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1,464 thoughts on “READER INITIATED ALERTS”

  1. DUK-A
    AIG-A
    PSA-H
    MET-E
    BAC-B
    SCHW-D
    NSA-A
    XOMAP

    All trading new 52 week lows at higher yields.

  2. Vanguard is today offering a 7 year CD from JP Morgan at 5.00%
    A long time to tie up money..BUT..by time this is redeemed, may wish I had tied up more. Going to dip a couple of toes in with IRA funds. But interested in the consensus opinion. In current climate, is this something you would throw significant money at in a tax-free acct?

    1. Just my $.02

      EP-C

      Current Yield – 5.35%
      Current Price – $44.3
      Split IG
      Redeem / Convert / Call on 3/2028 @ $50 / share

      7.25% YTM for 6 years
      Someone give me a double check and correct me on this if needed.

      Good deal for a tax-free account if my math is correct.
      I like the idea of the liquidity over a CD

      1. I own 2,000 shares of EP-C at $45.70 and my YTC is 6.79%. Your data is right. I’m sure I’ll hold it until maturity.

      2. only 5.5 years to call for a YTM over 7.5%. add 2.19% compounded for 5.5 years to get to par. though some formulas disagree with the way I calculate it.

        1. I agree.

          This was just a case where my rounding made the result look worse, ha.

          cheers.

  3. EPR-E is thinly trading near it’s 52 week low. It is a convertible and not callable. It pays $2.25 per year. I have held it since 2012 and bought another slice today.

    1. BAC/S
      JPM/K
      USB/S

      At these prices and yields are all sock drawer issues for me.
      If they keep paying and are never called, good for me.

      IMO

  4. NEWTEK Conference call tomorrow – Maybe we’ll get some clarity on NEWTZ and L

    https://finance.yahoo.com/news/newtek-business-services-corp-ceo-153900202.html

    Newtek Business Services Corp.
    Wed, September 28, 2022 at 11:39 AM
    In this article:

    NEWT
    +4.59%

    Newtek Business Services Corp.
    Newtek Business Services Corp.

    BOCA RATON, Fla., Sept. 28, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that it will host an investor conference call on Thursday, September 29, 2022 at 8:30 am ET. Barry Sloane, Chief Executive Officer, will discuss Newtek’s planned acquisition of National Bank of New York City, which is subject to regulatory approval, as well as performance metrics for the third quarter 2022.

    Please note, to attend the conference call or webcast, participants should register online at http://investor.newtekbusinessservices.com/events-and-presentations. To receive a dial-in number, participants are requested to register at a minimum 15 minutes before the start of the call. A replay of the call with the corresponding presentation will be available on Newtek’s website shortly following the live presentation and will be available for a period of 90 days.

    1. Switching to being a bank holding company has dropped them almost 60% off their high last yr- maybe they can forget about it.
      That would be an announcement!

      1. I didn’t really hear anything new – continued enthusiasm from Barry as to the benefits of becoming a bank, some rah rah about stock evaluations and how they will be a bank with a differentiator based on how they will operate,.. etc… Nothing truly about timing for an ability to close but hopes to have it done by year end…. I did manage to get my question asked about the notes but Barry said he could not answer other than to say that they will be in full compliance with the precondition in the bank purchase agreement that says “the Company having completed a refinancing of its outstanding notes, including the elimination of any provisions relating to the Company’s election to be treated as a business development company under the 1940 Act.” [before the stock purchase of the bank can close]. That they are unwilling to say outright how they interpret “refinancing” to get out from under the BDC language protecting noteholders just makes me question whether they are planning to redeem and if not, what else they have planned… Maybe defeasance could be an option – or maybe seeking noteholder approval to modify the language??? I just don’t understand why the reluctance to outline the strategy but they are adamant they will not discuss it at this time,

  5. The big loser today is the Tri-Continental (TY) closed end fund preferred 5% TY+P. This might be the safest preferred in the income universe.

    TY+P down 6% today to $45/share – its March 2020 Covid low was $52. Only 754,000 shares outstanding and can only be called (anytime) at $55/share. Preferred was issued in 1963.

    TY is a $1.6 Billion CEF that has almost no leverage beyond this $37M preferred. This CEF has been around since 1929 and it invests in S&P 500 stocks for the long-term.

    Shows how crazy and odd the recent wave of selling has become. Just bought some for the IRA. Wow.

    1. Pretty interesting how people would have jumped at the opportunity to buy that at 46.50 for the last 10 or so years but now sits there with no bites yet for that ask of what looks like 800 shares. The times sure have changed. I imagine it is judged against other highly rated CEF preferred like GDV-K which yields slightly more now.

  6. Tenneco Tender and Bond Call extended – https://www.sec.gov/ix?doc=/Archives/edgar/data/1024725/000119312522252212/d381838d8k.htm

    Well at least they’re not saying the deal is off…… What was really surprising was they didn’t announce this initially once they said on Sept 22 that the banks weren’t going to even attempt the financing marketing until mid October, some time after October 10 https://seekingalpha.com/news/3885320-tenneco-gains-after-report-banks-slated-to-start-debt-sale-for-apollo-deal-next-month

    Item 8.01

    Other Events

    Extension of the Expiration Date for the Tender Offer and Consent Solicitation

    On September 27, 2022, Pegasus Merger Co. (“Merger Sub”), an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc., announced that it has amended the terms of its previously announced cash tender offers (together, the “Tender Offer”) and consent solicitations (together, the “Consent Solicitation”) to purchase any and all of Tenneco Inc.’s outstanding 5.125% Senior Secured Notes due 2029 and 7.875% Senior Secured Notes due 2029 to extend the expiration date from 5:00 p.m., New York City time, on September 27, 2022 to 5:00 p.m., New York City Time, on October 17, 2022 (as so extended, and as may be further extended, the “Expiration Date”).

    A copy of the press release issued by Merger Sub announcing the extension of the Expiration Date is attached to this Current Report on Form 8-K as Exhibit 99.1, and such Exhibit is incorporated herein by reference.

