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10Yr Yield Wednesday…broke 4.7% threshold to a high of 4.73%, now 4.68%
SCE preferreds and parent EIX getting hit due to the fires in So. Cal.
The master list has these marked as TP but they are not.
r2s,
TP = “Trust Preferreds”?
If yes, then according to their prospectuses, they are TPs:
I got the prospectuses off QOL:
https://www.quantumonline.com/ParentCoSearch.cfm?tickersymbol=EIX
TP = “Trust Preferreds”? Could be. Usually means term preferred.
EIX -10% at this time.
SCEPRN under par
able to snag at 24.93 & 24.92
4 different fires, nothing under control yet. Pacific Plasaides High School burned down. No word yet on causes of the fires. Share prices can sink farther.
The ex-dates for RITM preferreds has been midmonth. In Jan it’s now end of month, about 15 days before the pay day instead of 30.
I see that the price for the common stock of some preferreds has been in a steep decline. Check any you care about.
RITM preferreds have been steady lately. Prices near their highs. One of the better high yield REITs unless I missed recent news?
New NYMT baby bond incoming. Ticker NYMTG
https://www.sec.gov/Archives/edgar/data/1273685/000110465925001887/tm252130-1_424b5.htm
Thanks mbg–just saw it.
9.125 area… Use of proceeds does not mention redemption of upcoming floating NYMTM on 1.15.25. Also noteworthy SO is in market today jr sub 6.50% area investment grade.
The Southern Company
Series 2025A % Junior Subordinated Notes
due March 15, 2085
https://www.sec.gov/Archives/edgar/data/92122/000009212225000002/so2025ajsnprelimprosuppfix.htm
J; Just think where we will all be when that baby matures. With that maturity date the coupon should be fantastic but I bet it won’t be.
Really, how much different is a long-dated junior baby from a perp preferred?
I have too much NYMTI been trying to dump it but the price just won’t go up. Not happy to see a new issue, though I’ll swap for it if initially priced better than NYMTI.
Tuesday Close Data…
* 10Yr Yield…up 4.69%, high 4.699%…up 105bp since 9/16/24
* US 2/10Yr Spread…up, now 0.40…highest since 5/1/22
* CME Group…probability of NO rate cut on 1/29/25 at 95.2%
* JOLTS Job Openings…up, now 8.098M at 6 month high
* ISM Service PMI…up, now 54.1
* US Imports…up, 2nd highest on record in November 2024
* UK 30Yr Treasury Gilt Yield at 5.27%…highest since 1998
* Euro Inflation ticked up…now 2.4%
* US Mortgage Rates (MND)…up, 30Yr Jumbo 7.37%, 30Yr Fixed 7.14%
* Loudest Dogs of Dow Yield…VZ 6.87%, CVX 4.78%
* US Rig Count…589
* AAA US gas average…$3.07/ga
* US National Debt…$36.3T = $323K per taxpayer = $106 per citizen
* Unknown Cost of buying Greenland, Canada, Panama Canal 🙂
Kimbell Royalty To Acquire Mineral And Royalty Interest At Midland Basin For $231M
Kimbell Royalty Partners Launches 9M Common Unit Public Offering, Plans To Use Proceeds For Debt Repayment And Funding Pending Acquisition Of Oil And Gas Interests
Trying to get my arms around this one but I think there are two separate stock issuances. One, the $231 million Midland acquisition to be funded by either cash or cash and 1.4 million shares of stock valued at ~17. Two, a separate offering to reduce debt. The offering was upsized to 10 million shares and the price downsized to 14.90. KRP closed at 16.27. Looks like a large boost in shares outstanding. JMO. DYODD.
Bear, I know in the past Ab has said he owns this. I have too, but I traded it. I don’t like the swings in stock price although it’s been stable since the last dividend. A lot like a BDC in its volatility, you think you’re getting good returns with the dividend but then you look at what you have gained or lost in share price and people forget the dividend is variable depending on the price of oil and how many shares are outstanding. I have been watching and don’t own currently.
Agree, DYODD
Hit 16.54 yesterday- 15.36 now, up from 15.25 erkk!
New 6% Bank Of America Bond…
* 06055JJF7, 6%, Senior, A1/A, Semiannual, $100.
* YTM 6% 1/23/45
* YTC 6% 1/23/26
ABLLL $36.00 BID @ $38.89 OFFER – 10 min before the close
(if someone is interested )
I’m going to guess that’s a “buy-in” on a short that could not be located.