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CPRN taking it on the nose late yesterday and early today
My guess is the call of C-J is making holders nervous of its premium to Call
This one?
https://finance.yahoo.com/quote/C-PN/
there is ZERO chance this gets called.
It would destroy Citigroup’s financials for that quarter.
Great Elm notes GECCI incoming, possible redemptions GECCM/O/Z.
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1675033/000113322824001630/gecp-html7337_n2.htm#toc007
I see the possible redemptions in the link, but how can they redeem Z before first call date of 9/30/25, per QOL, and the prospectus (as I read it)?
Narrator: They can’t redeem them before 9/25
Someone needs to reach out to IR and say they may have made a mistake in the filing.
O-P touched 24.13 about 10 minutes after market open today 3/1/24
Thanks! I picked up a little this morning.
Thx rocks!!, I picked up some as well.
Not often I say this but when it comes to O I prefer to just own their common stock. Historically when the common reaches approx 6% yield it has been a great buy over the long term. I have no idea if that will repeat but I keep eyeing to add if it goes below 50.
Another shoe dropped after hrs- for RILY— cut div 50% to 50cents. Off about 14.5%, and off 3.77% for the session. They say they have opportunities, etc.
This is not done folks.
The most pathetic investor call I have heard in years particularly in the Q&A. No audited results and NTing the 10K.
I was glad to get my cash payment from the RILYO called notes credited to my account today.
Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: “Since our founding as a fundamental stock research firm over 27 years ago, we have invested opportunistically to build our platform and to enable our clients’ success. This has been our stated strategy from the beginning – and with tailwinds in small caps, we believe B. Riley is poised to gain market share. This is our core business, and where we will continue to invest. We have reduced our dividend by 50 percent to focus on the many opportunities we have to invest in our own business, including potentially repurchasing our debt at attractive prices. As we look ahead, our focus remains on charting the best path forward for our business, employees, and shareholders.”
the saga continues…
https://ir.brileyfin.com/2024-02-29-B-Riley-Financial-Reports-Preliminary-Unaudited-Fourth-Quarter-and-Full-Year-2023-Results-Declares-Quarterly-Dividend-of-0-50-per-share
Bryant Riley probably should take RILY private….otherwise a never ending 3 ring circus.
RILY short sellers have been aggressive on all social media platforms. Creating a soap opera environment around this name.
NYCB, the pain continues….Now lack of internal controls. Not the best thing for a bank….. And of course the stock drops 15% after hours. I dont own anything with NYCB.
https://seekingalpha.com/news/4074193-nycb-delays-10-k-filing-citing-material-weakness-in-internal-controls-stock-slides
There is always another cockroach.
https://www.investopedia.com/terms/c/cockroach-theory.asp
August, I didnt have an NYCB cockroach, but I had a RILYZ cockroach. I bought 500 at $12 a few days ago for a quick flip and sold after hours at $13.03-04 today after the news came out. I bought some of the Barings 2029 bond at 7.15% YTM today. That is the kind of crap I need to buy. Hopefully I am golfing tomorrow so I wont be looking at tanked NYCB-U, lol.
Sounds good congrats!
I went into the week with a couple of layers of short RILY calls and some long puts. Luckily covered the short calls early on Monday, and was able to reload (and expand) my postion today before the earnings call by selling calls and selling/buying puts are various strikes.
I was glad to see the called RILYO return par today I did have an interesting amount of those in my account since December. I would wonder if the remaining RILY bonds are going to return par… I would not bet on it.
We will see how things go over the next couple of weeks, but RILY has serious problems. This is not a name for any kind of retirement money IMO.
Last year they pre released in December, released earnings on Form 8(k) in February, NTed their 10(k) and filed 10(k) right about the late filing deadline. (mid March). The 10(k) was re-stated (kind of nervy 1 month after the 8(k) earnings filing). So this is not exactly new to them.
Grid – I really like those Barings bonds. A good cocktail of decent duration and max yield.
