I will be adding a new link titled “Sandbox” in the right hand menu.
That link will get you to this page.
I had originally set up the “Reader Initiated Alert” page for ‘alerts’. I was thinking this, for instance, might be when a preferred stock is undergoing a temporary selloff and someone wants to let the population know about it quickly. Of course we all (including me) use the ‘alert’ page for general messaging.
I am requesting that we start using the Sandbox page for all general talk, and try to preserve the ‘alerts’ page for ‘alerts’.
I have had a screen up on one of my monitors all week where I see all comments – no matter where they are posted–it is a great page and I wish everyone had a page like that–believe me we all benefit from all the knowledge being shared. I don’t want to stifle any of the exchange of knowledge, but hope to get things a bit better organized by adding the Sandbox page.
i paid 25.16 for efc/pre (stripped price 25.10) …depending on callability terms maximum exposure is .10 cents per share ..if not called 11.4 yield
Good article on S/A by jerermy lakosh
mjtroll-
It pays on 6/30, so isn’t the accumulated amount closer to 50¢, –stripped =24.66?
“(vi) a quarterly dividend of $0.717053 per share on the Company’s Series E Floating Rate Cumulative Redeemable Preferred Stock, payable on July 1, 2024 to Series E preferred stockholders of record as of June 20, 2024. From https://www.ellingtonfinancial.com/news-releases/news-release-details/ellington-financial-declares-common-and-preferred-dividends-13
Bot today, there is no stripped price. mjt paid 25.16 but does not begin accruing dividends until July 1 and after.
once again I am entitled to the quarterly dividend which is approximately 72 cents… if the issue was called on monday I believe I would be entitled accrued dividends from the ex-date of 6/20
You’re entitled to the next dividend on 9/30 for an amount that was probably determined today or yesterday, but not the one being paid 7/1. Only shareholders who owned share prior to 6/20 will receive the 7/1 payment of $0.717053 per share. On 9/30 you will receive approx the same amount as this coupon because SOFR’s not much changed since around 3/30 when 6/30 coupon was calculated but that will be the amount calculated and accrued from 7/1 to 9/30, not 6/20… BTW, they use the term “accumulate” instead of “accrue.” I guess I should too..
If I’m wrong, please do share with us when you receive your 7/1 dividend. The ex-dividend date is merely a book keeping necessity to determine who’s entitled to the dividend.
good comment… it went ex on 6/20
John Hussman has a reputation as a perma-bear. In this interview he explains where he went wrong during ZIRP/QE and makes a strong case for SPX being overextended based on revised methodology.
https://www.youtube.com/watch?v=E8J2UVa0qOU
I watched the interview at 1.5 speed and skipped over the host comments.
I moved from Schlub to re-opened Fidelity accounts – up and running since yesterday. BUT- the trading platform has frozen 3-4 times, the cursor can’t even close it, so I have to force quit & start over. Grr. I am using Sonoma 14.5 on macbook Pro M1 ( plenty of horsepower), and Safari v 17.5
Anyone else noticing this problem- and for how long?
thanks
using MacPro M3, but it’s all the same. sounds like a local issue. never had an issue with Fidelity.
suggest clearing cache and cookies. I clear cache every 30 days just for GP
alpha-
I think you are prob correct- last night and this am I lost internet-so it is either my modem or router or Spectrum service. Dang
Every once in a while I let my love of bottom fishing translate itself into action
bot 500 WBA this morning @11.72; it’s down 25% on the day , so i’de say things can’t get much worse ( until they get worse)haha
Can someone please remind me why there is a 260 bps disparity in yield between the perpetual AT&T A preferred shares vs. the structured BellSouth debentures that are compromised of a 100 year underlying bond, maturing 2095 (KTBA)?
I’m pretty sure years ago I recall reading that AT&T was going to assume all obligations of Bellsouth including $17B of debt.
Why shouldn’t it be? T-A is 5% coupon and almost a dollar higher in price – KTBA has 7% coupon and in lower in price ( you prob can’t buy it since it is expert mkt- but you can ask)
Gary – The yield on the AT&T preferreds is just under 6%.
The yield on KTBA is nearly 9% based on last 5 trades this past week.
Expert market or not, that is a giant spread.
theta – I’ll buy KTBA and help close the spread. Just let me know how. I can’t but it when I try to buy through my brokers.
Dick Whitman – If you have Fidelity, try calling and see if they can place an unsolicited limit buy order. This stock is definitely trading actively. Based on the small size odd lots I’m seeing for the last 5 trading days, it’s obvious these are not professional/institutional/accredited size blocks.
After all these years, I might just have to finally open an account there. Also I heard Webull is a great platform for any OTC.
If anyone pulls off a purchase, I’d be keen to know and maybe some others here. 9% sounds gooood….
“I heard Webull is a great platform for any OTC.”
They dont allow OTC trading at all.
theta
I made no comment on the difference – good, bad, or ugly- – the why of the spread is obvious- not sure that registered.
It might be difficult to buy, being in expert mkt- plus the possible cost of using the trading desk & paying OTC, if applicable.
good luck
Gary – Thanks for following up. At first it wasn’t obvious as I didn’t realize KTBA solely traded via expert but even still nearly 300 bps seemed too big of a disparity but it sounds as if you were not surprised by that.
I don’t think there is any other instance such as this one where you have two essentially perpetual securities backed by the same company but one trades on the NYSE and the other expert only.
Is anyone having luck with Fidelity in general with respect to expert and phone calling in unsolicited limit buy orders?
theta-
It is Not the expert mkt ( that’s just a difficulty)- but their coupons are so different, hence- they are far apart to start with.
Theta, its because KTBA is not an ATT “security”. Its a third party issuance. It was delisted to OTC by 3rd party brokerage after Bell South got bought out by T some 15 plus years ago. Clearly all it ultimately is, is assumed Bell South debt by T. But nobody is piggy backing the financials to keep it OTC. And nobody will either.
Gary, the price of KTBA is very much effected by expert market. Look at the cliff fall off after it went expert market and brokerages started closing the buy doors. It definitely pays tremendously above market value in yield. No question. The trouble is the value cannot be extracted from its expert market status other than to receive an above market yield in interest payment,
Grid-
Yes- I was exaggerating on the not expert business- just trying to show that as it is now the difference in coupons explains it– ( if you didn’t know about the expert stuff and why is is so low because of it). It makes sense of the gap in yield if the ‘expert’ is removed.
Sorry about that. I think this horse has given out.
