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Old 11-23-2021, 06:10 AM   #441
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NJ Howie: Saw that Texas issue this morning. They raised the price. Only 5.5MM outstanding so maybe they won't call it.
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Old 11-23-2021, 09:18 AM   #442
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Graybeard - I picked up a Texas Municipal Water/Sewer system issue today.

CUSIP 099743GE0

YTM = 5.15% 12 years
YTC = 1.58% 21 months
A 6% coupon on one of those bonds is pretty unusual. Hopefully they'll neglect to call it on schedule.
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Old 11-23-2021, 09:51 AM   #443
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Well, I'll get an extra month of interest out of Crook County, but it appears they're finally calling their 5.25% note as of 12/15: CUSIP 213185FM8. One of my O'Hare bonds is getting called too as of Jan. 1, on schedule.

I'm thinking about moving more into preferreds, mostly via the ETF PFFD. Most of the holdings are in major banks, and 30-day SEC yield is 4.76%. It seems to be holding up better than the average bond index fund, and yield is a lot higher.
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Old 11-23-2021, 05:10 PM   #444
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Graybeard - I picked up a Texas Municipal Water/Sewer system issue today.

CUSIP 099743GE0

YTM = 5.15% 12 years
YTC = 1.58% 21 months

What’s your expectation for this issue? Do you expect issuer will not redeem at 21 months? That YTC makes look favorably at a muni fund. I generally avoid bond funds and prefer individual bonds but I’ve held SMDMX Fidelity Md Muni fund for a few years and it has maintained 2% minimum distribution yield throughout that time. It was underwater for me a good bit of the time. Now I wish I had loaded up when the price was down. I still have only a very modest gain.
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Old 11-23-2021, 05:17 PM   #445
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What’s your expectation for this issue? Do you expect issuer will not redeem at 21 months? That YTC makes look favorably at a muni fund. I generally avoid bond funds and prefer individual bonds but I’ve held SMDMX Fidelity Md Muni fund for a few years and it has maintained 2% minimum distribution yield throughout that time. It was underwater for me a good bit of the time. Now I wish I had loaded up when the price was down. I still have only a very modest gain.
I bought willing to be happy whichever way they go. Yield is good for call or maturity dates in my view.
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Old 11-23-2021, 06:38 PM   #446
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I bought willing to be happy whichever way they go. Yield is good for call or maturity dates in my view.


I figured you’d say that. Betting on the the chance they won’t call it but still getting paid to see how it plays out. I was planning to increase equity allocation but the market feels toppy to me. Shouldn’t matter I guess.
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