I like it too, Theta. Unfortunately weather prevented me from golfing today, so unfortunately the RILY disease hit me. Bought a couple hundo of M at $19.88 premarket and 100 of Z at $12.63 a few minutes ago. I need a little excitement. Will give me something to watch today.
President and Chief Executive Officer
On February 23, 2024, Mr. Thomas R. Cangemi notified New York Community Bancorp, Inc. (the “Company” or “NYCB”) of his resignation as (a) the President and Chief Executive Officer and (b) an employee of the Company and Flagstar Bank, N.A., a wholly owned subsidiary of the Company (the “Bank”), effective immediately. Such decision was not the result, in whole or in part, of any disagreement with the Company on any matters relating to the Company’s operations, policies or practices. Mr. Cangemi remains a member of the Board of Directors of the Company (the “Board”) and the Board of Directors of the Bank (the “Bank Board”).
On February 25, 2024, the Board and the Bank Board appointed Mr. Alessandro (Sandro) DiNello, age 69 and the Executive Chairman of the Board and the Bank Board, to the offices of President and Chief Executive Officer of the Company and the Bank, which appointment became effective on February 29, 2024. Mr. DiNello will continue to serve as the Executive Chairman of the Board and the Bank Board. Biographical and other information about Mr. DiNello can be found in the section of the definitive proxy statement on Schedule 14A, filed by NYCB with the Securities and Exchange Commission (the “SEC”) on April 21, 2023, titled “Director Qualifications and Business Experience,” which is incorporated herein by reference. Mr. DiNello will initially receive no additional cash or equity-based compensation for these new roles; Mr. DiNello’s compensation for such new roles is expected be determined by the Compensation Committee of the Board and the Bank Board at a later date.
Directors
On February 25, 2024, Mr. Hanif (Wally) Dahya notified the Company of his resignation as (a) Presiding Director of the Board and (b) a member of the Board and the Bank Board, effective immediately. In connection with his resignation, Mr. Dahya noted that he did not support the proposed appointment of Mr. DiNello as President and Chief Executive Officer of the Company. Mr. Dahya’s resignation letter is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Mr. Dahya had been serving as the Presiding Director of the Board and the Chair of the Nominating and Corporate Governance Committee of the Board and the Bank Board (the “Nominating and Corporate Governance Committees”).
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/910073/000119312524053461/d781327d8k.htm
He was the CFO before becoming the CEO, so he HAD to know where the ticking time bombs were….
BKFTF ~ anyone have additional info on this new Brookfield Renewable Power PFD posted on FINRA today?
cusip # Also, where did you find it on finra? thanks
Randy…found on FINRA, under “Daily Lists: Additions”, only gave symbol BKFTF as far as I can discern, maybe OTC symbol for now.
newbie—when I log-in to finra, I don’t see/know how to find the daily lists: additions It’s not apparent to me. Thanks for your help.
Randy, here is the link.
https://otce.finra.org/otce/dailyList
Steve,
That link brought up a lot of other stuff besides list of “additions” (i.e., the new tickers). I do see BKFTF here, though:
https://otce.finra.org/otce/dailyList?viewType=Additions
Series 3 on this page.
https://bep.brookfield.com/bep/stock-distributions/preferred-shares
New ATH (Fixed-Rate Reset Junior Subordinated Debentures) incoming
https://www.sec.gov/Archives/edgar/data/1527469/000119312524052030/d736393d424b5.htm
J you think they might call any of the preferred outstanding with some of the money?
It is not stated in the “USE OF PROCEEDS” so I can only guess, but C-J was the same “play” yesterday …
https://www.sec.gov/Archives/edgar/data/831001/000119312524049512/d767213d424b2.htm
Issuer: Athene Holding Ltd. (“Issuer”)
Securities: 7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064 (the “Debentures”)
Ranking: Junior subordinated unsecured debentures
Principal Amount Offered: $500,000,000
Over-Allotment Option: The underwriters have an option, exercisable within 30 days of the date hereof, to purchase up to an additional $75,000,000 aggregate principal amount of Debentures solely to cover over-allotments at the initial public offering price less the applicable underwriting discounts and commissions.