Does anyone else own the 7.995% 2036 Bonds by Embarq? These are now trading around 15 cents on the dollar. Unfortunately, I own a big position in these. Not sure what to do at this point. Company is still reporting positive build out and subscriber growth on its Fiber network (Brightspeed). Only news I saw is that 2 bondholders recently lost a lawsuit against Apollo regarding adding new debt that was higher in priority when the buyout of Embarq occurred.
I own them also. I cross my fingers and give thanks every time I get an interest payment. I probably own them for over 10 years and bought them at a discount and sold some at par but wished I had sold them all. Originally they were another structured note like Ktba but the trust got dissolved and I got the underlying. I thought the lawsuit had merit but I guess the court decided otherwise so given the ownership of Brightspeed I would not be very hopeful of a recovery under bankruptcy.
BDCs – take this with a grain of salt.
I’ve historically been a buyer/holder and invested alongside several as an LP through day job. At one point they were 14% of my portfolio.
Met with two managers in the last two days (l/s equity, credit) and hearing that cracks are forming, which was also confirmed by another allocator. The issue is that they are starting to accept Pref and PIK in lieu of cash but this doesn’t show up as non-accrual. To be clear, this isn’t “Doom at 11pm” but it is an uptick in stress that isn’t actually showing up yet in non-accrual. My preferred holdings are GBDC, TSLX, CCAP, ARCC, BXSL, RWAY. (in that order). I think prices are at highs, credit spreads are tight and credit quality is starting to weaken, so I sold all but GBDC yesterday. DYODD. I know nothing. I’m sure I am early, but I’ll collect half the divvy in cash and none of the downside if it turns out I’m a nervous Nelly.
mrinprophet-
Thanks for you comment. I own small amounts of BDCs GLADZ and SAY, both trading above par. What do the charts of the underlying say?
GLAD did a 1:2 reverse split on April 5, after which it rallied. Price is at the high since the Oct 2022 low. What I see as cautionary is that price action since the low has formed a choppy, up-slanting channel which might be a bear flag. SAR has been in a downtrend since June 2023.
If BDCs are starting to feel some pain, wouldn’t that be true of the business financing world in general, for example, some private equity firms?
mrinprophet, some of the CEF’s hold BDC’s or invest in similar investments, usually borrowing to leverage investments. Have you heard similar things about CEF’s ?
BTY, I had mentioned I was concerned about BDC’s rolling over old loans with new loans to make it seem like borrowers were current and loans were not on non-accrual. I hadn’t considered that troubled borrowers unable to pay in cash were now offering preferred shares or share of ownership to meet obligations.
@rocks2stocks – To your point on broader business financing, I think it is. I think it is not widespread or indication of contagion, but first signs that business on the weaker end of the spectrum are starting to have issues. For me, I just see that BDCs are priced for an economic condition that may be ending. Again, not fatalistic, but i wouldn’t be surprised to see them start to trend back down if stress broadens out. The thing I keep hearing from private debt managers is that public spreads are tight while private spreads are still attractive. I think they’re attractive for a reason (lower quality companies) and that’s likely to start being more important. Plus, there’s growing call from PE investors to get some cash back. Distributions have fallen substantially and if we had a equity market pullback many investors are going to be way offsides on their target allocations.
@Charles – I’m not really worried about the BDC debt/pref, or CEF debt.
Thank you mrinprophet
Thanks for the post mrinprophet. I’ve lightly delved into BDCs since following this site and doing my own still limited research. I currently only have one ticker, ARCC. Do you have any comments on why GBDC over ARCC?
Although I am no longer a subscriber, I’ve always found the BDCReporter to be an excellent source of info on all things BDC. https://bdcreporter.com/ He’s somewhat under the radar as I don’t think he writes on SA at all anymore, but he has extensive knowledge and a database on the companies owned within each BDC. He does do a weekly report on BDCs that’s free… Here’s his last, written on June 21. https://bdcreporter.com/2024/06/bdc-common-stocks-market-recap-week-ended-june-21-2024/ [charts within the article not included in this paste]
BDC COMMON STOCKS
Week 25
Losing Altitude
Portentously – but possibly prophetically – last week we warned that a downward shift might be occurring in BDC sector prices, brought on by the PROSPECT of lower interest rates somewhere in the second half of 2024.
This week, BDCZ – the exchange traded note which owns most of the public BDC stocks – increased 0.1%, after declining (1.4%) the week before.
However, that’s a false positive and the rest of the data we mull over every week does suggest the bloom is off the BDC rose where prices are concerned.
For example, two other sector price indicators we use – the BDC ETF with the ticker BIZD and the S&P BDC Index – calculated on a price basis – gave different results in this holiday shortened week.
The former did not change, going from a price of $17.00 to $17.00. The latter fell (0.2%).
Admittedly, that’s not much of a downwards shift.
Clearer
However, the individual BDC data paints a more worrisome picture.
26 BDCs dropped in price and 16 increased – the second week in a row of a majority of the BDCs being in the red.
Also for a second week in a row, 5 BDCs dropped (3.0%) or more and onlyone increased by more than 3.0%.
Very noticeably, the number of BDCs whose price was at or above their net book value per share dropped from a multi-year record of 22 a fortnight ago to 17 this Friday.
That’s its lowest level since Week 14.
Charging Ahead
This is happening as the major indices – and especially the S&P 500 – continue to motor along.
At the end of May, the S&P BDC Index – calculated on a total return basis – was a nose ahead of the S&P 500, which we remember celebrating at the time.
Just 3 weeks later – like a marathon runner hitting a “wall” – the BDC total return is down at 9.5% and the S&P 500 – also on a total basis that includes dividends – is up 15.4%.
BDC investors have gone from nose-to-nose with the S&P 500 to falling far behind.
In 3 weeks…
Less
Also off are the number of BDCs trading within 0%-5% of their 52 week highs: dropping from 15 to 12.
Interestingly – and yet another sign of a shift underway – the number of BDCs trading within 0%-5% of their 52 week lows has gone from zero at the end of May 2024 to 6 as of now.
Worst
This week , 2 BDCs reached new lows in this category: OFS Capital (OFS) and TriplePoint Venture Growth (TPVG).
The former has gone (26%) down from its 52 week high in price terms and trades at an (18%) discount to book.
The latter has seen a (35%) drop from 52 week high to low and is trading at an (8%) discount to book.
TPVG – viewed over its entire history – seems to be in the worst shape, trading at its lowest levels ever, with the exception for a brief period during the early days of the 2020 pandemic, as this chart illustrates:
Yahoo Finance: TriplePoint Venture Growth Lifetime Stock Price Chart 2014-2024
The venture-debt BDC’s price-to-expected 2024 earnings is down to 4.9x, way below the BDC average of 8.4x as calculated by BDC Best Ideas.
