Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-09-2018, 05:51 PM   #3681
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by bobandsherry View Post
They also said "As a result, we currently project our year-end 2018 debt-to-EBITDA to be around 4.7, but we’re working on initiatives that will take that number even lower.", so wonder if that projecting includes NSS, if not then there's something else in the mix. I am just a bit over par so enough wiggle room should it get called, but hate to give up any of that div back by call. I jumped from ALLY-A as I thought something would happen, hate to jump out of this one too soon, but better than late I guess....


Your only out pennies Bob, so holding isnt going to hurt worst case, as the next payment is in the bag and even if they did redeem it could be at December payment. I just think the price wont move much with NSS and I have a better chance to get ahead with AGO-B rest of the year. Plus I like to flip, lol.
__________________

Mulligan is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-09-2018, 08:07 PM   #3682
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,478
Quote:
Originally Posted by Mulligan View Post
Heck no Texas, I read it, I dont listen.
Here it is, easy read less than 5 min. Notice in Q&A part where he mentions a refinancing this year. And there is no maturities for 2 years.
https://seekingalpha.com/article/419...all-transcript

Except that it is 8 pages and you can only get 1 unless you join... I have been trying to not join... when I searched this came up but not the whole thing...


As I said, I will take the chance and if it is called just move into one of the other issues they have...
__________________

Texas Proud is offline   Reply With Quote
Preferred Stock Investing-The Good , The Bad and The In Between
Old 08-09-2018, 08:12 PM   #3683
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Preferred Stock Investing-The Good , The Bad and The In Between

Its no big deal to join. They do not spam you in any way...I didnt realize you couldnt look at the entire thing.
Jeremy Tonet

Great. Thanks. And just last one if I could, as far as how you think about your funding plan going forward post of that preferred here. And if there is any other kind of asset sales that might make sense if you as you look to kind of optimize the portfolio? Thanks.

Brad Barron

Yes, as far as the financing plans going forward, obviously, the preferred we just did was a big step to the overall plan that Brad laid out. And so, the objective there was to minimize our equity needs going forward. And I don’t think we have any plans to go into the equity market anytime soon, probably for the next couple of years. So I think we’re done there. The only thing really left to do we still have some bonds that we need to refinance this year. We still plan on doing that. So that’s kind of the financing plan going forward.

So clearly he means they “plan to” which means they dont have to so it isnt not maturing debt. They arent refinancing the cheap debt senior bonds that already have low relative yields. So that only leaves NSS debt.
Mulligan is offline   Reply With Quote
Preferred Stock Investing-The Good , The Bad and The In Between
Old 08-09-2018, 08:19 PM   #3684
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Preferred Stock Investing-The Good , The Bad and The In Between

Quote:
Originally Posted by bobandsherry View Post
They also said "As a result, we currently project our year-end 2018 debt-to-EBITDA to be around 4.7, but we’re working on initiatives that will take that number even lower.", so wonder if that projection includes NSS, if not then there's something else in the mix. I am just a bit over par so enough wiggle room should it get called, but hate to give up any of that div back by call. I jumped from ALLY-A as I thought something would happen, hate to jump out of this one too soon, but better than late I guess....


I doubt seriously NSS is included because it got credit waivers to remove it as debt and treat it as capital. But it was only a temporary waiver. NS new they were in a tight spot with the acquisition and poor results so creditors gave them some breathing room by waving the magic wand....And remember NSS had the 5 year deferral clause in it which basically made it a preferred in that regards of not having to pay near term.
Mulligan is offline   Reply With Quote
Old 08-09-2018, 10:20 PM   #3685
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,151
Quote:
Originally Posted by Mulligan View Post
GLPRU has been a shoot fish in a barrel trade. Anyone beside Texas get in?
I snagged 200 at 24.90. Been holding my nose and buying a few different shipping-related stocks recently (I guess old habits die hard - although far more selective since my past wayward transgressions with the likes of NM, et. al.)