Trade Date: February 29, 2024
Settlement Date*: March 7, 2024 (T+5)
Maturity Date: March 30, 2064
Coupon: 7.250%
Underwriting Discount (Retail): $0.7875 per Debenture
Underwriting Discount (Institutional): $0.500 per Debenture
Price to Public: $25 per Debenture plus accrued interest, if any, from March 7, 2024 to the date of delivery.
First Reset Date: March 30, 2029
Interest: The initial interest rate for the Debentures from and including the issue date to, but excluding, First Reset Date will be 7.250% per annum. On and after the First Reset Date, the interest rate on the Debentures for each Reset Period will be equal to the Five-Year U.S. Treasury Rate as of the most recent Reset Interest Determination Date plus a spread of 2.986%.
…
Expected Listing: The Issuer intends to list the Debentures on the New York Stock Exchange under the symbol “ATHS”.
Denominations: $25 and integral multiples of $25 in excess thereof
Expected Ratings**: Baa2 / BBB / BBB- (Moody’s / S&P / Fitch)
CUSIP / ISIN: 04686J 838 / US04686J8383
…
https://www.sec.gov/Archives/edgar/data/1527469/000119312524053695/d800194dfwp.htm
At interactive brokers SYF PRB finally listed and is good to trade. I will buy some this morning
SYF/PRB is trading this morning at $25.08. No commission (they had a $6.95 commission yesterday with the OTC ticker).
Schwab does not have it available yet ; typical
I have been buying and selling it today on schwab.
I put SYFpB in streetsmart edge. Looks like its SYF/PRB on schwab.com .
Funny thing – I fat fingered the wrong price on an order and it filled instantly – so I flipped it for a $0.02 profit, then bought it back about $0.12 cents cheaper. Love the volatility of new issues.
looks like a buy at 25 or under ; comparing it to companion SYFpA
CARMEL, Ind. – Merchants Bancorp (“Merchants”) (Nasdaq: MBIN) today announced that on April 1, 2024 it will redeem all outstanding shares of its 7.00% Fixed-to-Floating Rate Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) (Nasdaq: MBINP) at the liquidation preference of $25.00 per share.
https://www.sec.gov/Archives/edgar/data/1629019/000110465924028711/tm247351d1_ex99-1.htm
NOTE – It looks as though there is NO accrued to be had on any purchases after Feb 14. So all you’ll get is $25… MBINP closed at 25.44. so any sale above liquidation preference of $25 is a good one tomorrow.
Dividends on the Series A Preferred Stock of $0.4375 per share that were declared and announced on February 14, 2024 will be paid separately on April 1, 2024. Accordingly, the redemption price of the Series A Preferred Stock will not include any accrued and unpaid dividends. On and after the redemption date, all dividends on the shares of Series A Preferred Stock will cease to accrue.
2WR, It doesnt go exD until March 14.
I see that now……. They DECLARED the div on Feb 14 but sloppily didn’t mention the x-div date of 3/14 in their press release…. It sounded unusual as written but I’m still not all here… Thnx for clearing this up for all. I guess I’m not ready for prime time yet
You will get there, 2WR, without question, I am sure.
Seems logical that MBINO will be called also as it has a similar floating spread. Based on its closing price today of $24.62, call date of 10/1, 3 more div payments of $0.375, I calculate an internal rate of return of 10.76%. Not bad but no guarantee for a bank.
C-J has been called.
https://www.citigroup.com/global/news/press-release/2024/citigroup-announces-full-redemption-of-series-j-preferred-stock
Thanks Dick – Just saw this.