Its current yield is 19.3%!
Is that punishment enough for what was once a very promising BDC, whose price has now tumbled (57%) since late 2021?
Ironically since 2021, TPVG has actually increased its annual dividend payout by 11% but investors – are they are wont to do – are looking forward and do not seem to like what they see.
What’s Coming Next?
We wish we knew…
This could be a short-term price pullback – a very familiar phenomenon where all stock prices are concerned – or the early innings of something more severe.
Maybe those forward-thinking BDC investors believe – not unreasonably given market expectations – that the BDC sector has reached “peak” earnings now that interest rates are set to decline and are taking their profits and moving on.
Some other investors might be reading some of the dark headlines in the financial press about private credit’s potential credit problems and deciding that caution is the better part of valor.
Or – maybe – the never-ending rally in the other indices is drawing capital away from the BDCs after a long upward run.
Pretty Darn Good
All we can say – more than one-third of our way through a detailed review of every public BDC found on these pages – is that BDC fundamentals remain strong in all the categories we analyze: earnings; net book value; credit; liquidity and distributions.
As is always the case, there are exceptions to the rule and wide variations between even the more successful BDCs but there are no signs of sector-wide incipient disaster.
[By the way, that would show up in the form of a rash of new underperforming and non-performing loans; a surge in amendment activity as borrowers break covenants; tougher terms from the banks providing secured financing and a myriad other metrics we’re always on the look for].
Prospects
Instead, the BDC sector continues to attract large amounts of new capital – both in the form of equity and debt – being raised by BDCs across the spectrum and in all segments of the market.
One day we’ll get a revival in M&A both in LBOs and in the venture sector, which will provide another fillip to BDC assets under management; earnings (more loan volumes, higher fees) and realized equity gains.
Everything Is Relative
Moreover – and more controversially – as interest rates drop and yields in all asset classes decrease, we expect – as spelled out in BDC Best Ideas – that BDC investments will gain in popularity.
Yes, BDC distributions might drop (10%)-(20%) in the years ahead but if high yield bonds, REITs and dividend paying stocks drop even more, investors might decide that less is more where BDCs are concerned.
Let’s check back in 2027 or 2028 to see if that investment theory paid off.
Focus
In the short term, though, we’ll be watching to see if the (3.2%) decrease in the S&P BDC Index on a price only basis that began June 4, 2024 will continue and officially put an end to the sector’s long running rally.
It’s been some time since BDC investors faced a down market and could cause some shareholders sleepless nights.
2WR , mrinprophet and BDC Reporter are saying BDC’s are showing some issues. This sector of the market if even a few of them have problems the investors are going to bail, ” better to be safe than sorry” there are going to be babies thrown out with the bath water. I own no BDC common. I do own BB of them that are on a different level of safety. These are going to come back in value and I will be on the lookout for deals.
I am overweight in ARCC. It is the only BDC that I hold and has been a very good payer over the years. I have been very happy with its performance.
ARCC – It’s the only one that I am in but I am newer to it. Have you dug into analytics recently LarryL?
@Yield Hunter – When I evaluate the BDCs I look at composition of portfolio (% senior secured, junior, equity), fees, size, historical NAV performance, historical premium/discount.
My issue with ARCC, and why they are lower on the list is the makeup of their portfolio. With only 46% senior secured and 20% being equity, they’re much farther out on the risk scale than I like. In contrast, GBDC is 95% senior secured. On fees, GBDC has one of the lowest fee schedules (and they recently lowered it) out there, while ARCC is higher and somewhat difficult to understand. With that said, they’re still in my top 5. For transparency sake, I’ve met with GBDC many times over the years and they’re straight shooters and have helped answer lots of questions for me. Also, Ares is a massive credit shop that does a lot of different things…. this is pretty much all Golub does. FWIW, I paid for a one year subscription to BDC Buzz and learned a ton. It was worth it for the education assuming you were going to make a sizable allocation to BDCs. Also, I’m out of Runway and have some concerns now and probably wouldn’t allocate to them today.
Thank you for taking the time to break it down. I understand your logic. In the end I am light in this category due to not fully understanding the limitations and requirements of the business. More to study…
A recent article (can’t remember publisher but likely WSJ, Bloomberg) was titled: “IF everyone is first, who is first?” An interesting read which I am sure you can google.
What If: GMLPF’s parent which Tim Said is New Fortress purchases many shares in the professional market and then returns this preferred to normal exchange trading. Sounds like a win win, or is that illegal?
I was trying to buy some more of the new Bank of Hawaii 8% preferred and Fido is choking out as was Schwab. Maybe the symbol name is being actively changed right now.
Anyway, I was able to get Schwab to take an order via the website by manually typing in: BOH/PRB
edit: just got FIDO to go with BOHPRB
BOH-B seems to be trading pretty strong. Last price I’m seeing is $25.58. Do you folks think this one will be above $26 soon?
I do…it’s investment grade..
Investment grade meant so much during 2008 too
The trick is probably buying bank preferred after the stress event takes place which causes them to be more conservative then ride it for several years. Question is… has the stress event really taken place or is there more to come?
good comment… boh-pra/pff pair has seen boh/pra underperform for the last 3 years.. currently testing 3 yr downtrend.. this is in contrast the boh/kre pair which has seen boh trade in range (currently near 1 sigma cheap) ..
I bot RWTN 9.125 9.125 3/01/2029 AT 25.19 (stripped price near par) for yield of 9.03 as the RWTN/SJNK pair is near bottom of range since inception.. good article on S/A by Pacifica Yield
Moody’s upgraded Hovnanian HOVNP is in the Bea portfolio- I know, non cumulative, homebuilder, watch out, no catch up provision.. anyway good news is the upgrade, watch time news is they are moving from debt paydown mode to growth mode having cleaned things up a bit from big debt balance…to growing more. Oh well. DYODD, small slice works for me now. Lot of ‘affordable’ homes/starter condos, 55 plus HOAs in the right areas w a nice chunk of land to build more on . Bea (from Fidelity)
‘ Hovnanian Enterprises, Inc. ( HOV ) , a leading national homebuilder, today announced that Moody’s Ratings (“Moody’s”) has upgraded Hovnanian’s corporate family rating to B2 from B3. In a press release issued on June 24, 2024, Moody’s cited an improvement in the company’s leverage profile through solid operating performance and growth in net worth, as well as through the recently completed debt exchange transaction. Moody’s outlook for Hovnanian remains stable.
