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READER INITIATED ALERTS

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763 thoughts on “READER INITIATED ALERTS”

    1. J,

      Thanks for this and for the AHL-C redemption announcement.

      From the link you provided – “We intend to apply to list the Mandatory Convertible Preferred Stock on the NYSE under the symbol “PCG-PrA.”

      I assume PCG-PrA is synonymous with PCG-A, PGC.PA, PGC.PRA, etc., depending on the broker. They already have a 6% preferred that trades with symbol PCG-A (Cusip 694308206).

      Reply

      1. I noticed that also.

        It is a typo mistake, in my opinion, and the ticker would be some other letter.

        Reply

        1. J any indication of the yield? depending on what it is it may affect the other preferred. PG&E have been getting better at staying on top of operations and they seem to be taking advantage of ratings upgrades to issue this preferred.
          Could affect the value of my holdings of the PCG-A and the others I hold.

          Reply

          1. PCG
            Interesting.
            C & E are two of the thinly traded prefs that Fidelity has the tightest lease on

            Reply

            1. No kidding Westie I’m on the phone with Fido right now. Trying to fix an error on a couple orders I placed this morning. They are on limit so I have to get another trade window open. Hope for a Monday I am giving them a headache.

              Reply

  2. Hamilton, Bermuda—November 29, 2024—Aspen Insurance Holdings Limited (“Aspen” or the “Company”) announced today that it has decided to call all 11,000,000 of its outstanding 5.95% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares (NYSE: AHLPRC; CUSIP: G05384154) (the “Preference Shares”) for redemption on January 1, 2025 (the “Redemption Date”). The redemption price will be US$25.00 per Preference Share (the “Redemption Price”), representing an aggregate amount of US$275,000,000. The Redemption Price will be paid on January 2, 2025, which is the next business day following the Redemption Date. Since the Redemption Date is also a dividend payment date, the Redemption Price does not include any declared and unpaid dividends. Declared dividends of US$0.6196 per Preference Share, which were previously declared by Aspen’s Board of Directors, for the full current quarterly dividend period from and including October 1, 2024, to but excluding January 1, 2025, will be paid separately in the customary manner on January 2, 2025 to holders of record at the close of business on December 15, 2024. On and after the Redemption Date, the Preference Shares so redeemed will no longer be deemed to be outstanding, dividends on such Preference Shares will cease to accumulate and all rights of the holders of such Preference Shares will cease, except for the right to receive the Redemption Price.

    https://www.sec.gov/Archives/edgar/data/1267395/000162828024049464/exhibit992-6xk.htm

    Reply

  3. Hooray, a “Bank Panic of 2023” favorite BANC-F (formerly a PacWest preferred) has returned to its $25 liquidation preference. If I remember correctly this thing got as low as five bucks.

    It currently yields 7 3/4% and will reset to 5yT+4.82% in September 2027. Well, most likely it will be called then.

    Reply

  4. Black Friday Data Dump…

    * US 2yr/10yr spread…today 0.01, was 0.23 on 9/24/24 & has trending down, will it invert? does it matter anymore?
    * 10yr…today 4.178%…was 4.45% on 11/12/24
    * November (1-Month) Returns…Dow up 7.5%, S&P up 6.6%, Nasdaq up 4.9%
    * AAA National gas avg…$3.06/ga
    * 30yr Fixed Mortgage…6.88%
    * CME FedWatch 12/18 rate cut probabilities…25bp cut 66%, no cut 34%
    * Green Preferred & BB Movers today…FGN +0.93, AHL-E +0.91, BNH +0.91, AUB-A +0.89.
    * Red Preferred & BB Movers today…SQFTP -0.77, DHCNL -0.75, AHT-D -0.64, ABR-F -0.61.
    * Amazon workers start strike on Black Friday
    * 24X National Exchange… a new stock exchange to be launched in second half of 2025 will allow trading 23 hours per day pending final SEC approval.