New issue:
TPG Inc. (NASDAQ: TPG)
TPG Operating Group I, L.P. , TPG Operating Group III, L.P. ,TPG Holdings II Sub, L.P.
Security:
Fixed-Rate Junior Subordinated Notes Due 2064
Announced Size:
$200mm (8mm $25 par securities)
Expected Ratings:
Baa1 / BBB- / BBB- (Moody’s / S&P / Fitch)*
Maturity:
3/15/2064 (40NC5)
Format:
SEC Registered
IPT:
7.250% area, Fixed for Life
Offering Price:
$25.00
Payment Dates:
Quarterly in arrears on the 15th of March, June, September and December commencing on 6/15/2024
Optional Deferral:
The Issuer has the right on one or more occasions to defer the payment of interest on the notes for up to five consecutive years
Redemption:
Callable at the Issuer’s option:
– In whole or in part, any time on or after 3/15/2029 at 100%
– In whole but not in part, at any time within 90 days of a “rating agency event” at 102%
– In whole but not in part, at any time within 120 days of a “tax redemption event” at 100%
Use of Proceeds:
Together with the net proceeds of the Issuer’s concurrent senior notes offering, to repay all or a portion of the outstanding debt under the Issuer’s senior unsecured revolving credit facility and senior unsecured term loan and for general corporate purposes.
Marketing:
https://www.netroadshow.com/nrs/home/#!/?show=155b0876
DRD/QDI Eligible:
No
Expected Listing:
NASDAQ
Joint Bookrunners:
MS (physical), BofA, UBS, WFS, GS
Settlement:
T+3, 3/04/2024**
CUSIP / ISIN:
872652102 / US8726521029
Looks like demand was good…6.95 coupon.
What is the symbol?
Thanks Earlybird
Qurate is considered high risk but some investors like their 4th quarter report released today. They have been paying off debt.
QRTEP preferred was up 12% this morning and still paying 16% dividend. An 8% preferred at 16% shows most still consider it risky.
QVCC 6.5% note up 6% this morning and paying 10.8%. I hold some of the note.
We’ll see where it goes from here.
Is there any news on why ALLPRH was down $0.42 1.78%? I have a “strategy” of buying IG quality 30 days prior to ex-div so I was a happy buyer today as it was falling. ALLPRB the floater was up a penny, and the other two preferreds, I and J, were down about 0.57%. The common is up 0.42% so I am not worried but curious. I wonder if one of the EFTs have been re-allocating.
ALLPRH/PFF pair has gone from 2 sigma cheap in september 23 to near 1.5 sigma rich early this month (1yr horizon) ..currently .5 sigma rich which is also where it is on 3yr horizon .. would expect continued underperformance
ALL-H has a current yield of around 5.6%. CTA-B is available right now for around a 6.4% yield. Both are rated BBB by S&P. CTA-B is cumulative while ALL-H is non-cumulative.
There are also several relatively safe utility preferreds available that are yielding 6%+. I’m not sure that there is a compelling reason right now to purchase ALL-H. It doesn’t look attractive relative to other preferreds available now.
Charter Communications exploring takeover of Altice USA
https://finance.yahoo.com/news/1-charter-communications-exploring-takeover-194502873.html
Watch out below!
Corr Ch11 per Fido
Prepackaged – PS get 11% of new company
(other post stuck in moderation)
DALLAS, Feb. 26, 2024 /PRNewswire/ — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) today provided an update on its previously announced plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising capital through a combination of asset sales, mortgage debt refinancings, and its non-traded preferred capital offering…
https://www.prnewswire.com/news-releases/ashford-hospitality-trust-provides-update-on-plan-to-pay-off-strategic-financing-302071016.html#:~:text=%22As%20we%20announced%20last%20month,our%20shareholders%20along%20the%20way.
Fabrib:
I believe AHT is somehow selling their non-traded preferred at an 8% yield to its lemmings via Ashford’s private brokerage company while one can buy their publicly traded preferreds (AHT+D, AHT+F, AHT+H, AHT+I) at 15-16% yields.