    Plan to Extend Redemption Date for Outstanding Unsecured Notes

    On September 7, 2022, Tenneco Inc. (“Tenneco”) announced that it had given notice of its intention to redeem all of its outstanding 53⁄8% Senior Notes due 2024 and all of its outstanding 5.0% Senior Notes due 2026 (collectively, the “Unsecured Notes”) on October 7, 2022 (such date, as it may be extended, the “Redemption Date”). The obligation of Tenneco to redeem the Unsecured Notes and pay the applicable redemption price to the holders of the Unsecured Notes on the Redemption Date is conditioned on (i) the completion of the acquisition of Tenneco by Pegasus Holdings III, LLC (“Holdings”) pursuant to the terms of the Agreement and Plan of Merger, dated February 22, 2022, among Tenneco, Merger Sub and Holdings (such condition, the “Merger Condition”) and (ii) the completion by Merger Sub of an offering of debt securities on or prior to the Redemption Date in an aggregate principal amount satisfactory to Merger Sub (such condition, the “Financing Condition”), and the Redemption Date may be delayed until each of the Merger Condition and Financing Condition has been satisfied or waived by Tenneco. As of the date of this Current Report, Tenneco does not expect the Merger Condition or the Financing Condition to be satisfied by October 7, 2022 and therefore plans to extend the Redemption Date to sometime after October 17, 2022. Tenneco will notify the holders of the Unsecured Notes of the exact date to which the Redemption Date will be extended prior to the originally scheduled Redemption Date on October 7, 2022.

  7. NYSE AMERICAN – NEW SECURITY NOTIFICATION FOR SYMBOL BHM WI
    NYSE American has determined that the Class A Common Stock to be issued by Bluerock Homes Trust, Inc. will trade on a “when issued” basis under the ticker BHM WI with CUSIP 09631H100 beginning on September 28, 2022.

    1. That is good to see. Hopefully it will trade strongly.

      Fidelity is already showing the symbol is active, but not trading yet of course until tomorrow.

      1. A reminder (because it threw me off) that holders of the old BRG get one share for the new BHM for every eight shares of BRG they held.

        ETrade shows BHM.WI trading around $21, so about $2.63 per old BRG share. Blackstone is paying $24.25 per old BRG share. Those are trading around $26.82, so there is less than a dime of arbitrage at current prices.

  8. Added a little to my FRMEP as it dipped close to par today under 25.17

    This is a 7.5% fixed issue callable in 2025. It’s the former LEVLP and while it was not rated as LEVLP, it would be investment grade now thanks to the acquisition by FRME

  9. Any idea what’s going on with STAR preferreds? They are all trading below redemption value. Has something happened to the merger deal? I don’t see any news on I STAR’s website.

    1. Mark, I believe that the market perceives that the deal is in trouble and may not close. Full disclosure: I am long all 3 STAR.D/G/I preferreds for well over a decade 🔥 Let the deal bust as long as I keep getting paid.
      The two most important days in your life are the day you are born and the day you find out why. I am Azure

      1. Azure – Not based on any real facts, but I keep thinking that this deal is essentially being done between the same people so then the question would be who’s going to be in the way of it closing? The independent directors? Even for shareholders I don’t see what they might think they would gain at this stage by unraveling the deal Certainly both companies’ share prices have tanked severely since the announcement but then how much of that is because of the deal vs because of the shellacking just about all REITs have been taking?

        1. 2WR, Is it possible there is another possible reason? Maybe cost of capital has changed since merger announcement (it certainly has just ask the 7% mortgage borrowers now) and it would benefit them to not redeem them or at least not immediately. They seem to be sliding down into the yield range of others of their ilk. Of course I am just idle speculating. It doesnt seem we will be using the word “pinned to par” too much near term anyways.

          1. Grid:

            There really isn’t much outside financing required in the SAFE-STAR merger, with the exception of Michael Dell’s family office agreeing to buy 5.4M shares of SAFE from STAR at $37/share. Those SAFE shares are now trading for $27, so I’m sure that MSD isn’t too happy about the negotiated price back in early August.

            STAR and its $1.4B in cash and 67% holding of SAFE really has no choice but to merge with SAFE. There is a $140M bank loan that Morgan Stanley promised to provide the STAR stub spin-off, but that was going to be backed by $400M shares of SAFE (which are now worth less than $300M – but still fully covering the $140M loan).

            The shareholder base of STAR has likely changed dramatically since the 8/11/22 merger announcement. STAR likely has seen a huge increase it is share ownership by the arbitrage community now. They will vote for the deal.

            The STAR preferreds have fallen below $25 on very low volume, so no need to panic…..yet. STAR+G traded just 3500 shares today. I have been buying a little more of STAR+D.

            1. Rob, I was just speculating in terms of investing needs of the company going forward, not in consummating the merger. The preferreds price really doesnt reflect anything bad, just in line with a lot of reit preferreds now. It just seems a bit odd they would be dropping this close with the word out on intentions. I dont typically see this much meat on the bone for a play like this, so it just struck me as odd that is all.

              1. Grid:

                Definitely lots of odd stuff happening in this dislocation sell-off in the illiquid income space.

                I’m happy to buy from the panicked sellers, which likely includes forced sellers like the big ETFs as the dreaded “selling begets selling” process takes over.

                $14B PFF has already had $55 million in outflows in just the last 2 days. That ETF has lost 31% of its assets in 2022. Good grief.

          2. I just don’t know, Grid. The way I feel right now I don’t think I know anything about anything anywhere any more and anything I do think only leads to losses so I might as well add this one to the list….That being said, this is why imho redeeming the preferreds has nothing to do with whether or not their market value would be higher or lower than barring the existence of this deal:

            When you read Form 425 dated Aug 12 – https://www.sec.gov/Archives/edgar/data/1095651/000110465922090065/tm2223188d4_425.htm , they seem to be saying the plan to retire debt and the preferreds is aimed at improving their credit rating as a combined company rather than necessarily being dependent upon if refinancing costs would be higher or lower…. Don’t forget, they’re also retiring at least 3 maturities of debt which have coupons only in the 4.75% to 5.50% range so that of course is not being done for economic reasons and they plan to use cash, not issue more debt or preferreds to do the redemptions…. All three bond issues were trading at substantial discounts prior to the announced deal but also have relatively short maturities vs the perpetuals….. Note Jay’s comment, “And this might turn out to be the most impactful benefit. On the equity side, here’s what happens. The float should more than double, the external structure concerns go away. MSD Partners becomes our largest — one of our largest shareholders, and Karen gets a major investor and a substantial mark. All of these are big positives. The impact of our debt profile is equally important. The transaction is addressing key ratings drivers, which the agencies have laid out as the path to Safehold credit upgrades. Just this morning as a result of the transaction announcement, Moody’s has put Safehold’s credit on positive outlook, opening the door to a potential upgrade for new SAFE to become a credit as we deliver on the benefits of the announced transaction.”

