30 days away now… It’ll always be 30 days away until they actually call if ever they do
NEWTZ available @ 24.65. YTM 6.8% with 2/1/26 maturity.
FYI HTIBP & HTIA per FIDO
National Healthcare Properties Announces Ticker Symbol Change From “HTIA” And “HTIBP” To “NHPAP” And “NHPBP”
Tim, can you please update these? Thanks in advance.
10Yr yield ~ high today 4.62, now 4.6. Will 4.7 get tested before the NY, let’s see…
It’s a beautiful thing if you can avoid losing capital on the way to it. The T Bond structure makes more sense now. Many seem to be gloom and doom but this reverse of the inversion is a welcome sign. Bond market should now act as a proper hedge to a falling stock market.
PP ~ I agree with you & think the 10Yr yield at 5% is needed to compensate for increasing risk associated with our unbridled government spending…
BIPI is a “perpetual subordinated note” from Brookfield Infrastructure Partners that is trading very low right now. It’s BBB- rated, and offering 7.7%. The two perpetual preferred stocks trading alongside it are at right around 7.0%. Either there is some unannounced news and the preferred haven’t reacted yet, or BIPI is a bargain right now. Anyone know why this might be?
It’s part of a bigger trend now that has been steadily and slowly happening for 3+ weeks; as yields are upticking slightly on a daily basis. I don’t think it’s anything specifically bad applicable to this holding.
BIPJ is one that I track for this infrastructure company that’s around 7.5% and trading under par right now for the first time in a long while.
If you look at the juggernaut Brookfield (BN, $87B cap) it’s two debenture backed perpetuals are yielding right now around 6.9-7.0% and these are rated Baa2/BBB.
So it’s just sign of the times, there are tons of perpetual preferreds and long term BBs/debentures that are trading at or now below the previous 52 week lows. Good time to put some money to work.
Theta, Then the question becomes are you comfortable entering the water at this time or are storm clouds gathering and perps and long term ETD are ready to make new lows ?
Maybe just dip a toe in for now.
Charles M – Exactly. That’s why I said “some” money. Who knows what will happen in 2025?! I could see several different scenarios playing out.
theta/nathan – BIPI and BIPJ distributions reported via K-1? Thank you. HTM
No, I’m pretty sure they report on a 1099. If I’m mistaken, I filed wrong last year! Prospectus says that they pay qualified dividends:
“Interest payments made with respect to the Notes that are treated as dividends for U.S. federal income tax purposes generally should be taxable to non-corporate U.S. Holders at the preferential rates applicable to long-term capital gains if the dividends constitute ‘qualified dividend income.'”
https://www.sec.gov/Archives/edgar/data/1406234/000110465922003998/tm222205-5_424b2.htm
That said, I don’t actually know how one would confirm this. Anyone else know where would you look to confirm that always report on a 1099?
Nathan – Thanks for your reply and relaying BIPI prospectus. I also note mjtroll’s comment on where this one may be headed.
Have approached IR dept’s for more clarity on qualified dividends when uncertain. The most recent year’s treatment is an indication, along with
holding status.
HTM
I have owned the security for a number of years. It’s QDI
Greg – appreciate the confirmation.
CHARLOTTE, NC – Bank of America Corporation announced today that it will redeem all outstanding shares of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM (CUSIP No. 060505FR0), liquidation preference $25,000 per share (the “Preferred Stock”), and the corresponding depositary shares each representing a 1/25th interest in a share of the Preferred Stock (CUSIP No. 060505FQ2) (the “Depositary Shares”).
The Depositary Shares will be redeemed simultaneously with the Preferred Stock on the upcoming dividend payment date on January 28, 2025 (the “Redemption Date”), at a redemption price of $1,000 per depositary share. Declared dividends of $21.50 per depositary share in respect of the outstanding Depositary Shares for the full current semi-annual dividend period from, and including, July 28, 2024 to, but excluding, January 28, 2025 will be paid separately on January 28, 2025, to holders of record on January 1, 2025, in the customary manner. Accordingly, the redemption price of $1,000 per depositary share does not include any accrued and unpaid dividends. Dividends on the redeemed Depositary Shares will cease to accrue on the Redemption Date.
https://newsroom.bankofamerica.com/content/newsroom/press-releases/2024/12/bank-of-america-announces-full-redemption-of-its-series-mm-prefe.html#:~:text=The%20Depositary%20Shares%20will%20be,of%20%241%2C000%20per%20depositary%20share.
good comment.. bipi/pff pair saw underperform from july 2022 to november 2023 going from 2 sigma rich to cheap…it then rallied to near over 2 sigma rich in september and rolled over.. its currently near 1 sigma cheap (3yr horizon)…would expect continued underperformance
Fed Funds Rate & 10Yr T Yield Since Mid-September 2024
* Fed Funds Rate Cuts ~ down 100bp
* 10Yr T Yield ~ up 95bp….3.64% (9/16) to 4.59% (12/24)
Merry Christmas & Happy Holidays to all!