I have 200 NSS, but will likely change out at least 100 for either the A or C preferred...might dump all NSS into whichever yields higher. Now that they are a new entity, they likely have better access to debt yields, so you can't necessarily look at previous preferreds or debt issuances to say "their existing is higher, so they can't get new debt/preferreds lower".
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 08-10-2018, 04:40 AM   #3686
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by MooreBonds View Post
I snagged 200 at 24.90. Been holding my nose and buying a few different shipping-related stocks recently (I guess old habits die hard - although far more selective since my past wayward transgressions with the likes of NM, et. al.)



I have 200 NSS, but will likely change out at least 100 for either the A or C preferred...might dump all NSS into whichever yields higher. Now that they are a new entity, they likely have better access to debt yields, so you can't necessarily look at previous preferreds or debt issuances to say "their existing is higher, so they can't get new debt/preferreds lower".


To be honest I wanted some of the NSS proceeds to roll into one of the preferreds. But I dont understand UBTI on K-1 issue in Roth so I make sure I dont broach that. And worst case I am pushing it now for this year so I will pass until Jan at least. No more K-1 buying this year.
Mulligan is offline   Reply With Quote
Old 08-10-2018, 07:46 AM   #3687
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,151
Quote:
Originally Posted by Mulligan View Post
To be honest I wanted some of the NSS proceeds to roll into one of the preferreds. But I dont understand UBTI on K-1 issue in Roth so I make sure I dont broach that. And worst case I am pushing it now for this year so I will pass until Jan at least. No more K-1 buying this year.
Remember that just because a security issues a K-1 doesn't mean it will have any UBTI....you can even ask a company for a sample K-1 to see what htey generated in a given year. Some years might vary, if they are involved in actual natural resource holding/selling (versus, say, just a pipeline offering transportation), but many don't ever generate any UBTI.

I went ahead and swapped all of my NSS for equal parts NS-A and NS-C. I know I took a hit on the safety ladder, but willing to take the chance...
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 08-10-2018, 08:56 AM   #3688
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,478
Quote:
Originally Posted by Mulligan View Post
Its no big deal to join. They do not spam you in any way...I didnt realize you couldnt look at the entire thing.
Jeremy Tonet

Great. Thanks. And just last one if I could, as far as how you think about your funding plan going forward post of that preferred here. And if there is any other kind of asset sales that might make sense if you as you look to kind of optimize the portfolio? Thanks.

Brad Barron

Yes, as far as the financing plans going forward, obviously, the preferred we just did was a big step to the overall plan that Brad laid out. And so, the objective there was to minimize our equity needs going forward. And I don’t think we have any plans to go into the equity market anytime soon, probably for the next couple of years. So I think we’re done there. The only thing really left to do we still have some bonds that we need to refinance this year. We still plan on doing that. So that’s kind of the financing plan going forward.

So clearly he means they “plan to” which means they dont have to so it isnt not maturing debt. They arent refinancing the cheap debt senior bonds that already have low relative yields. So that only leaves NSS debt.



Thanks... I might join at some time...


I see what you mean.... but I take that as they are going to issue a new bond to refinance, or get some other bank loan... if so, then NSS should be safe for a bit... I will wait till next divi and then roll over to either A or C...


As always, thanks for the heads up... this gives us plenty of time to think about what we want to do and adjust
Texas Proud is offline   Reply With Quote
Old 08-10-2018, 03:02 PM   #3689
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Texas Proud View Post
Thanks... I might join at some time...


I see what you mean.... but I take that as they are going to issue a new bond to refinance, or get some other bank loan... if so, then NSS should be safe for a bit... I will wait till next divi and then roll over to either A or C...


As always, thanks for the heads up... this gives us plenty of time to think about what we want to do and adjust


The price has sagged a bit past few days since I sold. At this price you definitely have time to ponder as next payment is in the bag.
Yes, the comment is vague and he definitely didnt guarantee anything even if he was referring to NSS. But none of their true bonds are worthy of any refinancing as those are very low as they are senior debt not subordinate debt like NSS is. Just to me it seems logical based on that “short term waiver” of NSS. That means creditors were allowing them some breathing room to do a few things for a shorter period of time.....One never knows...Management of Maiden said over a year ago they would be redeeming MH-A last year. Things hit the fan and next thing you know MH-A is still trading. But unless you want something else, holding isnt a bad idea at all.
Mulligan is offline   Reply With Quote
Old 08-10-2018, 05:48 PM   #3690
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,478
Well, I did a flip that is my second shortest time wise (the fist was an hour when I found out the share I bought were called , but only lost a small amount)...