            I suppose anything’s possible given what’s happened to stock and bond markets in general since their August announcement and nothing’s final until the S-1 Proxy Statement is presented, but the Agreement and Plan of Merger uses definitive language (“shall” regarding the preferreds, not “may” or “might”) when it comes to the peferreds- https://www.sec.gov/Archives/edgar/data/1095651/000110465922089422/tm2223188d1_ex2-1.htm – “(i)           At the Effective Time, each share of Star Series D Preferred Stock issued and outstanding immediately prior to the Effective Time shall be automatically converted into the right to receive an amount in cash equal to $25.00 plus the aggregate amount of all accrued and unpaid dividends on such share of Star Series D Preferred Stock as of the Effective Time (the “Star Series D Preferred Stock Merger Consideration”).

            “(ii)          At the Effective Time, each share of Star Series G Preferred Stock issued and outstanding immediately prior to the Effective Time shall automatically be converted into the right to receive an amount in cash equal to $25.00 plus the aggregate amount of all accrued and unpaid dividends on such share of Star Series G Preferred Stock as of the Effective Time (the “Star Series G Preferred Stock Merger Consideration”).

            “(iii)         At the Effective Time, each share of Star Series I Preferred Stock issued and outstanding immediately prior to the Effective Time shall automatically be converted into the right to receive an amount in cash equal to $25.00 plus the aggregate amount of all accrued and unpaid dividends on such share of Star Series I Preferred Stock as of the Effective Time (the “Star Series I Preferred Stock Merger Consideration,” and together with the Star Series D Preferred Stock Merger Consideration and the Star Series G Preferred Stock Merger Consideration, the “Preferred Stock Merger Consideration,” and the Preferred Stock Merger Consideration together with the Common Stock Merger Consideration, the “Merger Consideration”).

            “(e)          Conversion of Safe Common Stock and Star Preferred Stock. As a result of the Merger and without any action on the part of the Parties or any holder of any shares of capital stock of Safe or Star, as of the Effective Time, all of the Eligible Shares and the Star Preferred Stock shall no longer be outstanding and shall be automatically cancelled and retired and shall cease to exist, and each evidence of shares in book-entry form previously evidencing any of the Eligible Shares and Star Preferred Stock immediately prior to the Effective Time (the “Book-Entry Shares”) and each certificate previously representing any Eligible Shares and Star Preferred Stock immediately prior to the Effective Time (the “Certificates”) shall thereafter represent only the right to receive the applicable Merger Consideration into which such Eligible Shares and Star Preferred Stock have been converted pursuant to Section 2.1(a) and 2.1(e) and any dividends or other distributions pursuant to Section 2.2(c) or Section 6.9(c).”

  10. FYI: In regards to FTAI: Maybe this was covered while I was gone.
    It has completed a split into two distinct companies Aviation and Infrastrux. Apparently Corps now, not K-1. DYODD.
    After an email to the company I was informed that the preferreds will be maintained by the Aviation Company. Disregard any previous credit ratings.
    After looking the two over a cursory glance tells me that they are completely different and hard for me to make a decision if it is part of corporate magic or an authentic value?
    I only did a quick look-see, I do not or have ever owned, but have been building a data set on Am Resets of which they have one.
    JA
    Hard to believe new issue AGNCL is closing in on 20, with a $.40 jump just after hours, could not see the volume. I jumped in at 22.40 a few days ago and went for a swim…I mean a bath. Whooda thunk it!

  11. ATCO
    Poseidon Acquisition Corp., on behalf of a consortium composed of David L. Sokol, Chairman of the Board of Directors of Atlas Corp. (NYSE: ATCO) (“Atlas” or the “Company”), certain affiliates of Fairfax Financial Holdings Limited (collectively, “Fairfax”)(TSX: FFH and FFH.U), the Washington Family, and Ocean Network Express Pte. Ltd. (the “Consortium”), a global container, transportation and shipping company, announced today it has unilaterally increased its bid price to acquire all of the outstanding common shares of Atlas that the Consortium does not already own or control to $15.50 per share in cash. Poseidon Chairman DaviD L. Sokol stated that the increased bid price represents Poseidon’s final and best offer. The non-binding proposal was conveyed on September 26, 2022 in a letter to Atlas’ Special Committee.

    https://www.businesswire.com/news/home/20220926005186/en/

    1. MBiNL coming out at 8.25%???? What is the sense in floating out preferred stock at such a high rate for a Ba3 rated bank? Seems desperate?

  12. Obituary for what remains of RZA?
    https://www.sec.gov/ix?doc=/Archives/edgar/data/898174/000119312522250121/d362575d8k.htm

    The Company intends to use the net proceeds from the offering of the 2052 Debentures to:
    •pay the purchase price for, and accrued and unpaid interest on, the Company’s 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042 (the “2042 Debentures”) validly tendered (and not validly withdrawn) and accepted for purchase pursuant to its previously announced Tender Offer (as defined below);
    •redeem any remaining 2042 Debentures in accordance with the indenture governing the 2042 Debentures following such time that the Company delivers a notice of redemption thereunder; and
    •pay related fees and expenses in connection with the Tender Offer and redemption.
    The Company intends to use any remaining net proceeds for general corporate purposes.

    If call is noticed tomorrow for 10/26, (which sounds like a distinct possibility), I calculate interest of $0.218 and a YTC of ~1.3% on aprice of 20.19.

    1. Yeah I bet a call is coming soon. Only 37.8% of RZA was tendered in their offer last week.

      1. I tendered and oddly was paid at TDA on Friday even though the tender said payment would be received on the 26th… Accrued was for one more day (8) than I had anticipated, receiving $04257/share. So a total of 25.24257 paid by tendering..

