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Users who liked this:
https://seekingalpha.com/news/4449661-analysts-say-the-charter-cox-merger-is-a-no-brainer-and-major-positive
LBRDP is off to the races.
Here is something our host here on this site wrote about them in the past.
“In a interesting deal it has just been announced that Charter Communications (CHTR) will acquire Liberty Broadband (LBRDA). The deal will not include the GCI Communications business which is an operating division of Liberty Broadband.
Liberty Broadband is a huge shareholder in Charter–and in fact with the exception of the small GCI business in Alaska Liberty is simply composed of their Charter holdings.
Liberty has a 7% preferred outstanding (LBRDP) that is to be redeemed in 2039–I have not checked on the status of these shares. Originally issued when Liberty acquired GCI we will have to see what happens to these shares. I have not read the filings on this deal yet.”
https://innovativeincomeinvestor.com/charter-communications-to-acquire-liberty-broadband/
“Moody’s downgrades U.S. Sovereign Credit Rating amid fiscal pressures”
https://www.investing.com/news/economy-news/moodys-downgrades-us-sovereign-credit-rating-amid-fiscal-pressures-4051391
Aaa to Aa1. I see 30-year bond futures dropped suddenly 15 minutes before the close of trading. Mike Johnson, put that it your pipe and smoke it.
“Moody’s was the last of the major rating agencies that gave U.S. debt a top mark. Fitch cut the U.S. by one notch in 2023, citing fiscal deterioration and repeated debt-ceiling brinkmanship. That followed a similar downgrade from Standard & Poor’s in 2011 after an earlier debt-ceiling crisis.”
PMTV – 9% coupon (senior notes)
Just paid out May distribution and now can be had @ PAR.
Previously traded as high as nearly $26. Wondering how money good people feel these will be.
I like PMTV… but then again I am an mREIT guy.
Well, I am for now.. mREIT common are expensive most of the time, but can be good for trading. lending to mREITs tends to pay off. They have to pay high yields (compared to other investment widgets like BDCs) because of their high leverage, but are aligned with management.. do what it takes for survival.
With that said, I find it helpful to have a general sense of their investment strategy, portfolio, financing and team. because when shit hits the fan, one needs that knowledge to have conviction to make an informed decision.
TWOD also not bad here near par. NYMTG is best of bunch IMO at ~10.5% YTM. NYMT has plenty of prefs to absorb losses AND they have a portfolio that is trending less risky.
I thought NYMT was one of the more risky REITs. I trade some NYMTG just because of the price but not real comfortable with it.
I assume you are referring to their multi exposure (equity and mezz) which caused headaches in the past. Thankfully, management has found religion and slowly been winding that down.. their largest remaining position is mezz multi, but that appears less risky, aa good chunk is cross collateralized.. and has been slowly paying off at par.
So their main remaining risk comes from two areas:
1) levered agency mREITS.. I am not a major fan of this strategy but from a credit perspective, it is mostly fine as their positions often get margin called out before it can do permanent damage to the prefs/ bonds.
2) BPL loans – buying BPL on the secondary markets. I would say this is the area that scares me the most.. My understanding is that they lend to mom and pop or small instl fix-n-flip type or fix to rent types. They will securitize these and keep the lower tranches, so they are def exposed to a major housing correction.
I wouldn’t like it as much if they didn’t have a significant amount of prefs to absorb losses. As of Q1, they have $1.4BN of common equity and $554MM of pref equity to absorb losses before the bond holders are impaired. They have about $8BN in assets with about 55% of that in agencies. So yup, it is highly levered.. and the bonds could get wiped out. I am mostly betting that the group would fight tooth and nail to de-lever and liquidate before the prefs/debt is impaired, and then re-issue equity to build back up their management fee! It’s happened before..
Maine – Thanks for all that DD.
Maine: Thank you for posting. Especially, “they have $1.4BN of common equity and $554MM of pref equity to absorb losses before the bond holders are impaired”. In this regard CIMN and CIMO have the best ratio.
The most recent NYMT 10-Q shows $1.4B total equity including preferred, and $0.9B common equity, with $10B total assets. Also, with these, I like to to look at the market value of the common equity, which for NYMT is ~25% less than the book value. Any thoughts?