“We are thrilled to get a ratings upgrade from Moody’s, which follows an upgrade we received from S&P Ratings just two weeks ago,” stated Brad G. O’Connor, Chief Financial Officer and Treasurer. “The combination of these upgrades by both rating agencies serves as validation of our accomplishments in paying down our debt and repairing our balance sheet over the past several years. We remain committed to further enhancing our balance sheet and improving our credit metrics; however, the primary driver of future improvements will be revenue growth which will allow us to leverage our SG&A expenses and should lead to much higher levels of profitability. Given the positive current trends in the for-sale home market, we are optimistic that we will continue to deliver outstanding returns on our investments.”’
CEO of WAFED was on CNBC today. Of course they talk their book but he was railing on the credit downgrade watch from Moodys. He said they sold $3 billion of loans “at par” to another company just to prove they arent sitting on losses and deleverage from the bad wrap Moodys was given them (my words to get to the point). He also mentioned the usual gripe “all CRE is not in trouble and is not all office”. He said they were about 4-5% office exposure and companies had about 30% minimum equity in them on average.
He has made me good money trading WAFDP several times so I let him convince me to buy again in $14.80s today. And it goes exD next week. Long term there appears to me to be a better chance for a more cap appreciation here than say a Bank of Hawaii 8% at par newly issued. But that is just me. And I really dont like banks anyways. So this is only the second one I presently own besides the venerable BANFP.
I watched that Grid too, he was fired up sick of CRE talk, but it goes w the territory. PIMCO was the buyer, guessing? they went over w a fine tooth comb AND bot the ‘best’..but the other point was very little office in his portfolio so good there. They have to understand after the bank failures we are all on edge but ..that gives values or trades. (I just have the new MTB 7.5% issue personally. ) B
I think you are correct, Bea. I couldnt remember off hand and whatever I wrote would likely have been wrong, so I didnt say. But I think that sounds right. He mentIoned something about possibly doing a stock buyback with some of proceeds. That wont do squat for me. How about a preferred tender offer at $20, ha!
Is WAFDP a qualified dividend?
Yes.
Tony-
the answer is usually here, not always tho:
https://www.quantumonline.com/search.cfm
Thanks for the link. I am on Schwab and for many stocks they state “Qualified tax status is unknown” I have checked dividend.com in the past, what is troubling for OAK.A Dividend.com is showing qualified but the Quantum sites says 15% tax No and they also state K-1 which I never realized was an issue. Hmm, I will contact Schwab customer rep to find out which is right.
https://www.dividend.com/stocks/financials/asset-management/investment-management/oak_pr_a-oaktree-capital-group-llc-6625-prf-perpetual-usd-25-ser-a/
New Issue. BOH-PB is now trading under temp symbol BOHDL. I tried to trade it on Schwab Friday 21 June, and it recognized the symbol, but gave message “Accepting orders for closing transactions only”….after about 15 minutes on the phone and 2 transfers, the rep, I believe on the bond desk, said he would call me back. That was about 2:30 PM Friday, and no one called back. Anyone having luck trading BOHDL?
Thanks,,
Fan59
I put an order in online.. it did not fill
BOHDL is finally taking on Schwab, though you do get clipped the $6.95 for being otc. Fan59
It shows 6.95 if at the confirmation window. Recently when MTB.PRJ had a temp symbol, Schwab charged the fee but now when it’s traded under this symbol there isn’t that fee.
I also read somewhere around saying that OTC fees were negotiable but they didn’t give me any chance at that when I tried.
Just picked up Boh.b for 25.1… I understand wanting a different issue with more capital upside, but for me I like the fact that the bank and issue are investment grade..
Im assuming the reason the coupon at 8% is a bit bloated is because Moodys stated this a couple weeks ago.
New York, May 31, 2024 — Moody’s Ratings (Moody’s) has today placed all long-term ratings and assessments of Bank of Hawaii Corporation and Bank of Hawaii (collectively Bank of Hawaii) on review for downgrade. Bank of Hawaii Corporation’s senior unsecured MTN program local currency rating of (P)Baa1, its preferred shelf non-cumulative local currency rating of (P)Baa3, and its preferred stock non-cumulative local currency rating of Baa3 (hyb) were placed on review for downgrade.
Im not implying it shouldnt be bought as I am no bank analyst, and wouldnt even make a bad one if I gave it my best shot. Just giving info incase you weren’t aware. You can read deeper on it inside Moodys.
However the good news is it only appears at worst to be a one notch downgrade if it even occurs.
What is the coupon rate on this new issue??
Bought BOHDL at Fidelity on Thursday, the 20th.
A Bloomie article via Yahoo on rates that popped up today. Bea
https://finance.yahoo.com/news/long-high-rates-last-bond-190000234.html
In this recent interview, former Fed guy William English talked about the Fed’s efforts to “provide accommodation” at the short and long end of the yield curve after the GFC.
https://www.youtube.com/watch?v=T-TonpLJHHI&t=2547s
The purpose of QE, as he described it, was to push down yields at the long end. The Fed had modeled (guesstimated) the amount of treasury purchases that would be needed, but the actual amount required turned out to be higher.
Well, it took less than an hour to shuck off ol’ Schlub- moved all back to Fido who will pick-up the tab of $150 for the 3 accts.
Feeling relieved- it was getting to be wacky chaos – some new crap every day.
I am surprised that Fidelity does not have 1 mo CDs. Have to buy a 3 mo to get the same rate 5.45% at Schlub. I guess that’s the price you pay. Not a big problem.
Gary:
Have you used Fido’s more advanced Active Trader Pro trading platform (that tries to mimic what a Bloomberg terminal does) similar to what Schwab has with StreetSmart Edge?
If so, how do you compare Active Trader Pro to Schwab’s StreetSmart Edge?
I am also tired and frustrated with Schwab’s continuing issues and am considering moving all accounts to Fido.
Thanks!
I think the ATPro is perhaps a bit more complicated, but probably because there is more there- from what I see so far. I didn’t use Edge very much.
Still, prob better than Schlub, since they can have differing quotes between the reg and the TOS trade systems. That’s a real problem
I do wish they had an easy to find section on what symbol system to use for various types. One plus, when I was going thru the switch over, the guy could tell me if certain stocks could be transferred since I did not want to sell either. So- for real oddballs or below $1, it’s best to ask.
Tip: (If you happen to have a Mac) – when you download it will go to an Applications’ folder and there will be a widget at the bottom of the screen. However- if you have ATP open and look at the top left under Trade (what else) – you will see it there. But- if you open it, it is only the download !