  13. TELZ is an interesting case. It fell -13.7% today to close @ 17.30, but traded as low as 12.93! It closed last Monday 9/19 @ 21.47, so the 12.93 print represents a loss of ~ 40% in FOUR DAYS! That is an unusual fall for an issue that still claims to be paying interest on the notes. Obviously some investors decided to get out, price be darned. They must be assuming that TELL will imminently default on the interest payments.

    Landlord Investor posted earlier this year and was positive on it. Here is a link to a post he did on SA:

    https://seekingalpha.com/article/4472406-telz-8-25-percent-bond-from-a-future-lng-export-company

    Hopefully he sees this and can provide us an update. I do NOT know enough about it to recommend buy/sell/hold. We do not own it any any account.

    1. As of right now their future seems to be finding a partner with a boatload of cash, selling the company, or selling whatever assets represent driftwood possibly. They had plenty of time to get financing and absolutely failed. I think it was a positive that their latest bond deal fell through for TELZ even though price action says otherwise. I cannot speak for the common shareholders because their situation is a long shot with the amount of dilution that will take place if the project does come to fruition.

      The main worry is if they burn through all their cash trying to move driftwood along and then nothing ever happens with a partner or selling when you have a somewhat decent position (not desperate).

      I still hold my TELZ shares. Nothing has really changed from their perspective unlike the common. Those convertible bonds though.. have a put on them for 2023 and 2024. Like 166 million a whack can be pulled out of TELL each time. Matures in 2025 I think it was.

      So what they do in the next several months will determine TELZ’s future pretty clearly. If they blow that cash without a “real” plan… watch out below.

  14. TravelCenters of America Inc., 8.00% Senior Notes due 12/15/2029
    Ticker Symbol: TANNL

    -> Bidding/Filling here at par; 2 year low.

    1. That is an interesting purchase. The company is doing better now days but who knows if it will last with fuel margins. Almost all of their debt matures in a 3 year period. Why they have not called at least one of those BBs is beyond me because those savings would flow right to the bottom line.

      I am conflicted right now on if I should be taking more risk or buying quality. There is always that temptation to get more yield over 6%ish.

      1. fc – Indeed especially historically the conundrum of chasing higher yield is a tangible problem. What I am going to be doing and started is trimming out of my UUP and index put positions and deploying that into “junkier” preferreds. So essentially I’m putting on these positions with house money but at the same time not going to say buy a shipping tanker preferred either.

        Right now there is a ton of highest quality preferreds in the 6% range i.e. JPMorgan, Public Storage, Prudential etc. I have and will continue to build out these positions and just mentally put them away as annuity.

        I do think we still have lower to go because we have yet to get a big volume day on preferreds. That’s when you will really see the sellers chasing down the price.

        I also wanted to point out, there are a few folks on here who commented and are actually accumulating those 3-4%ers at $15 or some unreal price right in the event/case down the road these get called one day. Essentially you are locking in great yield now at this point anyway so where in the past my mind-set was always buy the highest coupon possible under par, that now needs to be tweaked given current environment.

        1. I am on the fence about those 4%ers since none of them have a maturity date or a term to call them. The other 4% securities were all issued over 50 years ago and I doubt many people on here will live long enough to see them redeemed and while it looks like inflation is coming under control, all it takes is another disruption in the supply chain to send it soaring again and those people who paid $15 could be buying even more at $9.00 a share.
          Look at Tri-Continental preferred. That is a $50 that has traded down in the $20’s and went to $18.00 when Volcker was raising interest rates to the moon to break the back of inflation by inducing a severe though short-lived recession. (a situation that looks like history is repeating itself)
          I am using my cash sparingly to buy small chunks here and there as prices have come down and am keeping my powder dry except for guaranteed winners like the announced redemptions that the market has mispriced.

          1. If one likes to look at history, charts, etc.. one thing that might help is figuring out what is a decent fixed income return for all weather keeping strictly in investment grade preferred, BBs, bonds, etc..

            Now I am just making this up as I go… Just eyeballing a 50 year chart of the 10 year treasury rate it does appear a 7% very safe return is a buy almost anytime if you can lock it in for a decent amount of time. Some years you lose out and many others you are doing well.

            Now there are so many other concerns one can add in like maturity, where the security lies in the debt stack, etc.. but if one can get that 7% and sleep very well at night it is not a bad buy in my book. In just a bit more then 10 years you have been paid back your original investment.

            So when PSA preferred, which I like to think of a very safe option, is now yielding above 6% in some cases we are starting to get pretty darn close to an optimal all weather buy. Sure not quite 7% yet but be ready. If it does it probably won’t be there for very long. Same with other A grade options.

            But lets say PSA does yield 8% one day and you sit there and look at your measly 6.25% yield.. is that really something to worry about over a few year period when rates will most likely fall one day? Then the sun will shine over your portfolio once again when it’s price recovers and yields 5.5% on a fresh purchase.

            I have to wonder how many of us can time things so well…

    1. Coaster:

      Forbes might consider WesBanco a top 10 Best Bank, but it is a small/micro-cap institution with only $2.5 Billion in Total Enterprise Value.

      I understand the attraction on the reset, but that is 3+ years away. You might see that one trade well below $25.

      1. All true, but their finances look solid and if it goes well below $25 I’ll probably buy more. I’m shopping for income not trading profit.

        1. Coaster:

          That income focus is good to hear, because anyone paying over $25 for ANY preferred or baby bond in this environment should have “less than zero” expectation for any short-term trading profit.

          1. I agree, its an unpredictable market. I’m quite willing to take my cashflow and ignore today’s market prices on my holdings.

      2. Rob, I own it and yet 100% agree with you. No security has a right to stay above par for any reason unfortunately. My “Back up the truck” vehicle has been parked in the garage with the keys put in a frozen bucket of water in freezer for quite a while, lol. Discipline is tough. Thank God somebody invented those short 1-3 month CDs and Tbills lol. That way I can at least say I bought something!

        1. “No security has a right to stay above par for any reason unfortunately”
          Not even BANFP? Call risk, maturity is 12 years away, and yet it’s virtually unchanged from a year ago (27.53). Sold it six months ago thinking I could get back in a little cheaper. Clearly that was the wrong one to sell.

          1. I did precisely what you did. Dang thing defies gravity.

            It seems like everything is the wrong call in this market.