I was trying to do a flip on share that went ex tomorrow... but was only able to buy 100 at my price late yesterday... but then today someone was running up the price and it went above what I wanted to get out of the divi (I usually try and keep half)... so sold today...


Got a whopping $36 but it calculates to 494% annual gain!!


This month has been hard as there does not seem to be that many pref with large divis this month that have not gone up in price more than I am comfortable with before me buying...
Texas Proud is offline   Reply With Quote
Old 08-10-2018, 06:35 PM   #3691
Full time employment: Posting here.
Coolius's Avatar
 
Join Date: May 2010
Posts: 745
I was able to join you guys this week in the flipping game, in between my care giving responsibilities.


Sold a portion of CNLPL for average price of $56.75; bought them all back at average of $56.10. Could have achieved better if I had been around during late morning and early afternoon today, as a seller dumped shares to as low as $54.77.


But, a profit is a profit. Need to continue to avoid becoming a pig getting slaughtered from being too greedy.


If CNLPL has a seller next week at $55, will likely add to my position.
Coolius is online now   Reply With Quote
Old 08-10-2018, 08:10 PM   #3692
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Texas Proud View Post
Well, I did a flip that is my second shortest time wise (the fist was an hour when I found out the share I bought were called , but only lost a small amount)...


I was trying to do a flip on share that went ex tomorrow... but was only able to buy 100 at my price late yesterday... but then today someone was running up the price and it went above what I wanted to get out of the divi (I usually try and keep half)... so sold today...


Got a whopping $36 but it calculates to 494% annual gain!!


This month has been hard as there does not seem to be that many pref with large divis this month that have not gone up in price more than I am comfortable with before me buying...


Texas, I think you are being too narrow minded in your math. Lets assume this isnt about investing, but being “a job”. Assume it takes 1 minute for you to hit the buy and sell buttons on your computer. That $36 pro rates out to $86,400 a week in wages...Not a bad job to have!
Mulligan is offline   Reply With Quote
Old 08-10-2018, 08:12 PM   #3693
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Coolius View Post
I was able to join you guys this week in the flipping game, in between my care giving responsibilities.


Sold a portion of CNLPL for average price of $56.75; bought them all back at average of $56.10. Could have achieved better if I had been around during late morning and early afternoon today, as a seller dumped shares to as low as $54.77.


But, a profit is a profit. Need to continue to avoid becoming a pig getting slaughtered from being too greedy.


If CNLPL has a seller next week at $55, will likely add to my position.


You better get the funds to work soon, Coolius, as your idle investing mind will promote investing promiscuous behavior. You will be investing in Turkish currency soon if that money lays around too long!
Mulligan is offline   Reply With Quote
Old 08-10-2018, 08:30 PM   #3694
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 14,478
Quote:
Originally Posted by Mulligan View Post
Texas, I think you are being too narrow minded in your math. Lets assume this isnt about investing, but being “a job”. Assume it takes 1 minute for you to hit the buy and sell buttons on your computer. That $36 pro rates out to $86,400 a week in wages...Not a bad job to have!

LOL, but that is not the time taken... with research on what to buy and looking at it off and on I have at least an hour into this, maybe two... I was hoping to buy 500 shares and make about $180... my avg gain this year is $183.... and that includes a loss on one and a few stinkers like this...


It is kinda a hobby for me know... something I enjoy doing.. hope nobody tells me it is a job since I am making money ... BTW, YTD is over $4200 gain...
Texas Proud is offline   Reply With Quote
Old 08-10-2018, 09:22 PM   #3695
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Texas Proud View Post
LOL, but that is not the time taken... with research on what to buy and looking at it off and on I have at least an hour into this, maybe two... I was hoping to buy 500 shares and make about $180... my avg gain this year is $183.... and that includes a loss on one and a few stinkers like this...