I had to call about that.
And- you can increase type size up to a point, but it should be bigger for somethings /people. Can’t do it with stretching or Command plus either.
Background can be blinding white, dark blue or black.
Good luck-
I use a 30 inch monitor to use all the features of Active Trader Pro. Three charts, watchlists, holdings, etc. Great interface.
One current complaint: it used to be that charts would show all your past and current holdings by date for all your accounts. For some reason, this is now only available for a single account that you have to pick. Very annoying if one has 6 accounts. Keep calling to put it back the way it was.
Took a 50% position in Citibank Series CC. Coupon 7.125%.
https://www.citigroup.com/global/investors/fixed-income-investor-relations/capital-securities
https://www.sec.gov/Archives/edgar/data/831001/000119312524144435/d810769dfwp.htm
$100 issue purchased very close to PAR ($25.05 if it were a $25 issue).
Steve-
That’s a $1000 issue. I like your price. There’s a thread for that: $1000/Insti Bond Disc.
Yes, I should have posted it in that section. I am finding the $1,000 issues are a little more stable in price. Plus, something I never realized. If I sell, I get the accrued interest.
I just sold a bond and received the accrued interest. Love it. Not constrained to selling at interest payment dates.
Bonds pay interest. Citibank Series CC is a preferred and pays a dividend. Did you pay accrued dividends on your purchase?
Yes, I paid the accrued dividends.
I’m really glad to know that. It appears that paying/receiving accrued interest/dividends is a feature of $1000 cusip trading.
Yes, and a corresponding confusion for brokers, who seem to classify all $1k pfds as “bonds” and classify the income as interest.
Yes but the bond thieves will nail you on the price.
Not necessarily, I paid up 0.2% on the Par value reducing my yield from 7.125% to 7.1097%
pig-
By bond thieves I assume you’re referring to the huge spreads.
Hmm… I guess QOnline doesn’t cover these.
If you look at Citibank’s preferred stock page, they seem to have left the $25 retail market. The only issue I can still find is their trust preferred which many say will not be called.
All their newer issued preferreds are labeled “Not Listed”. You can still buy them via the bond desk via CUSIP.
So, I guess QOL doesn’t have them since they are “Not listed”.
How, (vendor) did you buy as not on an exchange> Please.
Bond desk by Cusip number just like any bond trade.
thanks. never did a bond trade.
what is the cusip for citi cc?
mjtroll the CUSIP for the Citi hybrid cc is 172967PK1.
FWIW, the coupon is fixed until 8/15/29, then floats.
From E-Trade: Callable 08/29@100 – Fixed to Float – 7.125% FIXED until 08/15/2029 then 5YR CMT + 269.3BP
Yes, it is a reset rate for the next 5 years after 8/15/2029. 5-year TBILL+ 2.693%. Not excited about the adjustment amount above the 5-year TBILL. I thought it was a little low but I will deal with that in the future
C- CC : $100, $1000 — what is it – really? Getting funny.
Thank you @SteveA for this idea of 7.125% Citi Seriese CC.
As per the PDF you refer to, seems to also be QDI and pays its first dividend Nov 15, 2024.
Bought some just under par for $99.9x at IBKR.
Also like and own the older 7.625% coupon cusip 172967PE5 they issued Sep23 when rates were higher but it trades above par at $104s…
You are welcome. Great price. Yes, I saw the 7.625% but I passed because of the price like you did. I am holding in an IRA so QDI did not matter to me.
Do market trend changes align with celestial events? Yesterday the summer solstice, today the full moon.
Oops, today the solstice, tomorrow the full moon
Maybe for property insurance stocks or those with lapsed FEMA flood coverage. The tides are aligned with lunar cycles. Worrying about the Moon may sound funny – or looney to use the proper pun (luna = Moon in Latin) – to Flatlanders. A real concern for those who are on the wrong side of a hurricane during a high tide. A big hurricane season is expected this year.
Pioneer had some offerings in this area, but I have not researched them. They had a CEF but I sold it long ago because it did not have enough event risk (obviously uncorrelated) and became Yet Another High Yield Junk Bond CEF. JMO DYODD
R2S, you would have to be an old timer to know Arch Crawford. He was the most prominent astrology based macro investment service in the 1980’s-~ 2000. Had a pretty good track record IIRC. He retired in 2020, but there are several others that still use astrology. I am guessing that some older III’ers will remember him. For example search for: “Astro Economics” written by Grace Morris right up the street from Azure in Boca Raton. I would post the link by the spam filter blocks the entire post when you try that.
I am not affiliated with any of them, but plenty of others to choose from that use astrology.
People who work at a psych ward can tell you the full moon makes a difference. Possibly for some scientific reason not fully understood. Other astrological events have been less consistent. Not particularly useful for investing except as a gateway to intuition.
Anyone else adding to their GJH stash? Seems ridiculously cheap here. DYODD
Why ridiculously cheap? Par 10, CY 6.85%. Now, if GJH price drops to 7.5 again…
Isn’t gjh basically a Wells Fargo december c/d ?, marketable..? Trying to dmyodd.
See Maine’s post and if you’re not familiar with quantumonline.com now’s a good time to begin…. On top of the description, they’re are always links to the original prospectuses as well…. Tim’s got most of this too if you search around a bit – which by rote I don’t do because according to QOL, I’ve been using it now for 8277 days now.
Good time to send in a donation to QOL…
At $9.30, the YTM is ~7.4%.
The yield for similar maturity T Mobile debt is less than 5.5%.
Yes, there should be a spread to compensate for a potential failed merger, and some liquidity risk… but still!
I’m happily buying.
P.S. nobody really looks at GJH. It’s too small and complicated. Perfect spot for a small fry like me, just looking for a few extra bps.
https://www.t-mobile.com/news/business/uscellular-acquisition-operations-assets
https://investor.t-mobile.com/fixed-income-1/default.aspx
I am interested in a a brokered CD. I know that the various brokerage firms may do things differently but this is from Fidelity; “The brokered CDs are usually issued in large denominations and the brokerage firm divides them into smaller denominations for resale to its customers”.
That clearly indicates to me that a brokered CD (at least from Fidelity) is owned (depositor) by the brokerage firm. They include the standard insurance language directly from the FDIC web site and imply that the individual investor’s purchase is FDIC insured as long as it meets the restated requirements. However, the broker (depositor) is FDIC insured not the individual investor. This may sound like a simple point but it has significant implications and what they imply is very misleading. Any comments?
You omitted the next sentence from your quote. Here is the full paragraph. I think the last sentence addresses your concerns. Also,Fidelity notes FDIC insurance on each CD listing under Attributes.