            1. Yes, I unloaded it over a year ago, maybe this is an exception.. The world may be coming to an end as LANDO actually is only 38 cents over par now, dropping a buck today. Thats an odd one too, as its not term dated nor does it have a par putt.

  15. NYSE American Equities has halted the following symbol for news pending:

    TELL, TELZ – Tellurian Inc. – 10:04:05

    1. Sold my position TELZ on Tuesday.
      Bought ONBPO at the open today.

      Better lucky than good.

    2. TELL is a 3 ring circus pretty much but I care more about my position of TELZ. As I go over their quarterly report we see that 6% convertible, TELZ, and other misc debt. They have plenty of cash. Actually a lot. If I feel a position will stop paying I want to examine why ahead of time to learn but the more I read the more I realize they can pay both mentioned above. The reason for this is the common shareholders who just bought a metric ton of at the market equity offering. The sold like 300 million worth in just 6 months.

      So if they do not do anything stupid they can slowly knock out that convertible in 2023 and 2024 if owners want to put 166 million back each time which is optional. I doubt any will convert on their own. It should be gone in 2025. That will definitely burn up a lot of their cash but TELZ is small compared to it. The at the market offering of TELZ did not sell much at all. 1-2 million more. So approx 55 million maybe.

      With that said.. I am holding. Thankfully I never added to the original position as this was the high risk bucket. Even with the lower price I won’t add. It is what it is. I continue to monitor it pretty closely.

      Any advice is appreciated. I am not an accountant and I try to read the balance sheet the best I can. As well as follow the news.

  16. Prudential Financial, Inc. 5.950% Junior Subordinated Notes due 9/1/2062
    Ticker Symbol: PRH

    Hit multi-year low today and trading under par.

    ——————————————————-
    Reinsurance Group of America, 5.75% Fixed/Float Sub Debentures due 6/15/2056
    Ticker Symbol: RZB

    Trading under par / near YTD low today.

  17. Has anyone done the math on this one?!?!

    Tennessee Valley Authority, Reset Rate Series D PARRS Power Bonds due 6/1/2028
    Ticker Symbol: TVC
    Rated: Aaa/AA+
    Trading YTD lows; last $21.41

    To make it easy, let’s just round and say 6 years until redemption @ par $25.

    So amortize discount to par out vs current trading price and you get $0.598 annually.

    Presently effective payable interest rate is 2.134% ($0.5335 annually) which you can plan on getting set higher at the next reset date.

    So all in YTM is presently 5.28% with potential hedge of your yield increasing annually with future resets. **If they ever reset rate downward, you can put the whole position at par and cash out. This is extremely attractive to me. I’m thinking of buying a very large position in this.

      1. Makes sense Tim. Thanks for the DD!

        Prudent approach then would be to DCA over a longer period of time and not just fill it in one shot.

        I looked at the TVA zeroes and yields in this same time frame are 4%. I’ll probably still take a few here of TVC @ 5.28% and strategically add in the future.

    1. theta…maybe take a look at EP-C which while not AA is split investment grade. Matures in 2028 at 50.

      1. RetiredBroker – Thanks for the reminder! I have that on my converted watch list but forgot no way that’s going to happen. I didn’t realize we are only 6 years out there.

    2. Theta – Conventional bond calculation on TVC 2.134% due 6/1/28 @ 21.41 today would put YTM @ 5.09% wouldn’t it? And it closed at 21.60 andYTM 4.923%. TVE 2.216% due 11 months later on 5/1/29 closed the day at 20.89 with YTM = 5.24%. Tough call between the two I suppose but I prefer TVE with the larger discount yet also better current yield. I had been thinking about setting up a separate account owning TVE to pay my 2.25% mortgage between now and when it ends in May 2031, but the more I think about, the more I think why go esoteric as opposed to simply matching up a current coupon Agency bond or even a CD instead

    3. TVA at $21.60 would bring exactly $7 in capital gains and interest over the next 68 months = 5.716% YTM

      1. Fan – https://digital.fidelity.com/prgw/digital/priceyieldcalc/ is Fidelity’s Bond Yield and Price calculator. Fidelity states that “Standard Securities Calculation Methods (Volume 1, 3rd Edition) , a publication of the Securities Industry Association, is used to calculate the Price/Yield.” That’s about an $800 book new, originally published in 1993 and it is still considered the industry standard. To my mind those are pretty heavy duty credentials to rely on when it comes to yield calculations such as YTM or YTC on fixed income securities, I used their calculator to come up with my numbers. It comes up with a more conservative YTM than your calculation but I feel confident in Fidelity’s accuracy as derived from industry standard assumptions..

        “The Security Industry Association (SIA) is the leading trade association for global security solution providers, with over 1,200 innovative member companies representing thousands of security leaders and experts who shape the future of the security industry.” https://www.securityindustry.org/about-sia/ :

        1. Fan59 and 2whiteroses – Thanks for your data inputs. This is what happens when I do sloppy back-hand napkin math. I still really like this one because, as Tim quickly pointed out, even though they can only adjust down so interest rate won’t float higher, at this juncture in the interest rate cycle, I don’t think this is a risk for now that rate is taken down and even-so I have the hedge/option of then putting it all to them @ par. So you essentially lock-in your yield at the point of the trade. Not something to go all-in on in one single day but something to strategically and consistently nibble on.

          I have too much perpetual exposure right now still but between my index puts, overweight in UUP, and short-term Treasuries, I’m OK for now. I just worry we get another pounding wave and see the 5-6% uber high quality preferreds get whacked as their 3-4% counterparts did.

          1. Theta – For the record and to add a little perspective, , the 30 yr Treas would have to be below 1.194% on or about April 29 of any year for the put to come into play on TVC. On TVE, the 30 year would have to be under 1.376% on or about April 21 (don’t quote me on an exact date for either) for the put to come into play. In other words, the put is meaningless on these two because even if 30 Yr Treas were to hit those levels again, these two would be worth healthy premiums on their own merit.

  18. Global Medical REIT, 7.50% Series A Cumulative Redeemable Preferred Stock
    Ticker Symbol: GMRE-A
    ->Trading YTD low just under par here.

    ———————————————-
    XOMA Corp 8.625% Series A Cumulative Perpetual Preferred Stock
    Ticker Symbol: XOMAP
    -> small volume but filling below par YTD low here.