Nhcoast- you are correct. I misread the top line of page 42. Thanks for pointing it out!
It’s definitely a positive sign to see the NYMT common price recover so much.. this is especially true for mREITs, which are often hungry to issue common shares when the price is near book value, thus creating more cushion for pref holders. But, as you cite.. it still has a ways to go before it gets close to BV. My hunch is that it will continue to trade closer to BV as it removes legacy multi and increase agency MBS.
Don’t get me wrong, I like NYMTG because of the 10.5% yield and can live with their risk profile.. but I will gladly sell, if the price increases 5% instantly.
https://www.nymtrust.com/~/media/files/n/nymt-v2/documents/modules/investors/investor-presentations/first-quarter-2025-supplemental-presentation.pdf
Maine,
Thanks for your thoughts
You may have convinced me to take a nibble
Your neighbor
NHC
05/16. TWOD now trading on Fidelity
25.12 priced about right. I bought a smallish amount waiting to see what the price does next before adding holding of flipping. I’m guessing it goes up a little.
CHARLOTTE, N.C.–(BUSINESS WIRE)– Brighthouse Financial, Inc.(BHF) (“Brighthouse Financial” or the “company”) announced today that on June 25, 2025, holders of record as of June 10, 2025 (the “Record Date”) of (i) its depositary shares (the “Series A Depositary Shares” ), each representing a 1/1,000th interest in a share of its 6.600% Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), (ii) its depositary shares (the “Series B Depositary Shares” ), each representing a 1/1,000th interest in a share of its 6.750% Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”), (iii) its depositary shares (the “Series C Depositary Shares” ), each representing a 1/1,000th interest in a share of its 5.375% Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”) and (iv) its depositary shares (the “Series D Depositary Shares” ), each representing a 1/1,000th interest in a share of its 4.625% Non-Cumulative Preferred Stock, Series D (the “Series D Preferred Stock”), will receive the following quarterly distributions, as applicable:
a quarterly distribution in an amount of $0.4125 per Series A Depositary Share, resulting from the company’s declaration of a quarterly dividend on the Series A Preferred Stock, which underlies the Series A Depositary Shares;
a quarterly distribution in an amount of $0.421875 per Series B Depositary Share, resulting from the company’s declaration of a quarterly dividend on the Series B Preferred Stock, which underlies the Series B Depositary Shares;
a quarterly distribution in an amount of $0.3359375 per Series C Depositary Share, resulting from the company’s declaration of a quarterly dividend on the Series C Preferred Stock, which underlies the Series C Depositary Shares; and
a quarterly distribution in an amount of $0.2890625 per Series D Depositary Share, resulting from the company’s declaration of a quarterly dividend on the Series D Preferred Stock, which underlies the Series D Depositary Shares.
On June 25, 2025, (i) the Series A Preferred Stock dividend will be paid, in an amount of $412.50 per share, to the depositary for the Series A Preferred Stock, (ii) the Series B Preferred Stock dividend will be paid, in an amount of $421.875 per share, to the depositary for the Series B Preferred Stock, (iii) the Series C Preferred Stock dividend will be paid, in an amount of $335.9375 per share, to the depositary for the Series C Preferred Stock and (iv) the Series D Preferred Stock dividend will be paid, in an amount of $289.0625 per share, to the depositary for the Series D Preferred Stock. The depositary will, in turn, distribute such dividends to the holders of record of the Series A Depositary Shares, the Series B Depositary Shares, the Series C Depositary Shares and the Series D Depositary Shares, as applicable, as of the Record Date.
DigitalBridge shares higher by 5%; Hearing strength attributed to M&A speculation in IJ Global report – DBRG
their preferreds have some possible conversion features on them I remember where you get some share cap, and they did do a 1 for 4 reverse split awhile back, so I dont know if then can elect that and screw pref in some way? in a sale, or have to pay $25
used to own these but sold awhile back after a good run
just an FYI for those who might own to check
DBRG-J
https://www.sec.gov/Archives/edgar/data/1679688/000119312517286397/d450205d424b5.htm
It a buy out happens it appears this would have to get redeemed. Not sure how long it would take but that is about 3.50 per share gain. Your preferred convert and then you sell.