It is kinda a hobby for me know... something I enjoy doing.. hope nobody tells me it is a job since I am making money ... BTW, YTD is over $4200 gain...


Well that is a different story...Your earning that money! Largely I did my studying 4-5 years ago as I only follow the same 50 preferreds or so, and just briefly scan quarterly earnings report to make sure everything is still good. I just buy and sell in and out of those on price movements. But last couple weeks I did have to research AGO-B and GLPRU companies....Or make that read research from credit rating agencies research about them, lol. It didnt take much of a reality session to realize that those boys know way more about the underlying credit profile than I do!
Mulligan is offline   Reply With Quote
Old 08-10-2018, 11:42 PM   #3696
Full time employment: Posting here.
Coolius's Avatar
 
Join Date: May 2010
Posts: 745
Mulligan, well, you got me going on AGO preferreds now, I'm starting to figure out what their bond portfolios contain and the weighting of Puerto Rico stuff in the mix.



But have to assume your statement that they are well fortified against default on those as correct.


I might dip a toe into the water next week, on an AGO preferred.
Coolius is online now   Reply With Quote
Old 08-11-2018, 07:35 AM   #3697
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Coolius View Post
Mulligan, well, you got me going on AGO preferreds now, I'm starting to figure out what their bond portfolios contain and the weighting of Puerto Rico stuff in the mix.



But have to assume your statement that they are well fortified against default on those as correct.


I might dip a toe into the water next week, on an AGO preferred.


If you havent yet Coolius, open up an account with Moodys. Its free, and you can see many current corp credit evals and some olders. Fortunately AGOs is current and open to read. I dug around and found S&P and AM best somehow and they were all on the same page the company has the resources and excess capital to deal with PR.
Mulligan is offline   Reply With Quote
Old 08-11-2018, 07:49 AM   #3698
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by Coolius View Post
Mulligan, well, you got me going on AGO preferreds now, I'm starting to figure out what their bond portfolios contain and the weighting of Puerto Rico stuff in the mix.



But have to assume your statement that they are well fortified against default on those as correct.


I might dip a toe into the water next week, on an AGO preferred.


capital position could absorb losses on its entire exposure to issuers in Puerto Rico of roughly $3 billion and…there would be no change in Assured’s capital adequacy score or financial risk profile”
https://assuredguaranty.newshq.busin...able-outlook-1
Mulligan is offline   Reply With Quote
Old 08-11-2018, 01:02 PM   #3699
Thinks s/he gets paid by the post
redduck's Avatar
 
Join Date: Mar 2005
Location: yonder
Posts: 2,522
Mulligan...
You seem so busy with The Good, The Bad and the In Between, that I just wanted to remind you that the football season is nearing.
__________________
"I'm in the need of a new signature line" -- redduck
redduck is offline   Reply With Quote
Old 08-11-2018, 05:47 PM   #3700
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,836
Quote:
Originally Posted by redduck View Post
Mulligan...
You seem so busy with The Good, The Bad and the In Between, that I just wanted to remind you that the football season is nearing.
Yes, Redduck, I am ready to go!..My season win total over bets are Titans 8 , Cards 5.5, Lions 7.5, and Bengals 6.5
__________________

Mulligan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 5 (1 members and 4 guests)
Coolius
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Preferred or not preferred lja0703 Stock Picking and Market Strategy 19 02-19-2015 09:52 AM
Fixed to Float Preferred Stock Richard4444 FIRE and Money 5 11-04-2013 05:43 AM
Choosing Between Pre-tax and After-tax Investing ClockWatcher Hi, I am... 10 05-09-2013 07:05 PM
How to sell individual Municipals and Preferred stock JB Stock Picking and Market Strategy 5 12-27-2007 02:28 PM
Third Party Preferred Stock Tony Tampa FIRE and Money 1 04-25-2006 02:47 PM

» Quick Links

 
All times are GMT -6. The time now is 04:29 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.