    1. Thanks Theta, following the breadcrumbs on SA, looks like for a future growth stock RPRX is well positioned.

    1. New Issue
      Merchants Bancorp (MBIN)
      Fixed Rate Reset Series D
      Non Cumulative Perpetual Preferred Stock
      $100mm
      Expected Ratings: Ba3 (Moody’s)
      Price Guidance: 8.25% area (5yr reset)

  19. Tim,

    I did not know where to post this message, I hope this is the right place:

    I was wondering if you would consider valuable to III to have a new section where we can comment on sells and a section where we can talk about exchanges (sale of one security to buy a different one, including “sister trades” that have been mentioned here in the past.)

    I wonder if III users would find this valuable. Especially because most websites concentrate only on buy opportunities, and seldom on sells or exchanges. I know that currently most of us have been carrying too much cash, so buy talk has been most relevant. Nevertheless, I think it is invaluable also to consider sales and exchanges.

    Thanks for all the work at III !
    D

    1. I guess this was not an attractive idea for IIIs, as no one commented and only got one like….

  20. Big loser of the day was Tellurian 8.25% baby bonds maturing 11/18, TELZ. They were off -21.3% to close @ 16.90 down -4.57. The parent company TELL apparently could not find enough buyers for a new 12.5% junk bond offering that was key to them building a new LNG terminal. I vaguely remember a discussion we had earlier this year on TELZ. Someone was very bullish on the company citing future demand for LNG. Maybe they will speak up and update the situation with a buy/sell/hold recommendation.

    We do not own TELZ in any account. I think we did hold it earlier this year but took the other side of the bull case and sold it from all accounts.

    1. CEO posted updated comments, still seeking equity partners, but most interesting comment regarding existing bonds, including TELZ:

      “The debt market have made it very difficult to do a debt deal today and we will never put in jeopardy the balance sheet of Tellurian to try to accelerate the process by taking disproportionate risks,” Souki said.

      For now, the companies’ balance sheet is in good shape, with more cash than debt. But the big question is how much the balance sheet will change if/when construction on the project gets further on.

      TELZ already rebounded today back over $20. I definitely would not sell based on companies current balance sheet, but would probably wait for additional financing before adding more.

    2. We have a two time consecutive day winner in the OPPOSITE direction! TELZ was up +19.0% today to close @ 20.12, up 3.22, after being DOWN -21.3% yesterday. Very unusual to have that large of a down day followed by this large of an up day. Buyers today must have concluded that yesterday’s down move was excessive given the LNG terminal news.

      Once again, we have no positions and/or orders in any account and offer no opinion about what a rational price might be and it looks like the market can’t decide either.

      On a side note, you do see percentage changes like these on ultra low priced, say <$5.00 preferreds that are not paying out. It is very unusual for higher priced issues that ARE still paying out.

  21. American International Group, 5.85% Dep Shares Ser A Non-Cumu Perp Pref
    Ticker Symbol: AIG-A

    Trading near YTD lows here @ $23.95.
    Yield 6.10%

  22. National Storage Affiliates Trust, 6.00% Series A Cumul Red Preferred Shares
    Ticker Symbol: NSA-A

    Trading YTD lows here in $23s.
    Yield 6.28%

  23. I notice on the $25 master list (an invaluable tool by the way), that EBBNF, the OTC symbol for Enbridge, series L reset rate preferred, has the coupon listed at 4.959%, a yield of 5.64% on the current price, a call date of 9/1/22, and a dividend of .31. This issue resets every five years at a spread of 3.15 plus the 5yr US Treasury yield on the reset date, which was August 1 of this year, unless it is called, and it was not called. The new coupon is 5.8579%, the yield at today’s price of $22.00 isn’t 5.64%, it’s 6.67% and it’s rated BBB-. The next call date is 9/1/27, and the dividend is $0.366 (USD), ex-dividend 11/12/22, payable 12/1/22.

    https://ca.finance.yahoo.com/news/enbridge-provides-notice-series-l-220000535.html

    1. Why is it Pink Current on OTC? Gray mkt possible?
      As they are ENB, Inc- I assume they do not have a K-1?
      thanks

        1. It should be interesting to see what ENB does on the next USD resets and floaters as they come up…. They’ve got ENBA 6.375% note that will begin to float quarterly on 4/15/23 at 3 month LIBOR + 3.593 and then EBBGF 5.949 reset resets on 6/1/23 @ 5 Year US Treas + 3.14. As far as EBBGF is concerned 5 Yr UST is much higher now than when they elected to call Ser J in May which had almost identical reset provision @ 5yrUST + 3.15….. 5yr was at about 2.90% then.. and they elected to reset rather than call EBBNF later so who knows what they’ll do?

          1. Or, what the 5 yr will do. It happened to bottom right on the reset date, at 2.7%. I’m watching Canadian reset rate preferreds, but I think, if it’s not going to be called, probably best to wait until the reset date or after to buy it, since the market seems to be oblivious that rate is reset, even for a long time after. Pembina has several interesting issues as well. One thing I learned the hard way from owning EBBNF, is that brokers will withhold Canadian tax in your tax deferred account, even if it is not due, if you buy an OTC Canadian stock.

        1. It’s a Canadian company and they trade on the TSX. Same deal with Pembina. Only some of the issues trade OTC in the U.S.

    1. PHILADELPHIA, Sept. 19, 2022 (GLOBE NEWSWIRE) — Hersha Hospitality Trust (HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, today announced its Board of Trustees has approved a cash dividend of $0.05 per common share and per limited partnership unit for the third quarter ending September 30, 2022. These common share dividends and limited partnership unit distributions are payable October 17, 2022, to holders of record as of September 30, 2022.
      The Board of Trustees also declared a cash dividend of $0.4297 per Series C Preferred Share, $0.40625 per Series D Preferred Share, and $0.40625 per Series E Preferred Share for the third quarter ending September 30, 2022. The preferred share dividends are payable October 17, 2022, to holders of record as of October 1, 2022.

  24. New incoming FTF from VLY. What they call the FWP doesn’t seem to provide the actual details.

  25. I don’t know if this is the place but I’m nibbling on more HNNAZ, I think the seller is done with selling his shares, this is a really decent 6.60%ish YTM maturing 2026

    1. SwingProfessor–I agree as I mentioned a couple days ago when it was off 95 cents (under 24) and we picked up some more.