    Reply

    1. Newbie, thanks for your frequent data posts.
      Nice to see AHL-E is up today. I waited more than 6 weeks for it to get to my buy price and I’m up over 3% in a few days. Sometimes we get lucky. I bought it for the 6+% dividend so I’ll be holding.

      Reply

    1. rocks2stocks….. I got a message from Vanguard on 11/23/24 that IVR-B was to be redeemed in my old company emergency funds account. I assumed someone had posted about it and did not check. Guess I should have and posted that it was. It’s been very busy here leading up to Thanksgiving with the traditional family get together preparations here and construction work ongoing around the house. We got our driveway poured in concrete among other little projects. Brushed up on my Spanish with the small company that did it as English was definitely the second language. They did great work and very pleased with it.

      Reply

  6. JPM Bond…

    * 48130CMB8, Senior, A/A1, 5.5% Coupon, Pays Semi-annual, Price 100.35, YTC 5.25% on 5/17/26, YTM 5.45% on 5/17/34.

    Reply

    1. Are you sure the JPM bond is semi-annual? Lately, JPM has been all annual payments.

      Reply

      1. Very odd- must be a typo. The amount seems a bit much, and Qonline shows 1/1 as pay date.

        Reply

      1. mi and Gary,

        It’s a short 1st dividend. Only 37 days’ accrual.
        Accrual period = Nov 25 through Jan 1 (day before div pay date).
        7.625% coupon = $1.90625 annual rate.
        360-day year, so $1.90625 / 360 days = $0.00529514 daily rate.
        Daily rate X 37 days accrual = $0.19592014 for the short 1st div.

        My math could be wrong, but it matches the $0.196 cited in the press release.

        Reply

        1. Gary, if you were referring to the $7.84 as being too much, it’s because MBINL stock is actually $1,000 liquidation preference per share. We trade the depository shares, which are 1/40th the value of the $1,000 stock.

          $7.84 on the stock / 40 = $0.196 div on our depository shares.

          Per the prospectus: “The Company may redeem the Series E preferred stock at our option, subject to regulatory approval, at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share),

          Reply

          1. Haven’t noticed that for some reason, but makes sense, thx
            I guess they can’t pay on New Years day -so 1/2/25

            Reply

  10. TELZ – Well what do you know – I got an email from Fido saying “Fidelity would like to inform you of an event that will occur on one of the securities which you hold in your portfolio.
    The redemption details for the below security will be changing.”

    Posted to my account is the accrued interest that was due between the last coupon payment on 10/31 and the call date of 11/8….. Wish I had kept track of the name of the Fido Know-It-All who got uppity with me for questioning the bull he was throwing because he’d been at it for 40 years…. and the other guy who told me that this was a “make whole” call because it was called at 25.75 had the interest was imbedded in the price paid… Yeah right….

    Reply

      1. That is great news ! I had posted my update in the Broker & Brokerage thread….but presumably my money at Vanguard is on the way !

        Reply

    2. 2wr,
      “uppity” sounds like the old codgers we are.
      In the future, might I suggest throwing a one-liner at the kid from a talented attorney I know:
      “So I ask myself, is this guy trying to insult me, or is he really just that stupid?”

      Reply

  11. https://www.cobank.com/corporate/news/2024/cobank-issues-300-million-of-preferred-stock-nov

    CoBank Issues $300 Million of Preferred Stock

    Proceeds of issuance will be used to redeem its Series H preferred stock in January 2025

    DENVER (November 25, 2024) — CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, announced today that it has issued $300 million of preferred stock in a transaction exempt from registration under the Securities Act of 1933, as amended.

    The new Fixed-Rate Reset Series M Non-Cumulative Perpetual Preferred Stock (“Series M Preferred Stock”) has a fixed dividend rate of 7.125% percent until January 1, 2030, after which the dividend rate will reset every five years to a rate equal to the five-year U.S. Treasury rate plus a spread of 2.818 percent. J.P. Morgan and Morgan Stanley served as joint bookrunners on the Series M Preferred Stock transaction. Barclays and Truist Securities served as co-managers. The proceeds from this issuance will be used to redeem all of its issued and outstanding shares of Fixed-to-Floating Rate Series H Non-Cumulative Perpetual Preferred Stock, Par Value $100 Per Share (“Series H Preferred Stock”) on January 1, 2025.