Proving once again that you can’t cure stupid, and that there truly is a sucker born every minute.
Interesting. Why do you believe the AHT preferred is yielding 8%? TIA
Thanks to those who pointed out risks with CORR a few years ago. I sold my holdings.
https://investors.corenergy.reit/news-events/press-releases/detail/312/corenergy-enters-restructuring-support-agreement
Newbie question. I see that the “unsecured” senior noteholders were the ones who approved the deal. Why would the parent entity have to honor the commitments from the “unsecured” noteholders?
@ GF
This may help as it explains the Stack.
https://www.jrw.com/articles/investment-principles/understanding-the-capital-stack-and-how-it-affects-your-investments/
Thx @NWGG
Pretty sad. I thought CORR was a pretty smart play when they started up with just the gathering/pipelines inshore from the gulf. I owned it and the preferred in my high risk bucket for a while. Survived the BK of their biggest customers, seemed to be reasonably managed.
Then they seemed to have lost their minds (at which point I bailed out at a break even). started selling key assets, jumped into California (which, of course is an easy place for a regulated business to thrive). made no sense to me.
I never dug into what happened – hubris? management changes?
Too bad.
I bot OCCIN 5.25 12/31/2026 term preferred at 22.92 (8.93 yield) ..featured on Seeking Alpha by “Preferred Stock Trader”
“Textainer Group Shareholders Approve $7.4 Billion Takeover by Stonepeak
10:46 AM ET, 02/23/2024 – MT Newswires
10:46 AM EST, 02/23/2024 (MT Newswires) — Textainer Group Holdings (TGH) said Friday its shareholders have approved its proposed $7,.4 billion deal to be acquired by alternative investment firm Stonepeak.
The deal, which has received all the required antitrust approvals, is expected to close on or around March 14, Textainer said.
Upon completion of the acquisition, Textainer’s shareholders will receive $50 per share in cash, the company said.
The combined company will redeem the preference shares held by Textainer’s shareholders within 120 days upon closing, according to Textainer.”
Note:
The March dividends have already been declared with an ex date of 2/29. There may or may not be a June dividend depending on when the preference shares are redeemed, but one would expect a pro-rated amount to date of redemption.
The March divi is about $0.39 (if I am reading correctly) and goes ex-div in 6 days. the shares are trading at $25.09, so they are about $0.27 undervalued at the moment (right?)
I’d agree assuming you trade commission free that you could make 1% +/- in 20 days, on -b shares, unless there are some terms that I’m not aware of.
SOLD JXN/PRA @27.61 for 10.4% principal gain & 2 dividend payments in less than 6 months,,,,,,,awaiting lower price to re-enter trade…..this coupon is now yielding 5.56% to call in march 2028….great time to sell and take advantage of the sudden price move
people are chasing current yield for quality credits; it may have more to run;
ex is 3/11 ; to yield current 7% it would trade at 28.57. right now its 7.27
You are correct if there is not a call……..Assuming interest rates drop in the future and this gets called march 2028…yield to worst is 5.56%
Tim
I like EICB but I like EICA even more
$23.44, 5% monthy coupon, callable at any time, maturity10/30/2026
Two years earlier than B
YTM 7.81%
Good point Westie – I usually just add to what I already own–I will need to scrutinize a bit to see where the best value lays.
Lower paying issues floating more than a year or two out tend to be underpriced for the long term. With a small YTM advantage I woudn’t necessarily say EICA is better.
Japan Nikkei – the old high on 12/29/89 was taken out today; an amazing wait of almost 35 YEARS!
Looking forward to Berkshire report. He went into Japan before the rest saw the opportunity. Coupled with hoped for insurance profits should be a nice quarter. Curious as to what he has been purchasing. Oh if only he could buy time!
* FOMC minutes ~ most officials wary of premature cuts
* 10yr T ~ up to 4.32% ~ will 4.4% be tested?