      1. Not sure why this is so attractive, @23.95 yields 5.09%.
        Not IG or 15% Taxable? What makes this a good buy?

  26. New issue: Reinsurance Group of America (NYSE: “RGA”)
    Description: 30NC5 Fixed-Rate-Reset Subordinated Debentures
    Baa2/BBB+ (stable/stable)
    Maturity: October 15, 2052
    $300mm
    7.375-7.50%
    CUSIP: 759351 885

    1. Is that interest rate and CUSIP correct on the new RGA issue? I can’t find it and the interest rate seems no better than what they are calling.

      1. Scott – the interest rate and size are initial ranges that may or may not be achieved. Deal hasn’t priced yet so cusip is not active.

        1. Thank you sir! I noticed the space in the CUSIP and thought it might have been mistyped.

          That says something though about where they think interest rates are heading if a company with their credit rating trades a floater in for the same or similar rate that is fixed fixed for 5 yrs. I would think they will probably do a bit better than that once all is said and done.

      1. Doesn’t seem any reason to tender… especially when it goes on to say “To the extent that all of the outstanding Debentures are not tendered and purchased in the Offer, the Company intends to, but is not obligated to, use a portion of any remaining net proceeds from the offering of its new subordinated debentures to redeem all or a portion of the remaining Debentures.”

        Might as well just hang on for as long as we can……or until someone’s willing to pay too much.

        1. Hmmmmmmm… Doing a little prelim math, maybe RGA’s tender price is not so bad, is it, if you think they’ll announce a full call immediately after the tender is completed…. Headed out the door right now, but will have to give this some consideration later

        2. Except that the tender offer looks to be for $25.20. There’s no accrued interest as of today, so does not make sense to me why they would offer a premium when they can redeem at par.

          1. This does not make any sense at all to me. If the intent is to retire the issue, why would RGA pay $25.20 + ~$0.037 on 9/23, rather than just notice a call today and pay ~$25.16 on 10/15? What am I missing?

        3. The tender offer is the same amount as a partial call plus 30 more days of dividends. What’s the difference? Investors get to decide instead of arbitrarily being assigned which shares are called, and they get their money 30 days sooner. Though selling now at 25.18 would accomplish the same thing. No particular advantage to RGA unless it’s about investor goodwill. Makes no sense if they plan a full call. I’ll probably hold mine.

          1. Actually I think the tender offer may be a few pennies better.

            RZA is now earning 7.66257% from 9/15 forward

            The tender offer says they will pay $25.20 plus accrued interest til 9/23

            “holders whose Debentures are purchased in the Offer will receive accrued and unpaid interest from the last interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the applicable Debentures. The Company expects the Payment Date to occur on September 23, 2022.”

            so 7 days interest based on a 360 day year = 3.7 cents

            If you don’t tender – highly likely these are called. I know the tender offer language hedges on that but the new issue language does not:

            “We intend to use the net proceeds from the offering of the debentures to pay the purchase price for, and accrued and unpaid interest on, the 2042 Debentures validly tendered (and not validly withdrawn) and accepted for purchase pursuant to the Tender Offer, to redeem any remaining 2042 Debentures in accordance with the indenture governing the 2042 Debentures and to pay related fees and expenses in connection with the Tender Offer and redemption. We intend to use any remaining net proceeds for general corporate purposes. ”

            So if they issue a 30 day notice on 9/23 to call the remaining RZA shares that is 38 days of interest from 9/15 or 20.22 cents Of course the call could always be delayed – but I think their intent is clear .

            It’s a minimal difference either way

            1. Thanks, Mav. Just catching up… Yes, now that I’ve read the whole thing, I agree, provided that you feel 100% confident they will call whatever’s not tendered….. You do have to wonder, though, why they are even bothering with this tender if they’re going to all 100% immediately after the tender closes.. I’ve seen this before and there’s very little doubt they will call pretty quickly thereafter but what’s the incentive from RGA’s point of view to have set up this tender? Maybe they’ll delay the call until next fiscal year maybe? just a guess… AS you mentioned, the difference between tendering and calling is truly pennies if the call is announced immediately after the tender… you’ll get par plus accrued with a call and 25.20 plus accrued (but guaranteed to be less accrued) with the tender so it’s a toss up.. not sure what I’ll do yet..

      2. My 2000 shares are gone at $25.18. Made a few chicken dinners but time to move on! Not much future in this one.

        1. Replying to Fryman:
          Winner winner, Fried chicken dinner.
          I’ll have made $240 once I sell.
          I want to thank the posters that first mentioned this.
          What a great site this is!

          As for me, I am trickling into NYCBPU at 44.6 CY 6.7%

          1. Newman: I bought NYCB-U for about this price in 2020, rode it down to $43 in June, and sold it when it popped back up in August and seemed to be over-priced. I am starting to hoard cash at this point and am nervous about the market- “nervous like a Nun in a cucumber patch” – SNL. I may join the crowd buying short term T bill, CD’s etc. I hate losing money and am doing too much of that lately! Good luck.

            1. Fryman,
              A few ,minutes before I read your post, I was checking out 6-9 month CD’s and 1-2 year periods as well.
              That 4% yield is catching my eye.
              But, I’ll hold out till after the FOMC rate hike.
              My Powder across all accounts is 66% in cash.
              I will be laddering the CD’s so that every month money will be available.
              Good luck