The only problem with the idea is who knows if this would actually go through.
yeah i dont know they did a reverse split 1 for 4 so have to look at share conversion cap ratio (and adjust for the split I’d assume) if they can give you shares instead of cash as an option…
i am not involved but i’d make sure here if I was
price action appears to see some risk but not tons of volume
As I read it, there is no obligation (only an option) to redeem if there is a change in control. Assuming that the conversion ratio was adjusted for the reverse stock split, then the conversion feature seems (to me) pretty much worthless. So it doesn’t look like any change in control should itself necessarily affect the value of DBRG-J. Of course, if there is a change in control and the new owner piles on debt and/or decides to de-list, that’s a whole other matter. I have a small position, which I’m looking to sell.
Nh,
It does seem like your interpretation is the correct one. The reverse stock split ruined it. My information above is incorrect. The conversion right is basically useless. Thank you.
One of the risks of trying to read a prospectus and making a snap judgment to buy can lead to mistakes. I did not purchase any but I will admit I was tempted until I read Z’s second post. Then I threw in the towel.
I don’t really particularly care either way, but have you seen any actual language you can reference stating that the conversion numbers will not adjust because of the reverse split? Maybe you’d have to go to the filing detailing the split to find out for sure…. just curious, and lazy… lol
I have not seen any actual language. As far as I know, the conversion ratio always adjusts when there’s a split.
DBRG language from original prospectus below, when it was colony capital, but they did 1 for 4 reverse split so that means you need to divide the cap ratio of 3.79 by 4 I would think?… Meaning you get less than 1 share of DBRG per preferred if somehow they can force that on you vs $25. I did not read further so someone more interested might want to as possibly money to be made on either side here if you knew what was possible… more volume today and its up so probably someone has done this work and believes they will get $25 if sold…
Upon the occurrence of a Change of Control, as a result of which our Class A common stock and the common securities of the acquiring or surviving entity (or ADRs representing such common securities) are not listed on the NYSE, the NYSE Amex or NASDAQ, or listed or quoted on a successor exchange or quotation system, each holder of Series J Preferred Stock will have the right (subject to our right to redeem the Series J Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series J Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our Class A common stock per share of Series J Preferred Stock to be converted equal to the lesser of:
• the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends (whether or not declared) to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series J Preferred Stock dividend payment and prior to the corresponding Series J Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and
• 3.7908, or the Share Cap (as defined herein), subject to certain adjustments;
You think maybe their definition of Common Stock Price would cover the effects of the reverse split????
“The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control by holders of our Class A common stock is solely cash, the amount of cash consideration per share of Class A common stock, (ii) if the consideration to be received in the Change of Control by holders of Class A common stock is other than solely cash, the average of the closing price per share of Class A common stock on the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, and (iii) if there is not a readily determinable closing price for the Class A common stock or Alternative Form Consideration (as defined below), the fair market value of Class A common stock or such Alternative Form Consideration (as determined by our Board of Directors or a committee thereof).”
most times this cap ratios adjust to splits either way – whether there is other stipulations around this I don’t know
but I dont have a position or time to look – shouldnt be that hard to find if the cap ratio adjusts in the prospectus though
What could go wrong?
https://www.sec.gov/Archives/edgar/data/1818643/000119312525119952/d835594d424b4.htm
The 3 year might be interesting if they manage to sell the longer duration stuff. They will have enough cash to pay those off at least
Not exactly the kind of thing I would purchase. A private company borrowing money at those rates is crazy.
First Busey 8.25% preferred is now trading under temp symbol BUSEV. I paid $24.95 each for 200 shares on Schwab, and was pleasantly surprised to see Schwab allowing ability to trade it so “early”.
Fan59 – Great alert. I was really surprised to see they have a 2-1 cash to debt ratio with profit margins nearly at mid double digits. Company cap size is decent coming in at around $2B. Wouldn’t expect an 8.25% coupon with that kind of profile.
Add-in the 6.95 fee for OTC
is this a perpeptual and is it callable
OXSQZ partial redemption ($10million out of 44.8) 6/13/25 http://archive.fast-edgar.com/20250514/A722E22CLZ22B2A2229H2WY2F4OOC222Y272/
From the Headlines page.