    The Series H Preferred Stock will be redeemed at a redemption price of $100 per share together with accrued and unpaid dividends to but not including the redemption date (less any applicable tax withholding as required by law). The redemption and paying agent for the redemption is Equiniti Trust Company, LLC (“EQ”).

    For more information, holders of the Series H Preferred Stock may contact EQ at (877) 248-6417 or (718) 921-8317 or write to EQ at Equiniti Trust Company, LLC, Shareholder Services Department, 55 Challenger Road, Ridgefield Park, NJ 07660.

    Reply

    1. That is a mighty small reset percentage. But, it is a win-win for the issuer. If the treasury rate is low, they get 5 years of cheap money. If the treasury rate is high they recall. I’ll pass on this one.

      Reply

      1. The new issue is fixed rate. It’s the old one, CKNQP that was slated to float on 1/1/25. It’s being called instead of beginning to float at most likely over 10% new coupon.

        Reply

      2. Jack—pretty much all resets favor the issuer. As an investor, one has to decide if he/she can live with the terms five years down the road. The 5 year is currently 4.22%. With the enormous continual need for deficit spending, I do not see the 5 year trading any lower 5 years down the road. A 2.82% reset for a BBB+ security is okay. JM2C

        Reply

        1. I would disagree, Whid…. Most of the time the reset rate is calculated by formula to recreate the spread between the original price on the issue and the current rate on the Treasury issue. I haven’t double checked the math on this one but eyeballing that seems what they’re doing now on Series M. So that seems fair to me, not favoring the issuer or the new issue’s buyers……..

          Reply

          1. 2wr—I understand how the spread is created. I just meant the issuer has an option down the road.

            Reply

        2. and that’s why callable issues pay a somewhat higher dividend in exchange for that call option. Not a bad tradeoff for the active investor, I would rather have the higher divvy in most cases.

          Reply

    3. The problem that I have found with these damn/darn things is when you go to actually buy them they are already trading at a rather hefty premium over par. I do know that a dealer to dealer trade occurred yesterday at $101.625 which tells me a retail investor like us the price would be even HIGHER.

      Reply

    4. I literally just got a call back from my Pinnacle Team Manager at Schwab. He said the minimum is $250,000 just like their last issue which I did buy. I took a pass on this one as its already over $102.

      Reply

  12. does anyone know of a short term euro denominated bond ETF? or even a euro denominated money market fund?

    Reply

    1. RDKING647:
      You may want to try this MMF

      DWS EURO FLEXIZINS “NC” (EUR) ACC by DWS INV GMBH (DE).

      it is no-load and total fees are 0.15% p.a. Buy / Sell without fees at IBKR.
      It is “accumulating” and returned 4.42% in the last 12 months.

      DYODD, of course.

      Reply

      1. Can you direct to a U.S. based broker that will trade FLEXIZINS? I would have thought IBKR the best bet but they won’t allow a trade. Or is there a trick one need know?

        TIA

        Reply

        1. Informational:
          website is ( FACTSHEET: DWS Euro Flexizins NC cap) ( DE0008474230)
          Info on this fund is on that website. also, check out (FUNDSQUARE)
          website to search for that fund.
          Don’t know if this is of any help to you.
          Howard

          Reply

        2. By the way, DWS is a Swiss money manager and the fund you are asking about is for Swiss residents only. Howard

          Reply

  13. AHL-F new temp ticker is ASIHF.

    It has a bid and ask and OTC has it “Pink – Current Information”. Still, can’t yet buy it at Fido:
    (TC9051) Opening transactions for Grey Market are not permitted because of the risks associated with these securities and all Microcap securities.

    https://www.otcmarkets.com/stock/ASIHF/overview

    Reply

  14. Green & Red Movers @ 10:15a CST…

    Green ~ AHT-I (+1.41), OPINL (+1.11), POWWP (+0.97), PSEC-A (+0.96), EAI (+0.85).