  27. FYI:
    NextEra Energy announces sale of equity units
    09/15/2022
    JUNO BEACH, Fla., Sept. 15, 2022 /PRNewswire/ — NextEra Energy, Inc. (NYSE: NEE) announced today that it has agreed to sell $2.0 billion of equity units to Citigroup, Goldman Sachs & Co. LLC and Mizuho. The transaction is expected to close on Sept. 19, 2022.
    Each equity unit will be issued in a stated amount of $50. Each equity unit will consist of a contract to purchase NextEra Energy common stock in the future and a 5% undivided beneficial ownership interest in a NextEra Energy Capital Holdings, Inc. debenture due Sept. 1, 2027, to be issued in the principal amount of $1,000. The debentures will be guaranteed by NextEra Energy Capital Holdings’ parent company, NextEra Energy, Inc. Total annual distributions on the equity units will be at the rate of 6.926%, consisting of interest on the debentures and payments under the stock purchase contracts.
    Each stock purchase contract will require the holder to purchase NextEra Energy common stock for cash, based on a per-share price range of $88.88 to $111.10. The higher end of this price range reflects a premium of 25% over the New York Stock Exchange closing price of NextEra Energy common stock on Sept. 14, 2022, which was $88.88. The holders must complete the stock purchase by no later than Sept. 1, 2025, and their purchase obligations may be satisfied with proceeds raised from remarketing the debentures that comprise part of their equity units.
    The net proceeds from the sale of the equity units, which are expected to be approximately $1.94 billion (after deducting the underwriting discount and other offering expenses), will be added to the general funds of NextEra Energy Capital Holdings. NextEra Energy Capital Holdings expects to use its general funds to fund investments in energy and power projects and for other general corporate purposes, including the repayment of its outstanding commercial paper obligations.
    The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

  28. Here is one for you potential Nickle Stackers

    WBS-G is trading a few cents over par. It is a 6.5% Baa3 issue that pays a .40625 dividend 10/15 (ex Div likely 10/1). It also becomes callable 10/15 which if they are going to call it, would have to be done by tomorrow I believe to happen on 10/15

    Even if not called next month I suspect it stays pinned close to par. I have held a large position in this and added a bit more

    1. Mav – What rate would you think WBS could get if they issued a comparable perpetual today? I know Webster has historically always traded cheaply for its rating so my guess would be there’s not much incentive for them to call these. Since they’re fixed rate, imho it’s not difficult to think this current 6.5% rate might end up looking more attractive from WBS’s point of view in the coming months…. That being said, they are callable only on interest payment dates, so if they make it past tomorrow they’re good till 1/15/23.

      1. 2WR – I am not suggesting WBS refinance these as the rate would not be that much different. But remember that they inherited this issue back in January from their merger with Sterling so I am not sure how strong their inclination is to let this stay outstanding and whether they have set aside sufficient internal funds to retire it.

        You are right in that there may not be an incentive for them to call them given where rates are but OTOH they don’t seem like an outfit that likes to leave issues out there forever

        I guess we know for sure by tomorrow

      2. 2WR, WBS doesnt have a lot of issues to track history and compare. All i know is that for banks with similar ratings, WBS-G is probably trading high. If they issued a new one (I dont think they have issued in 5 years), that is a good question on what the rate would be and what would it trade at when introduced. They just don’t issue preferreds and maybe that is why the G issue trades higher, not sure. But I personally would be a buyer of other bank’s issues as they are a better value to me at that rating. I do own a bit of WBS-G (15,000 shares). I own it as it has low volatility and has stayed within 4 months of a dividend payment, great return for its rating, and can be called. I bought a lot in the May dip and sell from it to buy other banks issues in the $16/$17 range. The current buying spree has enabled me to get > 70 issues now after selling down in Aug on the run up.

        1. Correction to my comment. I was largely referring to the WBS-F issue not the G issue.

          1) Should be: “WBS-F is probably trading high.”
          2) Should be: “They just don’t issue preferreds and maybe that is why the F issue trades higher, not sure.”

            1. Hey Grid. I still have my illiquids. I don’t trade them, and they just sit in the drawer. They definitely have been hit with unrealized losses. Last Fall, I purged all my low yielders and a few illiquids, but kept most. I own several thousand of UEPEP/N, HAWLI, GNE-A (maybe low volume and not illiquid), NSARO, and CNLPL. They are down 8%-14% from where I bought them, and those figures are not offset on the dividends I have been receiving. I won’t be living off my dividends for maybe 13 years… so I have some time yet. I usually follow the rule of: “Don’t buy anything you wouldnt want to keep long term.”

              Also, illiquids are hard to buy, and they do take a lot of energy to look for opportunities, and if you are not on your screen all day those fleeting moments of opportunities are usually missed. I usually rely on this forum to post those opportunities of a motivated seller that is unloading a fair amount.

              It is hard for me to believe that inflation would go up for the next 13 years with the aggressive rates being raised. I don’t think the 80’s will be repeated. The more they raise them, the more I am buying investment grades currently in the $17-$21 range. This is currently an easier path than trying to buy the illiquids. If we do get several more raises, maybe illiquids will be dumped, but more than likely it will be a fleeting moment and I will miss it.

          1. Mr. C – I probably should have been a bit clearer in what I was saying about Webster historically trading cheaply….. I ran across Webster years ago while doing a search on Fidelity’s fixed income platform… I don’t remember the specific issue, but it stood out as cheap vs its peers in the maturity range…. I never did buy it, but occasionally I’d check back on the name and, whenever it showed up as being offered, it always seemed to me to be cheap for the rating. You’re right… They don’t frequently offer preferreds and they of course inherited this one….. That alone might be reason to call, but I still think the idea is marginal…. clock’s ticking though… we’ll know for sure by tomorow or possibly as late Friday….not sure if they could actually wait as long as Friday, but maybe..

    2. @Maverick61 if you like WBS-G which yields 6.4x trading near par at $25.0x, you may like the lower coupon of 5.25% WBS-F that is trading way lower at $21.6 even more.

      WBS-G currently yields just a bit less 6.25% which is callable Dec 15, 2022 and carries a lot better appreciation potential if/when rates moderate a bit.

      By the way, the WBS-F traded $24.5x mid-Aug so chance of getting $1 or $2 capital gains is indeed possible …

      1. Thanks – I will take a look although I probably have too much WBS-G now as it is . I try to limit exposure to any one company

  29. TVA – FWIW the Tennessee Valley Authority is issuing a $500 mil, $1k term bond that’s going to be due in 2052. They say they are going to try to get it listed on the NYSE and also, the bond will be subject to being stripped to create zero coupon bonds although I don’t really know how that works… They do show what seems to be the equivalent of a sinking fund schedule which apparently would have something to do with how they might be stripped…. They also say Use of Proceeds will be “to refinance existing [short term -according to Moodys] debt or for other power system purposes.” Moody’s has already issued a Aaa rating..https://www.moodys.com/research/view–PR_469393

    https://www.sec.gov/Archives/edgar/data/1376986/000137698622000018/a2022seriesapowerbonds-pre.htm

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