Well Monday trading was much wilder than anticipated. Economic news which is typically not highly important came in uniformly hot which sent interest rates up 10 basis point and stocks tumbling. Oh well one can never hang their hat on any given days news.
Today the only economic news coming out is the trade deficit – so very quiet economic news.
The new Athene Holding fixed rate reset preferred looks interesting at 7.75%–if I had cash I would take a taste. The concern with investors is over ‘change of control’ provisions–I need to read the prospectus over carefully to see what protections investors are afforded.
Yesterday I did zip–nothing at all. One of my largest accounts has about $900 in cash in it so obviously there is no longer ‘dry powder’–but as always one can sell something to buy a different security. Today is likely to be another day of ‘do nothing’ – just watch.
Equity futures are relatively flat at 7 a.m. central time. Interest rates are a bit lower with the 10 year treasury at 3.57%.
I need some advice. Is there a site that has 10 years of financial data of US companies that is useful to perform due diligence on preferreds. I am looking for a site that is complete, yet simple and straight forward.
My investing background is equities, however I have invested in preferreds in the past keeping it safe with only Moodys and S&P IG ratings. With the state of the economy as well as the desire to venture outside these IG ratings, I want to dive deeper into parent company financials to reduce my investment risk.
So far I have looked at google finance, but the data is only 5 years old and the data cannot be downloaded to excel. For the professional I found GuroFocus, which is appears to have tons of data, ratings, filters, etc…but spendy. TIA
Cheers!
If you like “grass roots” research, SEC has annual filings of each company going back more than 10 years. Just hit the 10k icon and the quarterlys and annuals show up without all the other filings. Here is an example.
https://www.sec.gov/edgar/browse/?CIK=827052&owner=exclude
If you have a library card, many libraries have the online version of Value Line, where you can get 10-15 years of condensed financials for free.
Gird and CW, thank you!
Windy another thought. If the company has rated bonds register for free with S&P and or Moody’s and read the actual prose summary of the rating. You get a lot of info there. Fitch has a lot on the web too. They discuss the problems and assumptions. It’s more valued by me than the actual ratings are as they discuss the potential problems. Plus TD for example has credit reports on bonds listed for sale too.
bought a little of ENBA yesterday
Opinion? Thoughts?
https://seekingalpha.com/news/3914188-energy-transfer-prices-25b-debt-offering
Will the new ET debt offering be used to pay off preferred shares?
Eladio–one never knows but their use of proceeds statements says not–
We expect to receive net proceeds of approximately $ billion from the sale of the notes offered hereby after deducting the underwriting discounts and estimated offering expenses. We intend to use the net proceeds from this offering to repay outstanding indebtedness and for general partnership purposes.