    Red ~ GAB-G (-0.59), FTAIM (-0.46), HFRO-A (-0.37), FGBIP (-0.37)

    DYODD

    Reply

  15. The 7 5/8% new issue MBINL should be freely tradeable now for those who want it. Currently $25.40 on my screen.

    I’m meh on it.

    Reply

  17. Received notice from Fido today that PSA-K would be called on 20 dec 2024.

    Can anyone confirm this is true?

    I doubt it for several reasons:
    1) No press release at https://investors.publicstorage.com/news-events/press-releases/default.aspx
    2) There are four series of PSA pfd’s now callable (F, G, H, and I) with a higher coupon than K. I know PSA is a serial caller of pfd’s but they’re not stupid.
    3) Can’t find mention of it with a google search
    4) The Fido notice says “Your bond or CD will mature soon”. If their engineers are stupid enough not to distinguish pfd’s from bonds and CDs, I don’t trust they’d be able to distinguish the nominal call date given in the prospectus from the actual call itself.

    Still, I could be wrong on all counts. Anyone able to confirm a call on Ser K for sure?

    Reply

    1. Bur-
      PSA-K becomes callable on Dec 20. My guess is someone at Fido mistook that date for an actual call. PSA-H at 5.6% will be called before any others IMO.

      Reply

  18. Preferred RED & GREEN at 2pm CST…

    Red…SCCG (-1.00), SACH-A (-0.72), LUXHP (-0.68), AFSIM (-0.60)
    Green…BPYPM (+0.79), PRIF-G (+0.63), AHL-D (+0.57), RILYM (+0.61)

    Reply

  19. VIASP has a tender offer for $22.50. Any opinions on this? May be the best we can do after their recent struggles but which may be turning aorund. A 10% loss which is actually a gain if considering the dividends I’ve received.
    Tender offers are a psych job. Why would a company buy back above selling price if they weren’t optimistc about the future, otherwise just let it go. But it could be sign hey are giving up on the preferreds and might not treat it well for those who hold on.

    Reply

    1. William Maxwell III bought the part of VIA that he didn’t already own in June. https://viarenewables.com/press-releases/via-renewables-inc-announces-completion-of-merger/
      VIASP has strong protections; it is cumulative, and the interest rate goes up by 2% during missed payment periods or if the security is delisted. See p. S-22 of the prospectus. It seems to me that the right path is to hold on and continue to collect LIBOR + 6.578% until the security is redeemed at liquidation preference.

      Reply

      1. Gary,

        I get a slightly different amount. $0.345833.
        We match on the 83 days. Prior div pay date (9/30/24) to day before redemption (12/23/24) = 83 days.

        Daily rate per share – we differ slightly.
        From p. 86 of the PRIF-G prospectus: “The Dividend Rate is computed on the basis of a 360-day year consisting of twelve 30-day months.”
        I calculated it as the annual $1.50 div / 360 days X 83 days.
        6% x $25 = $1.50 annual div.
        $1.50 / 360 days = $0.0041667 per day.
        $0.0041667 X 83 days = $0.345833 accrued.

        Reply

        2. If they use 30 day months, wouldn’t October and November then together count as 60 days and December be 22 more? So, then 82 days at the $1.5625/360 day yr => $0.3559 accrued?

          Reply

      1. All of the PRIF prefs are callable except -L. PRIF-G has the earliest due date 6/30/26, followed by -H on 12/31/26. They called the one with the earliest maturity. Seems logical.

        Reply

    4. Thank you. I have a question: Is PRIF defined as a closed end fund whose debt and preferred stock is subject to the 300 and 200 % asset coverage requirement.

      Thanks

      Reply

      1. Original D…. Think METCZ will not be available until on or after November 27, which is the settlement date listed in the pricing term sheet if I read that document right.

