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Old 03-23-2020, 02:27 PM   #4961
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SLMNP at $850.00, $49 high than it's 52 week low last week.
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Old 03-23-2020, 07:52 PM   #4962
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SLMNP at $850.00, $49 high than it's 52 week low last week.

Compared to the market and whats out there its pretty much fell in line with most of its ilk. Percentage wise on can say it has fell a lot less than most others.
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Old 03-23-2020, 08:40 PM   #4963
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SLMNP at $850.00, $49 high than it's 52 week low last week.
It hit $600 back in 2016, not sure what caused that dip.
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Old 03-24-2020, 10:12 AM   #4964
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Seems some of the Conn Power & Light preferreds got shook loose. These are plus 6% preferreds that are very lightly traded. Picked up a small portion to add to my sock drawer. CHNLPL and CNTHP
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Old 03-24-2020, 11:40 AM   #4965
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Was able to finally grab some LANDP at $22.25 today. Also, I know it's risky, but i added to my NSS at $11.02

I added NSS at $15ish... getting a divi soon...
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Old 03-24-2020, 02:49 PM   #4966
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Seems some of the Conn Power & Light preferreds got shook loose. These are plus 6% preferreds that are very lightly traded. Picked up a small portion to add to my sock drawer. CHNLPL and CNTHP

I snagged 204 of CNTHP at $52. Pretty pleased. Been quite a while since I had any. Im still down a bit but wow, have increased my income stream and with fairly high credit quality also.
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Old 03-24-2020, 04:38 PM   #4967
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I added NSS at $15ish... getting a divi soon...

Texas this could be a great buy...Im just giving you info if you dont know but I suspect you do...NSS is purchased with going strategy that NS will stay solvent. The debt covenant will provide little protection. Fitch rated NSS as 0%-10% recovery if they went into receivership. Not suggesting at all it would. Just making sure you know how subordinate this debt is.
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Old 03-25-2020, 01:06 PM   #4968
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I'm really surprised how much PBI-B has sold off. Now down to $9.32 with a current yield of 18% for Ba2/BB+ Debt. Aside from the current Covid-19 situation, I haven't found any justifiable reason for this debt issue to be beaten down worse than shipping or energy preferreds. Any knowledge from the group?
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Old 03-25-2020, 01:27 PM   #4969
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I'm really surprised how much PBI-B has sold off. Now down to $9.32 with a current yield of 18% for Ba2/BB+ Debt. Aside from the current Covid-19 situation, I haven't found any justifiable reason for this debt issue to be beaten down worse than shipping or energy preferreds. Any knowledge from the group?

It may have a lot to do with the USPS looking for a multi-billion dollar bailout as mail volumes have fallen off a cliff. I would avoid it.

On another note.

The same passive preferred funds that were selling off preferred stocks are baby bonds 40% - 60% below par last week are now busy buying buying them back at much higher prices yesterday and today. The same can be said about equity funds. This is why you avoid them.
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Old 03-25-2020, 02:59 PM   #4970
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I'm really surprised how much PBI-B has sold off. Now down to $9.32 with a current yield of 18% for Ba2/BB+ Debt. Aside from the current Covid-19 situation, I haven't found any justifiable reason for this debt issue to be beaten down worse than shipping or energy preferreds. Any knowledge from the group?

Ken its one of those companies that just keeps getting its debt downgraded over time. Rating agencies are slow...More downgrades coming. They are a dinosaur, way higher risk than its credit implies though at this price it qualifies for a high yield chase play though. I wont participate though.
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Old 03-25-2020, 03:03 PM   #4971
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It may have a lot to do with the USPS looking for a multi-billion dollar bailout as mail volumes have fallen off a cliff. I would avoid it.

On another note.

The same passive preferred funds that were selling off preferred stocks are baby bonds 40% - 60% below par last week are now busy buying buying them back at much higher prices yesterday and today. The same can be said about equity funds. This is why you avoid them.

