Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-09-2022, 03:45 PM   #721
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 4,839
Quote:
Originally Posted by bobandsherry View Post
Hey Mulli..... I've been with E-Trade for decades now, back to when it was Brown & Co. Really no issues. I have Fidelity as well. Fido is much stricter on trades, can't trade some of the preferreds that E-Trade allowed. I like the UI of E-Trade more than Fido, especially with options trading and such, but could be just my decades with ET use. .
Ditto all counts. Brown & Co was the best.

Sent from my Pixel 3a using Early Retirement Forum mobile app
Montecfo is online now   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 08-11-2022, 05:44 AM   #722
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by Mulligan View Post
Maybe shuffle a basic preferred from TD to Fidelity to free up cash and then buy CBKPP at TD. They sell this 144a issue, as I own it through TD. I have to shuffle all the time to another account because VG wont allow OTC trading.


AGRIP has been taken off experts market recently and is tradeable OTC now. Its a 144a fixed to float 6.875% Baa1 preferred that floats to Libor plus 4.225% in 2025. Around $103, if it ever drops I will look there. Agribank is
one of only 4 US Banks in the top 50 safest banks in the world. All 4 US banks are sisters in the farm credit system including CoBank. I have a lot of CBKPP and am hoping it survives call notice and starts floating following divi.
Mulligan is offline   Reply With Quote
Old 08-27-2022, 10:38 AM   #723
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,385
I'm confused (again). Can anyone help me understand the following scenario?

CHSCP is an 8% perpetual preferred of CHS. It closed at $30.20 yesterday. It's next call date is 28 July 2023 at $25. That looks like a negative YTC to me. Why would it be selling at a price that results in a negative YTC?

I called CHS investor relations and they said they had no information that the call date was being extended (as happened in 2013).

What am I missing?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-27-2022, 11:03 AM   #724
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,385
Quote:
Originally Posted by Mulligan View Post
AGRIP has been taken off experts market recently and is tradeable OTC now. Its a 144a fixed to float 6.875% Baa1 preferred that floats to Libor plus 4.225% in 2025. Around $103, if it ever drops I will look there.
Have you looked at CHSCM? Will float at 4.144 + 3 mo Libor beginning 30 Sept 2024.
Quote:
I have a lot of CBKPP and am hoping it survives call notice and starts floating following divi.
Just noticed it's been called for 1 Oct 2022.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-27-2022, 12:27 PM   #725
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by youbet View Post
Have you looked at CHSCM? Will float at 4.144 + 3 mo Libor beginning 30 Sept 2024.
Just noticed it's been called for 1 Oct 2022.


Yes, I know about CHSCM. Now this is only my take so there is no science behind it. But its floating date is too far out for me to look at, especially being above par. In 2 years it (or SOFR its replacement) could be significantly lower than today. My personal inclination is owning the “live floaters” such as NSS, NS-B, RZA, CUBI-E and F, and SLMBP. A few could get redeemed like CBKPP, but if they do, there is no money lost in a call. CUBI’s for example are locked in for another payment minimum after this one because they can only redeem on payment date.
Mulligan is offline   Reply With Quote
Old 08-27-2022, 12:29 PM   #726
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by youbet View Post
I'm confused (again). Can anyone help me understand the following scenario?

CHSCP is an 8% perpetual preferred of CHS. It closed at $30.20 yesterday. It's next call date is 28 July 2023 at $25. That looks like a negative YTC to me. Why would it be selling at a price that results in a negative YTC?

I called CHS investor relations and they said they had no information that the call date was being extended (as happened in 2013).

What am I missing?