        Reply

        1. It seems like a good swap for METCL which has a lower yield to maturity if you do not mind extending out the duration. Both METCL and METCZ are both in the higher risk bucket, so not something to load up on.

          Reply

  22. https://viarenewables.com/press-releases/via-renewables-announces-commencement-of-tender-offer-to-purchase-up-to-800000-shares-of-its-series-a-preferred-stock-for-22-50-per-share-in-cash/

    I missed this when it came out, but Vanguard notified me of the corporate action. This is in the company’s best interest, but I don’t think it is in my best interest to tender my shares. If Via wants my shares, the company can call them at a full $25 liquidation preference, plus pay me the accrued dividend.

    Reply

  23. Bought a small sampling of Senior Subordinated new issue from BofA 06055JHJ1. Monthly payer, settles 11/27. 5.55% Matures in 20 years, callable after 5 years. Available at Fido.

    Reply

        1. Link not working, so
          Bank Of America Corp CUSIP 06055JHJ1
          Callable 11/29@100
          Credit ratings
          Long term Moody’s rating
          A1 (Investment grade)
          Long term S&P rating
          A- (Investment grade)
          Coupon 5.550
          Coupon frequency Monthly
          Next coupon 12/27/2024
          First coupon 12/27/2024
          Last coupon 10/27/2044
          Sector Financials
          Convertible No
          Symbol BAC
          Debt Ranking Senior Unsecured

          Reply

  24. For those of you involved in NG and shipping. Something that has not been collecting a lot of interest in the news.
    https://seekingalpha.com/news/4317689-exxon-to-start-gas-drilling-off-cyprus-in-january-exec-says
    This field or basin lets call it, stretches offshore from Israel up to Cyprus / Turkish? waters in the Mediterranean Sea.
    I believe NE is working in this field along with other companies. With several pipelines proposed this will or may reduce the EU’s dependence on imported gas brought in by LNG carriers.
    There are already existing pipelines in Tunisia (N. Africa) and Turkey which I think they are trying to avoid due to geo-political risk.
    The thought in this article on a LNG plant in Egypt is interesting as that would still require shipping.
    https://www.pipeline-journal.net/news/eastmed-gas-pipeline-project-timeline-uncertain-stakeholders-review-feasibility

    Reply

  25. AHL-F incoming…

    Aspen Insurance Holdings Limited
    Each Representing a 1/1,000th Interest in a Share of
    % Perpetual Non-Cumulative Preference Shares

    https://www.sec.gov/Archives/edgar/data/1267395/000162828024048738/aspen-preliminaryprosupp.htm

    use of proseeds: …We intend to use the net proceeds from this offering to fund the redemption of some or all of our Fixed-to-Floating Preference Shares and for general corporate purposes. This prospectus supplement shall not constitute a notice of redemption under the certificate of designation governing our Fixed-to-Floating Preference Shares. Any such notice, if made, will only be made in accordance with the provisions of such certificate of designation. There can be no assurance as to whether we actually implement any such redemption of the Fixed-to-Floating Preference Shares.

    Reply

      3. Issuer: Aspen Insurance Holdings Limited, an exempted company incorporated under the laws of Bermuda (the “Issuer”)

        Security Type: Depositary shares (the “Depositary Shares”), each representing a 1/1,000th interest in a share of 7.00% Perpetual Non-Cumulative Preference Shares (the “Preference Shares”)

        Amount: $200,000,000 / 8,000,000 Depositary Shares

        Over-allotment Option: The Issuer has granted to the underwriters an option, exercisable for 30 days from the Trade Date, to purchase up to an additional 1,200,000 Depositary Shares at the Public Offering Price, less $0.7875 per Depositary Share to cover over-allotments, if any.

