Just a quick note that the RiverNorth Specialty Finance 5.875% term preferred (RMPL-P) has fallen below $25–now at $24.78.
This CEF issue is due to be redeemed 10/31/2024.
I have an order in for a 100 share addition to my portfolio holding .
RiverNorth Specialty Finance Term Preferred Falls Below $25
From reading the RIV-A prospectus the 10/31/24 redemption is mandatory., correct?
RIV-A is perpetual.
RMPL- matures 10/31/24.
Whoops! Got them mixed up. Thanks!
Good things happen to those who wait?
Ael pr b traded at 23.65
I believeTim chose it as one of the best . 6.625 coupons and callable 2025 or it floats at a humongous spread to 5 year tsy.
Added to RIV-A the 6% coupon A- rated preferred. Think a good deal in low $23s yielding 6.5%+
Wouldn’t this A- rated Fund required to maintain 200% coverage on the preferreds, be a better or at least as good a buy in this environment rather than RMPL-P with no parent company above to glean news from ?
Can’t answer your question mSquare, but the fact that RMPL- is a term preferred may shift the balance for some.
Besides Bluerock and the STAR preferreds, is there anything else that is likely going to be bought in a merger or called shortly that is trading below par?
ALL-B.
2 dividends before likely call on 1/15/23 + ~.70 capital gain = $1.33 (at $24.30). Ex-date is 9/29.
SJI is being bought. The common was selling something like 8% below offer price. Supposed to close 4th qtr. SJIJ will likely be taken dark and if you are willing to hold it forever you might get it really cheap before it goes to the dark side and can’t be traded.
I reluctant to even mention these anymore because I can no longer get any confirmation from NEWT as to how they are going to address these, but it is stated in both the Stock Purchase Agreement and the final Proxy Statement shareholders approved that NEWT is required to redeem or otherwise address these notes to remove the BDC language protecting NEWTL AND NEWTZ note holder BEFORE NEWT can complete the stock purchase that will make them a BHC instead of a BDC. They cannot even keep them outstanding and abide by the 150% coverage ratio mandated by BDCs if they wanted to.. Both are trading at discounts now….
KK, RMPL-
Yes, add a dash.
Reference: Top of III page, use master list on Preferred drop down.
I bought 800 shares of this a while back in an attempt to make a bit of money over just holding cash. It is a pretty safe vehicle. As time went on I thought about selling it but since it pays approx 5.75% at the price I paid I did not want to sell it unless I could swap into something else equally safe that paid a full 1% higher.
Every so slowly it sank towards par which was the plan as the pay out I gathered already covered it and more. To see it now drop below par should be expected based on my luck. On top of that RIV-A is only approx 6.5% yield which I was using as my oil stick to find something to swap to. I was hoping RMPL- would stick at 25 and RIV-A would sink to a yield of 6.75% and then I would swap into some.
Oh well.. maybe the plan will still work out. Worst case I just hold it if it RMPL- sinks dramatically. I have a feeling this is what is going on with the price drop. Some folks front ran me 😉
fc–would be very surprised to see RMPL drop too much with a redemption in 2 years–if it does I am a buyer. RIV-P is perpetual so it could drop some more.
I cannot find the ticker RMPL on Schwab. Any idea how shwab would list it?
RMPL-
RMPL.
or something like that. it is an odd duck.
Schwab StreetSmart Edge: RMPLp
I have some shares of this issue. Schwab lists this one as RMPL/PRA via Schwab.com. But if you’re using the mobile app, it’s RMPL/PR. And on StreetSmart Edge, it’s RMPL p (lowercase p). Weird and confusing and took me awhile to dope this out. BTW, Schwab.com and the app seem case-insesitive. But for the symbol exactly as I showed it. Uppercase is default on Edge, so use the shift key to get th l.c. “p”. Hope this helps.
Replying to my own email. StreetSmart Edge is the case sensitive platform. RMPLp is the way you enter the symbol here. Other Schwab sites / apps appear to be case-insensitive. Wish they’d harmonize how they do things. Have a good afternoon, all.