MFIN to issue fixed-reset preferred MBNKO. Funds could be used to redeem MBNKP, last 25.72, currently floating at 3mL+6.46.
https://www.globenewswire.com/news-release/2025/05/14/3081548/0/en/Medallion-Bank-Announces-Launch-of-Series-G-Preferred-Stock-Offering.html
The indication is 9.0-9.25%. Issue is qualified. I consider it speculative, given its “checkered” history (going back to the NYC taxi medallion era – pun intentional), its RV and consumer lending business and a recent activist investor. JMO. DYODD.
I own this issue as well. Happy to get the principal back and appreciated the high yield while it lasted.
Offering document has been filed on the FDIC.
https://efr.fdic.gov/fcxweb/efr/index.html
search for medallion bank in Utah, then search for other securities act filings.
it comes up as a filing with the press release first, but then about 5 pages in (the PDF is 59 pages long) you will get to the preliminary offering document.
End of an era! CUBI is redeeming the E!
https://www.sec.gov/ix?doc=/Archives/edgar/data/1488813/000148881325000044/cubi-20250514.htm
GMPLF
Should pay its dividend tomorrow but I have not seen any declaration announcement. Has anyone read/ heard anything?
I emailed investor relations today after seeing nothing regarding GMLPF in their 1st qtr news release. I’ll post any reply, if they respond.
Thanks it’s strange that they have not said anything either way.
NFE is down 60% at $2.60 after yesterday’s first quarter results. I’m afraid it may be over for GMLPF as far as dividends are concerned.
Angel Oak Mortgage REIT, Inc.
% Senior Notes due 2030
AOMD incoming
https://www.sec.gov/Archives/edgar/data/1766478/000110465925048220/tm2514075-2_424b5.htm
9.75 area…..
Thanks J
The common AOMR has been trading since June 2021. I see another BB AOMN issued in July 2024 at 9.5%. Cost of capital angelic.
AOMD term sheet. It’s a 9.75% coupon.
https://www.sec.gov/Archives/edgar/data/1766478/000110465925048568/tm2514075d4_fwp.htm
The fate of the municipal bond tax exemption appears secure — at least for now — under the first detailed glimpse of a tax bill released Monday afternoon by the House Ways and Means Committee.
I have been loading up on tax free. Regardless of Senate, in conference I don’t see the house giving an inch on this.
Yes agreed, the likelyhood of any major changes to muni tax exemptions is now low
Wow! QVCGP, a $100 preferred, is down to $13. At that price the dividend ($8) is over 60%. Haven’t seen any news about that them stopping the dividend.
yeah..what could possibly go wrong?
I bot ARGO-A 7% at 25.17 (24.90 stripped) ftf 9/15/2025 5yt +{6.71)
ARGD CY 8.1%. Same issuer but not comparable.
agreed…arg-d/vclt pair trading near .5 sigma cheap (1 yr horizon) ..was near 3 sigma cheap (like everything else) on liberation day ..was near 3 sigma rich in early january
R2s. Do you own ARGD? It looks good but with Brookfield involved I am worried about delisting. Any thoughts? I already own KTBA and I really don’t like holding delisted securities. Thank you for any information you can provide.
Timdman-
I own a little ARGD. I like that it’s senior notes. The common ARGO is doing well. In my uninformed opinion, Brookfield doesn’t bother me because they like their insurance companies. I haven’t studied the fundamentals. I’d consider adding.
What I don’t understand is why the CY is 8% and not lower. Perhaps it’s because of the 2042 maturity.
Thank you. I like the maturity too, even though I will be extremely lucky to be around. Think I will join you with a small taste
call it a trading recommendation:
COIN add to S&P 500: The history of these adds is a big down day b4 the stock gets added. this is up so much not just due to the add, but the slightly shorter time frame than usual and BTC move up.
I’m selling the 280’s to 300’s expiring Friday
Not sure when but the S&P500 will eventually just be the NASDAQ in due time. Already tech and communication (which is a similar to tech) is approx 40% of the weight. With 10 tech companies being approx 33% of the whole shebang. Not sure what to think of more additions like COIN which strikes me more like tech then a financial. I have to wonder if this is the type of company which will be on it for a while and then booted off in due time.