        Liquidation Preference: $25,000 per Preference Share (equivalent to $25 per Depositary Share)

        Listing: The Issuer intends to apply to list the Depositary Shares on the New York Stock Exchange under the symbol “AHLPRF.” If the application is approved, the Issuer expects trading to commence within 30 days after the Settlement Date.

        https://www.sec.gov/Archives/edgar/data/1267395/000162828024048848/aspen-fwp112124.htm

        Reply

      4. …will be interesting to see where this prices…I have some of the D shares and I believe it’s at 6.6% current yield now. Only a half position. BB+ a step below IG, would need to juice the yield a little to attract me for more.

        Reply

  26. My old Southwest Energy bonds are being called. They recently merged with Chesapeake Energy to form Expand. I will make a couple bucks a bond, but would much rather have kept them until maturity..

    Security EXPAND ENERGY C 8.375%28
    **CALLED**
    @102.792 EFF: 12/05/2024
    CUSIP 845467AP4
    Call date December 05, 2024

    Reply

    1. How interesting… I wonder what the pricing talk is? Also interesting it looks as though they are not using funds to call METCL – “We estimate that the net proceeds from this offering will be approximately $       million after discounts, commissions and expenses related to this offering (but excluding the Structuring Fee (as defined in “Underwriting”)) (or approximately $       million if the underwriters’ overallotment option is exercised in full). We intend to use the net proceeds from this offering for general corporate purposes, including funding future investments, making capital expenditures and funding working capital.”

      Also of note is how expensive an issue this is going to be to issue… Underwriting fees will amount to 3.50% (3.15% is normal) PLUS an additional .50% paid to the lead underwriter of a “structuring fee” on top of that…. not a good look…

      Reply

      1. 2WR to be crude it sounds like they want their pound of flesh to be extra thick.
        If you look at the chart of METCL it seems to be a dividend flippers dream stock. Peaks and Valleys before and after every dividend. Pick the right entry point and ride the wave then sell just before the peak. Something the HDO crowd might follow. But the low volume shown would scare me.
        I think this was a stock Bea used to trade.

        Reply

    1. jshsky-
      Wouldn’t call -2% crashing for AHL-C. My guesses…
      A. Broke technical support at ~26, triggered stops
      or
      B. Someone sniffed out a call
      or
      C. I haven’t a clue.

      Reply

      1. Yeah – I’ll go with #3. It’s just a bit surprising given that its a nice 9% divvy going ex 12/13/24. I have a small position.

        Reply

          1. r2s I really feel a lot of what I would consider unexpected price moves are B.
            I know a few people on here are really good at staying on top of SEC filings etc.
            I want to give a shout out to all those who share!
            But sometimes I wonder if there’s backdoor information that people find out about ahead of time, like a struggling company delaying and not filing their quarterly financial report.
            Just say I am a conspiracy theorist.

            Reply

            1. Charles,

              Well, it was yesterday that AHL-C dropped around 2% (IIRC).
              The prelim prospectus for AHL-F went public this morning – the day after the 2% drop – and I wonder how it traded yesterday like some already knew.

              Reply

  29. MBIEV trading at Fido 25.05 x 25.10
    Not sure if I want another perpetual — keep expecting mkt moving event or maybe higher rates with all the Fed debt piling on.
    –thoughts?

    Reply

    1. Gary,

      I already own MBINM which is a fixed rate reset every 5 years. If I did not own some of that I would probably take a small bite of MBIEV. The higher coupon of 7.625% gives you some room for protection from rising rates. With that said the bank itself seems to worry others (CRE exposure) so we should also be concerned. Thus I would keep the position small if you decide to buy.

      It is probably not what I call a preferred for the high risk bucket but it is also not a sleep well at night one either. It is walking the tight rope right in the middle and thus you are paid 7.625% for that risk.

      Reply

    2. I paid 25.11 for MBIEV 7.4 YTC 1/2030 .. i though this compares favorably to MBINN 6 callable 4/2026 at 22.21 ytm 6.86

      Reply

  30. ANG-A (formerly AEL-A) trading just under par with the Dec 1 call/reset to the 5-year yield + 4.322% (over 8%) very near. The reset will occur as there is no announced call, but after that 30-days notice. Of course, it could be called on Dec 1 and the company says oops!

    Reply

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