“Fidelity offers investors brokered CDs, which are CDs issued by banks for the customers of brokerage firms. The CDs are usually issued in large denominations and the brokerage firm divides them into smaller denominations for resale to its customers. Because the deposits are obligations of the issuing bank, and not the brokerage firm, FDIC insurance applies.”
Certificates of Deposit (CDs)
https://www.fidelity.com/fixed-income-bonds/cds
FWIW, I have had no problems with CD payouts from failed banks at Fidelity. All payments at maturity in full and on time as agreed.
JMO, DYODD.
I agree that the CDs are FDIC insured as long as that large denomination is less than $250,000. My point is that the broker is insured as they are the CD owner and they allow individual investors to buy a piece of that CD. If a bank were to fail, the broker would be covered and would pass that along to the individual investor but the investor is not directly FDIC insured.
I have even seen wording at these brokerage firms that the individual investor should insure that their aggregate accounts in that bank should not exceed $250,000 when investing in a CD. When it is the broker that must insure that their aggregate does not exceed the insured limit. Seems like a simple point but they should clearly state that fact.
What am I missing with BRF.PR.B:CA? Seems to be a great yield, and YTM considering it’s under par. I will do more DD but figured someone here is already in the know to something I’m missing. All the BRF pref here seem priced wrong.
Moody’s downgrades Eversource’s Connecticut Light & Power to negative outlook amid CT ‘unpredictable regulatory’ climate” https://www.moodys.com/research/Moodys-Ratings-changes-outlook-of-Connecticut-Light-and-Power-to-Rating-Action–PR_491203 On 11 March, CL&P filed a request for prudency review of approximately $634 million of catastrophic storm costs for 24 weather events occurring between 2018 through 2021. On 28 March, PURA established a proceeding for the purpose of receiving and reviewing evidence of the costs reported by CL&P in response to the catastrophic storms and pre-staging events. PURA established a partial procedural schedule with hearings scheduled in the third quarter of 2025. ” ESG considerations were a driver of this rating action as CL&P’s social risk issuer profile score was changed to highly negative (S-4) to reflect higher exposure to demographic and societal trends that could lead to adverse regulatory or political decisions. CL&P’s CIS-3 scores indicate that ESG considerations have a limited impact on the current credit rating with potential for greater negative impact over time . Outlook
The negative outlook on CL&P reflects the challenging Connecticut regulatory environment for its electric distribution business, and a weak financial profile that includes a ratio of CFO pre-W/C to debt that is currently well below the historical levels in the 20-22% range.
I’m a fan of this provision:
“due to a provision in the preferred stock agreements of both CL&P and NSTAR Electric that grant preferred stockholders the right to elect a majority of the CL&P and NSTAR Electric Boards of Directors, respectively, should certain conditions exist, such as if preferred dividends are in arrears for a specified amount of time.”
(from the Eversource annual statement)
Dick, Hopefully people not too worried about the “social risk issuer profile score”.
Its a lovely never used provision anymore. But still will not ever be needed. The profits cover the preferred dividends by well over a 100 times last I checked. If rate recovery cut their profits in half long term (which wont happen) they are still covered by 50X and that dwarfs any regular liquid issuance coverage. I own some NSTAR, but presently no CLP from trading profits. But I wouldnt have a moments hesitation to jump in shoulder deep if a good opportunity presents itself.
So it could be a part of the “Gridbird laundry list” at a moment’s notice? Haha
FYI – I have cash ready if anyone wants to sell based on this.
Dick, A CLP issue was my first illiquid purchased well over 10 years ago when I stumbled onto them. I always own them multi times a year. Once I can get a profitable tradeoff situation, I will again. They just have to claw above in yield what I have now to get me to move the chairs around again!
I see Tim is avoiding this issuer in His ” Laundry list “.
bought some CSR-C today, small amt, it was xd last week, the yield now is over 7%, the former IRET w a Midwest concentration of apts. After Blackstone went after apt AIRC was concerned about the takeover language but it seems favorable to the pfd holder. Pfds held up pretty well today, I am sure this week of Fed speak means volatility, maybe some bargains. Bea
Any of you guys have an opinion on BPYPP? It’s k-1 but how safe is it, and is it mainly ROC or taxable income?
Thank you
Hi, I have held it for about 2 years. It is recommended by a service I have on SA.. mostly ROC..
Grid, you got me into Corteva/CTA-B/EIDP and I keep buying as if it were CD’s. 100 par, buyback at $120, selling for 70 and paying <6.5%. I feel like you made this a fun thing for me to do awaiting fantasy football gambling. Just like FFL, small bets every week. But better chance of funding the beers after the season ends…
I don’t get why this one doesn’t trade higher but I keep buying periodically too. It’s one of my largest holdings.
FTAI and its preferreds – Does anyone know if FTAI generates a K-1 for the common and preferreds? I keep seeing where they did in 2022 but don’t seem to be able to confirm whether or not they still do.. Does anyone know for sure?
NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) —
Fortress Transportation and Infrastructure Investors LLC (FTAI), a Delaware limited liability company (“FTAI” or the “Company”) announced today that it had entered into a definitive agreement to merge with a subsidiary of FTAI Finance Holdco Ltd., a Cayman Islands exempted company and subsidiary of the Company, with FTAI surviving the merger and becoming a wholly-owned subsidiary of FTAI Finance Holdco Ltd. Following the completion of the merger, FTAI Finance Holdco Ltd. will be named FTAI Aviation Ltd. (“FTAI Aviation”). The transaction is being completed as part of the Company’s plan to eliminate its partnership tax classification. The surviving entity in the merger, FTAI Aviation, is a corporation. Thus, if the merger is completed, shareholders will no longer receive Form K-1s.
NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) —
Fortress Transportation and Infrastructure Investors LLC (FTAI), a Delaware limited liability company (“FTAI” or the “Company”), announced today that its shareholders have voted to approve and adopt the previously announced merger agreement, dated August 12, 2022, by and among FTAI, FTAI Finance Holdco Ltd., which following the completion of the merger will be named FTAI Aviation Ltd. (“FTAI Aviation”), and FTAI Aviation Merger Sub LLC.
FTAI’s public common shareholders will not need to take any action in connection with the merger. Pursuant to the merger, shares of FTAI will be exchanged automatically for shares of FTAI Aviation without any further action from the shareholders and FTAI will become a subsidiary of FTAI Aviation. Following the merger, the ordinary shares and preferred shares of FTAI Aviation are expected to continue to trade on Nasdaq under the existing ticker symbols “FTAI,” “FTAIP,” “FTAIO” and “FTAIN,” respectively. The closing of the merger is anticipated to occur on November 10, 2022.