I think they are just betting on history repeating itself. A lot of the original farmers and patrons own this and through a fit last time and got it renewed. That was 10 years ago and 20 since issuance. I wouldnt make that bet myself. Of course it rates are high enough they will leave it outstanding for their own self interests though. But I sure am not interested there.
Mulligan is offline   Reply With Quote
Old 08-28-2022, 02:14 PM   #727
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,385
Quote:
Originally Posted by Mulligan View Post
Yes, I know about CHSCM. Now this is only my take so there is no science behind it. But its floating date is too far out for me to look at, especially being above par. In 2 years it (or SOFR its replacement) could be significantly lower than today. My personal inclination is owning the “live floaters” such as NSS, NS-B, RZA, CUBI-E and F, and SLMBP. A few could get redeemed like CBKPP, but if they do, there is no money lost in a call. CUBI’s for example are locked in for another payment minimum after this one because they can only redeem on payment date.
Does that apply to AGRIP, that floats 1 Jan 2024, as well?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-28-2022, 02:23 PM   #728
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 12,385
Quote:
Originally Posted by Mulligan View Post
I think they are just betting on history repeating itself. A lot of the original farmers and patrons own this and through a fit last time and got it renewed. That was 10 years ago and 20 since issuance. I wouldnt make that bet myself. Of course it rates are high enough they will leave it outstanding for their own self interests though. But I sure am not interested there.
That's kinda what I thought was happening as well.

If I could get it around $26, that would be another story. But at $30+, no interest here either.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 08-28-2022, 07:54 PM   #729
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by youbet View Post
Does that apply to AGRIP, that floats 1 Jan 2024, as well?


For me anyways, yes. The adjustment is decent for the quality, but its still several dollars above par and its call date (float date is less than a year and a half away. The price would determine my interest level here.
Mulligan is offline   Reply With Quote
Old 09-20-2022, 12:07 PM   #730
Full time employment: Posting here.
 
Join Date: Jan 2008
Location: Flyover America
Posts: 675
WFC/PL @ $1190 6.3% div

seems decent
capjak is offline   Reply With Quote
Old 09-20-2022, 05:18 PM   #731
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by capjak View Post
WFC/PL @ $1190 6.3% div

seems decent


Im watching, but I am still largely in the live floaters and resets. Take one of my biggest holds and have been in it most of the year. CUBI-F (I owned E earlier in year and rolled over betting it may last a bit longer).
Not counting dividends…
Past 5 days +0.03%
1 month -0.88%
3 months +1.90%
YTD -0.43%
1 year -0.05%
Going over 8% next payment
Mulligan is offline   Reply With Quote
Old 09-22-2022, 04:54 PM   #732
Thinks s/he gets paid by the post
 
Join Date: Sep 2006
Posts: 2,801
Quote:
Originally Posted by capjak View Post
WFC/PL @ $1190 6.3% div

seems decent
My target is 7 percent before nibbling. Hopefully it gets there some of these are starting to get into rational buy and hold range with upside on interest rate recoveries.
__________________
But then what do I really know?

https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
Running_Man is offline   Reply With Quote
Old 09-24-2022, 09:14 AM   #733
Thinks s/he gets paid by the post
Free To Canoe's Avatar
 
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,844
Quote:
Originally Posted by Mulligan View Post
Im watching, but I am still largely in the live floaters and resets. Take one of my biggest holds and have been in it most of the year. CUBI-F (I owned E earlier in year and rolled over betting it may last a bit longer).
Not counting dividends…
Past 5 days +0.03%
1 month -0.88%
3 months +1.90%
YTD -0.43%
1 year -0.05%
Going over 8% next payment
"LIBOR is being replaced by the Secured Overnight Financing Rate (SOFR) on June 30, 2023, with phase-out of its use beginning after 2021."

I wonder how this will affect things that are tied to LIBOR (like CUBI-F)?

Perhaps they will call before the phase out date.

Bought some CUBI-F at par yesterday.

https://www.investopedia.com/terms/l/libor.asp
__________________
Free to canoe
Free To Canoe is offline   Reply With Quote
Old 09-24-2022, 10:26 AM   #734
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 8,978
Quote:
Originally Posted by Free To Canoe View Post
"LIBOR is being replaced by the Secured Overnight Financing Rate (SOFR) on June 30, 2023, with phase-out of its use beginning after 2021."



I wonder how this will affect things that are tied to LIBOR (like CUBI-F)?



Perhaps they will call before the phase out date.



Bought some CUBI-F at par yesterday.



https://www.investopedia.com/terms/l/libor.asp


Indications are its 3 month SOFR plus a .26 spread. Its not totally signed sealed and delivered though. Im betting this gets redeemed by July anyways as it could be pushing 9% by then.
Mulligan is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
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


» Quick Links

 
All times are GMT -6. The time now is 12:18 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.