Sachem Capital to redeem 6.875% unsecured, unsubordinated notes
BRANFORD, Conn., Dec. 24, 2024 (GLOBE NEWSWIRE) — Sachem Capital Corp. (SACH) reminds holders that its 6.875% unsecured, unsubordinated Notes due December 30, 2024 (“Notes”), ticker symbol “SACC,” will mature on December 30, 2024, as scheduled. The company will redeem the Notes at par plus accrued and unpaid interest up to, but not including, the maturity date.
Chapter 11 Bankruptcy…Container Store
Newbie, you know how women think different than guys? I was at a shopping center going to a World market and next door was a Party City store.
I don’t have an interest in the store, but thought I would mention it to the wife they would be going out of business in case she wanted to check it out before it closed.
I hope the ladies on this site don’t start pelting me with rotten tomatoes for my intro.
You know what she said? She was more upset that Whirlpool was shutting down her Yummly recipe website.
Modern tech. she had saved all her recipes from the internet on that one site and now they are gone. She still has her old school recipe box on the counter but it’s not the same.
Charles, a very long shot, but perhaps she can try archive.org or a similar site that might have the pages stored.
furcal I thought of that. But Yummly was more of a search engine. All recipes, another site she uses is where people post their own recipes.
I can help her after the holidays with my limited computer skills. I think if she remembers a few of the ingredients we can do a web search and find the original recipe on Bon Apitiet , Sunset, ATK, Gourmet etc. I’ll show her how to create a file on her desktop (again) do a cut and paste in Word and save it to her file box.
I can make jokes about her computer skills, but her cooking is excellent.
LONDON, UK, Dec. 24, 2024 /CNW/ – Atlas Corp. (“Atlas” or the “Company”) announced today that the Company’s Board of Directors has declared cash dividends on its preferred shares as follows:
https://ir.atlascorporation.com/2024-12-24-Atlas-Declares-Quarterly-Dividends-on-Preferred-Shares
Big Lots! — also announced the same day.
What’s happening with KIM-N ? On 12/20 ex date it went down 1.40 – way more than the div, today it is trading 59.01 – 60.16 Way below the high of 62.90
Is it due to the failed/ delayed offer by the company? What now?
Didn’t the purchase offer expire on 12/13?
I heard it was extended via someone of this forum but I decided to ignore it completely. As for the original post on this topic interest rates are going up thus it does down in price a bit. Or KIM common stock just went down too. Have not really paid much attention. Could just be a fickle day as well.
MTBA ex-div today. Monthly dividend reduced from 25 cents to 24.8 cents.
Selloff of BDC WHF, parent of WHFCL, continues. Looks lower. WHFCL (7.875% senior BB 2028) looks stable at 25.25 today.
Top 10 MMFs…
1. GABXX ~ 4.50%
2. VMRXX ~ 4.46%
3. VUSXX ~ 4.46%
4. VMFXX ~ 4.45%
5. FZDXX ~ 4.37%
6. SWVXX ~ 4.34%
7. IDSXX ~ 4.33%
8. TSCXX ~ 4.32%
9. PRTXX ~ 4.23%
10. SPAXX ~ 4.20%
Just saw the notification from Fidelity that the PRIF-G redemption payout (plus dividend) will be made on 12/23.
Mine posted Fri morning ( or was it Sat morning?) at Fido. (both)
And of course, not at all yet at Schwab…… I’m guessing it’ll post at around 4:01 PM Monday..
I was thinking about rolling the proceeds from PRIF-G into PRIF-H which has a December 2026 maturity and is also trading past its call date. I have too much cash and not enough investment ideas these days.
Per Fido – Full call on BC-B on 1/16/25. Bummer
It’s a shame that because this comes from Fido, my first reaction is to not believe it…….. I don’t see confirmation on either their website or EDGAR…
I am always annoyed by company investor website pages and how it is almost useless for this type of news. One would think they would actually use it for these types of things. I cannot find anything about it either.
I really did not expect this to get called. I will be left with just a bit of BC-A but only half as much as I had of B. Now I need to decide if I should just replace it with A or go find something else. It was one of those types of babys I rarely thought about. Felt reliable.
Same here, 2wr. Same reaction and same result from searching for confirmation.
Merrill Edge has issued a similar notice.
Schwab also shows BC/PRB as being called 1/16/025.
ECCU and GAINI now trading at Fido.
Bid/ask:
1. ECCU = 24.63 / 24.70
2. GAINI = 25.27 / 25.30
Bought MBNKP (8% non-cum perp junk preferred) just under par. Call 4/1/25, then float at 3mL + 6.46%. Call likely? Chart of parent bank MFIN looks okay.