Thanks Fab – I knew it had to be there somewhere easy – I just missed it..
2whiteroses – Never held this one and I haven’t looked at that company in a year or more but even more importantly, I would worry and confirm that this holding doesn’t trigger PFIC. Filing form 8621 will take you down the rabbit holes of all rabbit holes. It will make dealing with a K1 look like solving 3rd grade math problems.
Thanks, theta.
Everyone,
FYI – PFIC Statements for 2023, posted on FTAI’s site:
https://ir.ftaiaviation.com/tax-information
CODI did the same thing with their preferred…I have been long for years.
CODI-A and CODI-C
For those who try to understand/predict market moves, the article below might help to explain the climb of the US stock market since COVID and the risks that it faces in the future.
https://www.bloomberg.com/news/articles/2024-06-16/how-the-us-mopped-up-a-third-of-global-capital-flows-since-covid?sref=LKD6IJHk
I tried to read the Bloomberg article but you have to be a “subscriber”.
https://archive.ph/zg0XG
Very quick summary: Biden chips act and other onshoring incentives attract capital from abroad. High interest rates also attract capital.
Worth subscribing to Bloomberg IMO.
Worth tracking what is going on in Argentina because it can show how bad inflation can get, and what is required to reign it in.
Inflation slowed to 4.2% *per month* a 2 year low. The article discusses what changes are being made there. I like the vertically integrated oil co – YPF FWIW – (extreme speculation). This is a bit like investing in an alcoholic during a possible relapse, but there are lots of good fundamentals for YPF if the planets align.
https://www.batimes.com.ar/news/economy/inflation-in-argentina-slowed-to-43-in-may-lowest-monthly-rate-in-two-years.phtml
This is very intersting August;
I am finding there are special accounting rules for reporting financial details when inflation over 100% for 3yrs is happening, I noticed this when doing a deep dive in Ambev (long) which has biz in AR.
So many of these countries w vast riches require special handling and diligence. Ther is accounting standard IAS 29 that has to be applied during audits. https://www.bdo.global/getmedia/b08c1359-eca2-4de2-8f49-9202712db094/IFRB-2018-02-Argentina-and-IAS-29.aspx
While I have expanded the countries I look at for ideas and allocation from just US/CA/AUS to include Brazil, I am getting quite an education and feel like I am back in business school! Any investment amounts will be very modest for sure.
side note, I just did a conservative review assuming a 7% annual return w modest drawdown on my assets and a 4% inflation rate- and feel I am in great shape, about the same when I retired at 65, even w longevity in the family. It makes me stay very conservative in investments and take a hard look at committing new money- and continuing to live simply. Bea
Hey Bea thanks for the heads up on accounting policy. Last time I had anything at all to do with Argentina was in the 90s back when the AR Peso was pegged to the US$. Today they have a 10,000 AR Peso note that i guess is worth about UD$11. So it has come down quite a long way! The good thing about a company like YPF is that it is an oil company so their revenue is (at least in theory) in US$.
More importantly all of their revenue is from the local market – they are not selling crude into the global market at all (yet). So this is an opportunity for substantial growth for crude oil and LNG sales.
Enter the Vaca Meurta shale oil play. This is a world class shale pay in Eastern Argentina. YPF is currently building a $2B pipeline to a port city on the Atlantic coast the reason is for export of crude which could be ~180k bbl/day in 2026. Today they produce about 320k bbl/day.
Combine that with certain political/legislative changes currently underway.
YPF could be one of the more interesting opportunities in the oil and gas space today (it is also possibly the most risky).
All that aside – I find it helpful to realize that inflation is the enemy and read about what happens when it gets out of control. Personally, I would rather have the Fed raise rates than lower them.
I’ve spent a great deal of time reading a recent analysis/prediction of the trend lines of AI and AGI and their potential effects: situational-awareness.ai The article is a little sensational and apocalyptic, but was written by an insider. If the author is close to being on the mark, we are going to see societal changes by many orders of magnitude before the end of this decade.
The thesis scared me a little, but, as an innovative income investor, I’m looking for opportunities. Besides demand for computational power, there is going to be a huge increased demand for energy power. I’m already seeing my utility stocks increase in value. The article forecasts that the large AI companies will use vast amounts of NG to generate power, so I’m looking to add to my holdings that will benefit from that demand. I’m also upping my coal holdings. {I know, I know there will be major pushback from ESG interests.}
If the power demand increases as forecast, we could also very well see new construction or rehab of shuttered nuclear facilities. I’m working to identify companies that could fill those needs. I’d love to hear from anyone who may have other investment theses regarding this potential paradigm shift.
You would have to factor in whether it is coming from independent utility power producers, or triple vertical regulated utilities. Each one could have its benefits or drawbacks.
Have you considered firms like Aecom [ACM]? https://aecom.com/markets/energy/ These types of consulting/management firms seem positioned to contribute to all these concepts without anywhere near the capital intensiveness needs of the projects’ owners..
Just an idea and also wondering what others think.
Very interesting idea. Thanks for your insight.
I’m in the biz 2WR and I think you’re correct. AECOM, Jacobs, etc. will benefit from the need for global infrastructure upgrades. Local governments cant float enough debt to meet demands, and I saw Larry Fink from Blackrock touting the public-private partnership (3P) project delivery method as a means to achieve this.
The contra argument to that is that I own them both….. lol
One company you might take a look at is Greenidge Generation Holdings (GREE) which is a ‘clean’ power company that hosts a bitcoin data mining operation and more recently has begun hosting GPU servers. Greenidge has a senior note due in 2026 (GREEL) with a 8.5% coupon and a current yield of 18.48%. With the recent halving making bitcoins more expensive to mine, the move into hosting AI servers seems timely. Having a cheap source of power makes it easier to turn a profit from hosting activities, however the risk of failure is also high so do your own due diligence.
Two Canadian companies could also be on your radar.
Brookfield Environmental (BEP/BEPC and BEPH) is the largest owner / operator of renewable energy in North America and signing MOU’s with the data center hyperscalers. They also own 1/2 of Westinghouse.
Enbridge (ENB and a slew of five year adjustable US dollar based preferred issues) is one of the larger pipeline firms in North America and, significant gas utility with a growing presence in the US (via the acquisition of the utilities from Duke).
I have positions in both.
DYODD.
Good stuff….another name to keep an eye on is Corning (GLW) which makes the fiber optic cables these AI data centers need to use to run their servers.
