Preferred Stock Investing-The Good , The Bad and The In Between 2021

[Mulligan]

Quote:

Originally Posted by aja8888 I did pick up 300 TDE yesterday. On UZE I went off your post of yesterday as it was one you mentioned on the big list you posted. You didn't say much about it though. I did pick it up for $25.10. Also, you stated "QRTEP is around par 8%. QRTEA (QVC) has been doing well. Sweet 2031 maturity date and nice protective covenants. John Malone owns an ass load, too." QRTEA is not found? Is that the right symbol?

Aja, Clarification post, lol...I was using UZE as a reason to buy UZA or TDE...But not UZE. UZE has same standing as UZA but is over 100 bps lower in yield. UZE will drop hard on higher rates while TDE and UZA have price protection because their yield is so much higher.
QRTEA is the common stock ticker for Qurate (think QVC). QRTEP is the perferred under QRTEA.

[pb4uski]

I found this: https://www.marketwatch.com/investing/stock/qrtea

[brokrken]

Aja, I believe QRTEA is the common and QRTEP is the preferred

[aja8888]

Quote:

Originally Posted by Mulligan Aja, Clarification post, lol...I was using UZE as a reason to buy UZA or TDE...But not UZE. UZE has same standing as UZA but is over 100 bps lower in yield. UZE will drop hard on higher rates while TDE and UZA have price protection because their yield is so much higher. QRTEA is the common stock ticker for Qurate (think QVC). QRTEP is the perferred under QRTEA.

Quote:

Originally Posted by brokrken Aja, I believe QRTEA is the common and QRTEP is the preferred

Thanks!

I placed an order to buy QRTEP @$100.10. Filling up the div bucket.

[Born2Fish]

EP-C, MNR-C, QRTEP.

I added PPX and IPLDP today.

Wouldn't mind picking up a few more.

[Mulligan]

WTREP dumped to under $25.20 and I bought more at $25.19. Maybe someone knows something as there seems to be dumps not dribbles. But it goes exD in a month for 48 cents so its worth it either way to me.
Look at the pricing of this issue and go back to March of last year when most liquid issues were rocked from $25 down to $10-$15. $22.69 was its low...incredible.

[DR1959]

AT&T Preferrerd "C" went under $25, seems like a pretty low risk solid 5% play?

[RE2Boys]

Quote:

Originally Posted by DR1959 AT&T Preferrerd "C" went under $25, seems like a pretty low risk solid 5% play?

4.75% check out how fast it dropped in the past week or so, from 25.60s to sub $25 with the increase in 10 year Treasuries rates. I think one needs to be very careful with the sub 5% preferred and notes. I've pretty much sold off any sub 5% pref.

[Mulligan]

Quote:

Originally Posted by RE2Boys 4.75% check out how fast it dropped in the past week or so, from 25.60s to sub $25 with the increase in 10 year Treasuries rates. I think one needs to be very careful with the sub 5% preferred and notes. I've pretty much sold off any sub 5% pref.

I agree RE...About a month or two ago, I saw no advantage owning these types. This is what caused me to load up on the TDE, SESCF, SCCC etc. of its ilk because they hold up better on a higher yield and growing economy.
I did buy some IPLDP around $25.70 a few days ago. But that was only to counter balance my increasing reach for yield in less than IG quality issues. I fully expect it to sputter and sag.

[RE2Boys]

DR1959, could consider TDA, 5.875%, past call but can get for a few pennies above call price, collect the dividends until if/when it gets called. BB rating. Or TDE with half a divvie premium.

[aja8888]

I'm considering WTREP, 8.5% Cum Prf. per Mulligans suggestion in a post above. It's pretty new too.

I currently have AT&T cash covered puts at $27 and have been riding the options on it back and forth between $27 - $34 for a good while now. Screw the preferred, just play the options on it. It seems to trade in that range pretty steadily.

[Sunset]

I bought some QRTEP at $100.

I also sold my WCC-A at $30.99 , no need to wait for the div's and the price to drop.

[Mulligan]

Just for clarification, I consider QRTEP in my higher risk bucket. I probably own a bit too much for my stash. But I got in around $93 when QRTEA shareholders had these dumped into their acct and said, “WTF is this, I will just sell it and take the cash”.
See most preferreds are issued as capital and corporation receives proceeds from underwriting and selling. This however was not sold...It was just given to shareholders.. A freebee that likely drained the value of the common a bit when it was issued last fall. John Malone likes to “extract value” from his companies, and this was a unique way to do so. QVC had a helluva Covid year and Qurate gave out 30% of its stock value in special dividends last year in addition to the preferred.
Hopefully some of the Covid momentum Qurate got will be partially continued going forward so the preferred stays reasonably safe.

[Mulligan]

Quote:

Originally Posted by aja8888 I'm considering WTREP, 8.5% Cum Prf. per Mulligans suggestion in a post above. It's pretty new too. I currently have AT&T cash covered puts at $27 and have been riding the options on it back and forth between $27 - $34 for a good while now. Screw the preferred, just play the options on it. It seems to trade in that range pretty steadily.

Aja, just remember WTREP is most likely a short rope play. Its house odds it will be redeemed sometime this year. But 48 cents is coming end of March so that divi is in the bag anyways.

[aja8888]

Quote:

Originally Posted by Mulligan Aja, just remember WTREP is most likely a short rope play. Its house odds it will be redeemed sometime this year. But 48 cents is coming end of March so that divi is in the bag anyways.

Yes, I understand. Thanks!

[Coolius]

Fiiso, wfc-l, bac-l, ailll, ailim, cnlpl, cnthp, ipwlk, qrtep, aprdo, ipldp, ktba, mnr-c, rnr-e, cbklp, bgepf, cnigp

[Mulligan]

Dont forget FPI-B if one wants to play inflating land value angle from inflation or asset inflation in a chicken hearted way. This issue participates in land value gain. Was issued at $25, but is now worth $25.80 at redemption and resets again any value gain again this coming August. Has a 10% yield step up penalty in 2024 if not redeemed or converted.
CEO has been buying up shares of common so I dont see a dilution redemption into shares coming at all. I own a healthy amount here and flip back and forth on 20 cents frequently...Did it today also, lol..Goes exD again in less than a month.

[Mulligan]

Quote:

Originally Posted by Coolius Fiiso, wfc-l, bac-l, ailll, ailim, cnlpl, cnthp, ipwlk, qrtep, aprdo, ipldp, ktba, mnr-c, rnr-e, cbklp, bgepf, cnigp

Hey Coolius, glad to see you finally climbing out of your bunker..Guess you have to use sunglasses posting now you come out of the cave.

[Winemaker]

Picked up some QRTEP today at $99.98, but it went to $99.90 at end of day.

[Mulligan]

Hang on until 2031 Winemaker and if they are still in business you are guaranteed to get your $100 back!