COIN.. speculators betting on speculators betting on… and produces nothing of value. Solid addition. What could possibly go wrong?
fc,
I would think the same thing but this has been a big holding of Seth Klarman’s Baupost. I don’t know if he still holds it.
I rate him above Buffet in investing skill.
I’m still trying to figure out how Bill Miller considered Bitcoin a value investment, but I don’t have enough fingers to count the great investments I’ve missed.
Looking at COIN past trading trend, very stable and reliable. LMAO Trading at a huge PE. I guess this must be represenative of our markets, bring it on.
Comparison:
Treasuries: The 18 year IO treasury STRIP is trading at 5.20%
912834md7
Do you really want a BBB- perpetual preferred at 6 or even 6.5?
I need a lot more premium.
It looks like the long term TIPS are about 2.65 over inflation…assuming I understand the pricing. I’d love to have someone who does understand it opine
I have tried three separate times to fully understand TIPS but it has never clicked with me.
So I just buy I-bonds for inflation protection.
I guess it is a question of after tax return, depending on your tax bracket, state tax, and if you holding your assets in tax deferred accounts. In worst case you could be paying almost 50% tax on that long dated Treasury while the preferred is qualified income…
If taxes were not an issue I agree USTs look like a better deal and TIPs are fairly attractive
Depositary Shares, Each Representing a 1/40th Interest in a Share of
% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock
BUSEP incoming
https://www.sec.gov/Archives/edgar/data/314489/000110465925047633/tm2514597-1_424b5.htm
Thanks J–never heard of this company.
First Busey Bank …. Illinois Based….
KBW indicates 8.125% to 8.375%
af–thats pretty lofty–guess I need to do some dd on them.
https://www.kbra.com/publications/LCVRyBzx/kbra-affirms-ratings-for-first-busey-corporation-following-acquisition-announcement
Anyone know what happened at IBKR?
I just got noticed a bunch of securities became restricted, including the SJI 2031 subordinated notes:
No Trading Permission, Customer Ineligible; Ineligibility reasons: Opening trades are restricted in a bond that is not quote eligible pursuant to Rule 15c2-11
It says I can sell but not buy these, but right now the system is not even letting me enter a sell order when I tried to test it.
I am so tired of the SEC protecting me, but weren’t most of these 1000 notes covered by the SEC’s November 22, 2024 no action letter?
I’m not seeing that message when entering a test buy order for those bonds.
Same, no issues on my end.
Dave, give IBKR a ring, it is probably a “permissions” issue.
Ok. That’s a positive sign. I emailed them, hopefully they will fix it.
I got these notices and see I can not buy the SJI 2031’s and the Land o Lakes & SBL Holdings perpetuals, all of which are from companies that are not publicly traded.
Lately I have been having issues with IBKR and its hard to communicate with them. Still trying to get them to fix my 1099 where they mistakenly classified QDI dividends as bond interest.
Thank you!
There are definitely other bonds that are not buyable at IBKR due to a “trade notice” that you can trade at other brokers. So that issue does exist but it’s usually when the outstanding size is small compared to the issuance size. I’m just not seeing it for the SJI bonds.
I got the same message in my IBKR Pro account when I placed an SJI 2031 buy order yesterday. I cannot sell either.
The message reads: Opening trades are restricted in a bond that is not quote eligible pursuant to Rule 15c2-11.
My last buy order was of 21/04 and went through.
Wow – I have been seeing all these issues with Schwab, Fidelity and now IBKR! I have had eTrade since the 90s and never had one of these problems. There were a couple of small hiccups when MS bought them a couple years ago but they were quickly resolved. I considered trying one of the other brokerages recently but guess I’ll stay put!
Officially received partial call notice at par for VIASP.
Does it now go on the hiding spot list for the remaining .50 of capital gain and 11-12% annualized qualified distribution?
Looks like they are going to take 50 shares out of my 1000. well la dee fricken da
Lincoln has a tender for outstanding debt issues, including the 2066 /2077 live floaters mentioned on this forum. Tender prices seem to be a few percentage points above market.
https://www.businesswire.com/news/home/20250511774898/en/Lincoln-Financial-Announces-Cash-Tender-Offer-For-Certain-Outstanding-Securities
May not get to sell any of the 2066 or 2067 notes since they are lower priority than the senior bonds with amount outstanding of twice the max amount to be tendered for.