I live near and talk to many at Corning. I do not think this fiber supports them and barely moves their needle. Corning relies on flat panel and smartphone glass, and a few others. This fiber is competitive and Corning is not well liked in that market, as they apply to much over head in costs and legelese of just doing business. Just IMHO.
I see myself as a conservative retired investor — 70% CDs and Treasuries. With the other 30% of my assets, I have invested in over a dozen Electric Utilities and three gas pipeline companies. See Goldman Sachs link:
https://www.goldmansachs.com/intelligence/pages/AI-poised-to-drive-160-increase-in-power-demand.html
The potential downside to my thesis is that the utilities will not be given the necessary rate increases to generate the new capacity. I didn’t try to play genius, I basically just stuck with the relatively larger components of XLU. So far, so good.
af, that in essence is a prime concern if one is angling for an investment thesis of more power via the regulated utility route. PSC could pinch the ROE, or cost overruns occur and those costs get disallowed in rate recoveries, etc. AFUDC issues almost sent more than one ute into bankruptcy back in the nuke building of the ‘70s.
Knowing where areas have “favorable PSC’s” is important. And of course making sure they even provide any power at all. Many utes have gone the safer “T&D” only route and are completely or phasing out any power production.
I know you are absolutely right, but I’m just trying to capitalize on the AI trend while it lasts. Everything is a trade at my age. So, I am basing my stock selection on a combination of market cap and relative strength — assuming that the market has already figured out the prime beneficiaries.
I also like the income and the possibility of being rewarded with price
appreciation associated with potential rate cuts.
Is the name Gridbird derived from the old STL football Cardinals?
And certainly a rising tide can lift all boats too. Especially as a trade as you just mentioned.
….Yes sir…St. Louis Football Cardinals…Cardiac Cards…Big Red…Gridbirds….A rose by any name as they say…
My dad was a season ticket holder. I got to drink bourbon to stay warm and watch John David Crow.
af, you go back deeper in the annuals of Big Red time than I do. My beginnings start at the Jim Hart, and later Steve Pisarkiewicz era (what a joke that draft choice was, ha). Faint memories of Tim Van Galder and Gary Cuozzo. Dont remember Charlie Johnson as I was a bit too young then.
well I won’t be using BeaBucco anytime soon..remember going to Pirate games in Forbes Field w my dad and relatives in the nosebleed seaks which were $1. I always think’ utilities’ when I see Gridbird..given your extensive knowledge in that area, Griddy.. like those birds you see on electric power lines, Gridbird!! you have to be 65 to appreciate the glory days of the Pirates anymore!! lol.
Bea, Im all hockey, football, golf now. But I was a big fan of MLB back in the 70s. Who didnt love Willie Stargell’s batting stance…Or Manny, or Moose Robertson? I also remember the “We Are Family” days. But have no recollection of Roberto. Just a smidge too young for him. Im of the age memory wise, of Willie Mays and Bob Gibson being washed up. Joe Namath was a horrible LA Ram, and Johnny U was a stiff old man SD Charger. I was born just a bit too late for them.
Boy you really are a youngn’ aren’t you.. U talkin’ baseball batting stances and you don’t mention your Card, Stan Musial? His coiled spring stance was about the only stance I remember at all but Stan the Man was long gone I imagine by the time you got old enough to care.. But still I would have thought St. Louis would pass down his legacy from generation to generation…
Everybody knew about Stan. He was active in the community pretty much until near the end. But I only really viewed him as a Hall of Famer, legend, and ambassador of the Cardinals. Not as a baseball player since he was retired before I was even born.
similar to you Grid growing up in SW Ont when we got cable TV the Erie PA channels were the US main channels. So during 70’s got to see the Pirates in their prime and good old Bob Prince the home town announcer. (“another hoover for the Pirates” ) I’m a bit older (68) as I do remember Roberto Clemente and the terrible loss when his plane crashed during rescue work.
Even when Three Rivers Stadium opened the nosebleeds were still just $1. Used to go all the time and of course sneak down to the better seats when we could get away with it – which is how I got a great view of Clemente’s 3000th hit -sadly his last one too I believe.
Grid—do you have any favorites in the regulated utility industry that have favorable PSC’s? Thanks.
whidbey, you will have to dig around internet to find updated articles, but they are out there like this one from 2017.
https://www.spglobal.com/marketintelligence/en/news-insights/research/regulatory-climates-in-2-states-improve-2-others-falter-and-several-others-bear-watching
This one is even a year older than previous above and an example of why you need recent data as things can change. As example MO went from a poor one to a decent one now.
https://efis.psc.mo.gov/Document/Display/38891
That all being said, I am not actively pursuing this power angle. I just buy ute preferreds from subsidiaries that are going to be automatic snooze fest payers, which includes my local Ameren ones.
I think one would not only want to study regulatory climates but also where all these power hungry data centers are being built too. The need for power will likely be disjointed. Just because lets say the southwest would need more power doesnt mean say Missouri needs anymore. And MO PSC isnt going to allow more ROE from existing power plants just because another part of the country is facing increased costs.
There are all sorts of angles to research like say Fortis for example which owns a big transmission system. Fortis acquired ITC Holdings Corp., the largest independent transmission utility in the United States in 2016. They would be involved in Federal regulations being they traverse many states. Transmission of this energy will also be a factor as a plant without the means to distribute it to where its needed is useless.
….Random thought. Places like Georgia has had a generous PSC historically. Southern screwed the pooch on recently completed nuke plant Vogtle with mega $$$$ cost overruns. And the rate payers got soaked with the added costs slapped on their bills.
Pickler, tonight 60 minutes was talking about AI. They talked about a timeline that gives us 5 more years.
Well C Schlub has done it- last night my portfolio was down 0.17%, this morning it is off 19.32% !!!!
I imagine there are others here seeing similar changes? They are supposed to be working on it according to a message on Thurs, but no notice today.
Definitely need to move all.
Gary, I got some message that it was supposedly fixed by Friday (yesterday Friday). I have securities off 99%, so…….not fixed. Its mind boggling they can’t get this right.
check CLIP if you hold it. will be $0. see reader alerts
I bot TRINZ 7.875 3/30/2029 CALLABLE NOTE at 25.05 as the TRINZ/SJNK pair is near where it was when issued which was bottom of range. good article on this BDC on S/A by Pacifica Yield
I bot AHL/PRC at 25.44 …currently floating sofir + 4.06 …my understanding callability is on dividend payment dates so given .60 dividend my principal is protected… good article on S/A from author “retired investor”