* CME Fedwatch Tool ~ 6% chance of March cut, 28% for May
* Bank Stocks ~ NYCB (-3.3%), FFWM (-2.84%), WAL (-1.86%), AX (-1.7%)
QT showed up in their minutes. Still something to be very cautious about.
In 2019, assets on the fed balance sheet jumped from under 4T to 9T. Back down to 7.5T
https://wolfstreet.com/2024/02/22/the-fed-wants-to-drive-qt-as-far-as-possible-without-blowing-stuff-up-and-its-working-on-a-plan-fomc-minutes/
The Fed does not have a playbook for reducing inflation while reducing its balance sheet. This is not something that’s been done in the past.
I bought ESGRO at 24.66 (7.06 yld) as the ESGRO/PGX pair has gone from near 2 sigma rich in august 2023 to near 2 sigma cheap today (1yr horizon)
on 3yr horizon its near 1.5 sigma cheap
mj-
The last 6 ex-dividend dates for ESGRO have been followed by drawdowns of 7%, 14%, 8.5%, 11%, 6% and 12% and subsequent recoveries. I can’t explain the volatility and might guess that the volatile period is over. Price dropped 2.8% after the Feb 14 ex-date and is still nearby.
Your thoughts?
Both very intriguing posts on Enstar. At face value I like this allot.
ESGRO is only trading approximately 10% higher than the November lows as opposed to some preferreds trading 15-25% higher (no thanks)
Company has been public since 1997 and the stock has been on a perpetual growth trajectory for over 2 decades (I don’t want to acquire preferreds with higher yields that have the common on a downward ski slope into the abyss)
Decent size cap @ $4.5B
Huge profit margins of 80%+ and very good operating as well.
Annual revenues of over $900M
Total cash of nearly $3B vs. $1.83B in debt
Levered free cash flow of nearly $700M, more than enough to service the preferred.
I’m all over this one next week. Riddle me this; how are these preferreds only rated a BB+ whilst say a New Mountain, in a much more risky space, that has barely any cash relative to their debt and their debt load is actually 70% > than their entire market cap?
Thank you mjtroll. I don’t know how I missed this one.
Maybe a deeper dive into the policies they are holding ? Would that be listed under liabilities? A percentage of their business is for runoff insurance.
https://www.investopedia.com/terms/r/runoff-insurance.asp#:~:text=Professionals%20may%20also%20purchase%20runoff,claims%20filed%20by%20previous%20patients.
Theta,
You might be interested in this if you’re looking at Enstar
29359UAC3
There’s also 29360AAA8, an Enstar Jr. Sub. F2F 5.75% with YTC on 9/1/25 = 8.438% at the current offer of 96.225 on E-Trade. Call seems likely since the float is 5 yr CMT + 546.8 BP. S&P = BBB-.
why do you assume it will be called? if not what is ytm?
Just a note of caution about Enstar. one might consider their debt, but one should be very cautious about their preferreds where payment is not mandatory and not cumulative.
When I was looking into the nightmare as the Zyskind/Karfunkel cabal ravaged Maiden Holdings and took Amtrust private, I found Enstar to be heavily involved.
IIRC, the cabal sold essentially all of maiden’s productive assets to Enstar (in a sweetheart deal), and Enstar got a nice slice of Amtrust as it went private. I am not saying that Enstar did anything illegal – but the whole series of transactions smelled pretty bad, and a lot of shareholders got screwed.
I won’t do business with any entity the Zyskind/Karfunkel cabal controls (something about “crooked as a dog’s leg” comes to mind). I would also be wary of doing business with someone who was involved in their “screw the shareholders” transactions (unless you had really good debt protections). They might have learned some nasty tricks from the cabal (if they lie down with dogs…).
Anyway, just my thoughts.
Yeah, I personally stay away from all 3. I think it is good gambling money, but there is relationships amongst all of them, and not sure for the good of investors. I think all of them are slicker than a slop jar.