Moody’s just changed it’s ratings outlook on Allstate from negative to stable.
New York , May 12, 2025 – Moody’s Ratings (Moody’s) has affirmed the A3 senior unsecured debt rating of The Allstate Corporation (Allstate; NYSE: ALL), and the Aa3 insurance financial strength (IFS) ratings of Allstate Insurance Company (AIC) and certain of its property-casualty subsidiaries. We changed the ratings outlook for Allstate to stable from negative reflecting improved underwriting profitability in personal auto and our expectation that the company will continue to improve its risk adjusted capitalization and financial leverage metrics.
https://www.moodys.com/research/null-Moodys-Ratings-affirms-Allstates-ratings-A3-senior-unsecured-outlook-changed-Rating-Action–PR_1000011401?cid=GAR9PTU7VKT2671&emailToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJIUzI1NiJ9.eyJVc2VySWQiOiJkYzVkYjczMC01NTBiLTQ3ZjctYjhjZi05NzY2ZjAxZmU0MzMiLCJEb2NJZCI6IlBSXzEwMDAwMTE0MDEiLCJjcmVhdGlvbkRhdGUiOiIyMDI1LTA1LTEyVDE5OjAxOjQxLjE1OTQ1MjktMDQ6MDAiLCJleHAiOjE3NDczNTAxMDEsIlVzZXJOYW1lIjoiY3BhbWlrZW1iYUB5YWhvby5jb20iLCJVc2VyVHlwZSI6IjIifQ.FXk4eNMMG93a2uFtjsDQqux9F5DFQlmDgsLsRZ_Qy0o#0572b961dceedc105347b4ba6f05cd6f
BWNB and BWSN – “Babcock & Wilcox announces private bond exchanges to reduce outstanding debt”
“Babcock & Wilcox Enterprises (NYSE:BW) has entered into privately negotiated exchanges with a limited number of noteholders that will result in $131.8 million of outstanding Senior Notes due 2026 being exchanged for $100.8 million in newly issued 8.75% Senior Secured Second Lien Notes due 2030. The exchanges will include approximately $84 million in 8.125% Senior Notes due February 28, 2026 and approximately $48 million in 6.50% Senior Notes due December 31, 2026. Total interest expense will be reduced by $1.1 million annually.”
https://seekingalpha.com/news/4446313-babcock-wilcox-announces-private-bond-exchanges-to-reduce-outstanding-debt?mailingid=39820356&messageid=2900&serial=39820356.194&source=email_2900&utm_campaign=rta-stock-news&utm_content=link-3&utm_medium=email&utm_source=seeking_alpha&utm_term=39820356.194
Hmm. I guess that’s a win-win. Though I’d be a little annoyed if I was a BWNB/BWSN holder and did not have the opportunity to make the exchange and go a little higher up on the capital stack myself.
I’m guessing the new notes are a private placement 144A so retail investors would not be eligible to buy it. But yeah, annoying.
PRIF-F to be redeemed 6/11/25
http://archive.fast-edgar.com/20250512/AWBVA22CZ22232Z2222522ZM7FE8ZP227272/
I’ll take it. Was worried about this one a couple years ago.
Thanks CR for the heads up
Dang. I added the F shares to replace the income I lost when the H shares were redeemed.
Thanks to your timely post, CR I managed to enter a buy at the full offered side at the time of 24.95 and have it execute at 24.78…. Yay, III!
Very welcome. I’ve been the recipient of a lot of good info from this site (quite often from you, 2WR), and have rarely been able to contribute. I just came across this as I was scrolling through my (way too) numerous small holdings this morning and saw the sudden jump. Tried to buy more at 24.8 but didn’t hit.
NextEra Energy Capital Holdings, Inc.
Series U Junior Subordinated Debentures due June 1, 2085
https://www.sec.gov/Archives/edgar/data/753308/000119312525117433/d937472d424b5.htm
Expected coupon 6.625 area
Good rate for a solid Utility.
Thanks J
They’ve had multiple tender offer below par and slightly below the selling price. Trying to get out cheap before the call. Don’t know why anyone would accept.
Viasp is redeeming some shares at $25. https://stocks.apple.com/ALNOfn9K_Q4Oz_PET6yl-0A