Mr C I picked up some of the bonds in the last drop in the market Oct. or Nov.
what does “non mandantory” mean and do other preferred stocks have similar language specifying this?
appears factually incorrect… I looked at the most recent one 11/14/2023
11/13 close 23.84
11/14 close 23.75 .38 percent actually in this case would be have been a good dividend capture strategy to BUY on the 13
from 11/14 stock RALLIED to 25.47 high on 1/4
Started a small position in MFAN at $24.8 . Seems cheap compared to the preferreds since it is senior and slightly higher yield.
PPI ~ Up
* PPI ~ up 0.3% m/m, above expectations, largest increase in 5 months
* Core PPI ~ up 0.5% m/m, above expectations
CME Fedwatch Tool ~ Down
*March rate cut probability ~ 10%
*May rate cut probability ~ 31%
10yr T yield ~ Up
*Intraday high ~ 4.326%
*Currently ~ 4.297%
Mortgage rates ~ Up
*30yr Jumbo ~ 7.4%
*30yr Fixed ~ 7.14%
*15yr Fixed ~ 6.55%
*5yr ARM ~ 6.88%
AAA National Average Gas Prices (Reg) ~ Up
*Today ~ $3.284 / gallon
*Last Month ~ $3.07 / gallon
Link to Seeking Alpha article I wrote (as a guest author) about the new 6.7% STT preferred. Still available below par.
https://seekingalpha.com/article/4671027-state-street-preferred-6-7-percent-from-a-too-big-too-fail-bank
Headline details for those who can’t access the article
State Street Corporation (NYSE:STT) recently issued a par $1,000 preferred stock with a coupon of 6.7% that is attractive. Below are the key details of this fixed-reset preferred.
CUSIP: 857477CH4.
Coupon: 6.7% until March 15, 2029.
Reset: On March 15, 2029, and every five years thereafter, the coupon will reset to 5-Year US Treasury plus a spread of 2.61%. For example, if the 5-Year is 4% at reset, the coupon will be 6.61%.
Rating: Baa1 (negative) / BBB / BBB+ — Moody’s / S&P / Fitch.
Taxes: Qualified dividends (15% rate).
Dividend Frequency: Paid quarterly.
Call Date: March 15, 2029, or any dividend payment date thereafter.
Maturity: None (perpetual).
Issuance Size: $1.45 Billion.
LI—I bought 50 bonds at an average cost of $99.85—I like it.
Unfortunately Fidelity doesn’t have it their inventory. Maybe I’ll call them Tuesday to see if they can get me a few elsewhere. FIDO has done this in the past for me.
The new Synchrony Financial (SYF) issue is trading with the temporary symbol SYFPV. I was not able to purchase it at ETrade. I was able to purchase it at Fidelity.
I was able to find ownership details for CTA-B on Bloomberg terminal. As of Q1 2024 the two largest holders were Blackrock and Invesco with 162,032 and 78,670 shares respectively. So, recent seller was either Blackrock or both.
Blackrock’s historical ownership:
Q4 ’22 125,768
Q1 ’23 126,887
Q2 ’23 137,929
Q3 ’23 141,039
Q4 ’23 159,296
Q1 ’24 162,032
Invesco’s historical ownership:
Q4 ’22 85,453
Q1 ’23 85,253
Q2 ’23 85,949
Q3 ’23 84,848
Q4 ’23 81,507
Q1 ’24 78,670
Great find EarlyBird!!!
More waves of inflation:
https://seekingalpha.com/news/4068146-producer-price-index-rises-more-than-expected-in-january
SYF new issue 8.25
This seems to be trading at Merrill as SYFPV
Bought 200 at Ally. Had to call in and use temp symbol. 24.94ish. I think that is all I need of this preferred. A taste.
VIASP
https://seekingalpha.com/filing/8300973
Plan to take Via Renewables private.
Preferred to remain outstanding