Today was a good day.. Got my stash over the amount I had at start of this year now. But still down from end of Feb peak. Today everything was a winner. Sold off a lot of issues up 10% in one day.. Sold a core (its a core but I flip all the time, ha) SR-A well over $25 today and bought them all back at close for $23.30. Picked on a few trash issues that arent mlps or hospitality crap. Got INBKZ at $15.20 after buying it about a buck cheaper yesterday so I doubled down... A shameless flip play as it is lagging its almost identical sister INBKL badly.
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Old 03-25-2020, 03:09 PM   #4972
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Ken its one of those companies that just keeps getting its debt downgraded over time. Rating agencies are slow...More downgrades coming. They are a dinosaur, way higher risk than its credit implies though at this price it qualifies for a high yield chase play though. I wont participate though.
Mully, I don't disagree, but all of that was true prior to this recent meltdown. It just seems overdone at this point.
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Old 03-25-2020, 05:53 PM   #4973
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Today was a good day.. Got my stash over the amount I had at start of this year now. But still down from end of Feb peak. Today everything was a winner. Sold off a lot of issues up 10% in one day.. Sold a core (its a core but I flip all the time, ha) SR-A well over $25 today and bought them all back at close for $23.30. Picked on a few trash issues that arent mlps or hospitality crap. Got INBKZ at $15.20 after buying it about a buck cheaper yesterday so I doubled down... A shameless flip play as it is lagging its almost identical sister INBKL badly.
That's good. With all the trading of investment grade preferred stocks I have done over the past week and a half, coupled with the purchase of investment grade corporate notes that I have made, I am just about even with the beginning of the year. I lost mostly my bond/note premiums which are gone at maturity anyway and I always buy below par. This time however, I had so many fills of investment grade corporate short term corporate notes well below par that it was difficult keeping track of everything. There were many funds selling anything and everything just to raise cash into a very illiquid bond market. I even got "A "rated note 15 months to maturity (Applied Material) at a YTM of 5% and a Capital One 5 year note (Baa1)at a YTM of 8.9% and many others. It was frightening to see how much fund selling was going on. When they announced that the Fed was buying investment grade corporate bonds/notes the other day, that was my signal to buy even more before the rush comes in. I am done with the buying for now and am holding 20% in cash for trading. With the 10 year heading to zero, coupled with the Fed buying corporate bonds, my premiums will be back up in a little while.

After these mass selloffs (like 2008/9), I noticed that these preferred ETFs like PGX and PFF sustain damage beyond repair and trade thereafter at a lower band. You can see this from the long term charts. This is most likely due to some of their holding getting wiped out and never coming back. These preferred stocks are going to be volatile over the next few months by a combination of liquidation and rebalancing of those ETFs.
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Old 03-25-2020, 06:10 PM   #4974
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Mully, I don't disagree, but all of that was true prior to this recent meltdown. It just seems overdone at this point.

I just cant do it, but logic dictates you are correct. Definitely a better shot for a quick score there than others that popped back. I just cant read their balance sheet enough to know anything or know how much this downturn directly hits them. But it could pop $3 easily without a sweat one would think.
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Old 03-25-2020, 06:12 PM   #4975
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That's good. With all the trading of investment grade preferred stocks I have done over the past week and a half, coupled with the purchase of investment grade corporate notes that I have made, I am just about even with the beginning of the year. I lost mostly my bond/note premiums which are gone at maturity anyway and I always buy below par. This time however, I had so many fills of investment grade corporate short term corporate notes well below par that it was difficult keeping track of everything. There were many funds selling anything and everything just to raise cash into a very illiquid bond market. I even got "A "rated note 15 months to maturity (Applied Material) at a YTM of 5% and a Capital One 5 year note (Baa1)at a YTM of 8.9% and many others. It was frightening to see how much fund selling was going on. When they announced that the Fed was buying investment grade corporate bonds/notes the other day, that was my signal to buy even more before the rush comes in. I am done with the buying for now and am holding 20% in cash for trading. With the 10 year heading to zero, coupled with the Fed buying corporate bonds, my premiums will be back up in a little while.

After these mass selloffs (like 2008/9), I noticed that these preferred ETFs like PGX and PFF sustain damage beyond repair and trade thereafter at a lower band. You can see this from the long term charts. This is most likely due to some of their holding getting wiped out and never coming back. These preferred stocks are going to be volatile over the next few months by a combination of liquidation and rebalancing of those ETFs.

Dont get me going on the bond market, Freedom...ugh. I poked around 2 days ago in some issues and they were pricing like it was January but offering bids like they were going bankrupt. I mean 30-40% spreads and they were ready to fleece!
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Old 03-25-2020, 06:31 PM   #4976
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Dont get me going on the bond market, Freedom...ugh. I poked around 2 days ago in some issues and they were pricing like it was January but offering bids like they were going bankrupt. I mean 30-40% spreads and they were ready to fleece!
Bond desks will take advantage of desperation. The spreads I saw were insane. Some of these bond desks must have made a fortune and some funds and retail investors lost a fortune liquidating. The $1 per bond commission is totally BS in normal trading times but absolutely insane during these times when spreads open. I always put low ball limit orders on bond trades.
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Old 03-26-2020, 12:01 PM   #4977
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Was able to finally grab some LANDP at $22.25 today. Also, I know it's risky, but i added to my NSS at $11.02
Well, sold out of the additional NSS at $16.05. I'll take that nice 45% gain!!
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Old 03-26-2020, 03:29 PM   #4978
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Well, sold out of the additional NSS at $16.05. I'll take that nice 45% gain!!

Nice trade and you dont have to sweat anything...Just count the cash! I have bought and sold so many things including buying and selling the same thing multiple times, lol..
I got a few stragglers in my fold that I am sitting on gains and havent sold yet...For example INBKZ. Bought tues and wed in low 14s and 15s doubling down and overexposed...But still holding at $19 today...Gonna have to think on this one..
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Old Yesterday, 08:43 AM   #4979
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Had no horse in this race, but will we see some others follow suit?

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MFA Financial, Inc. (MFA) (the "Company") announced today that due to the turmoil in the financial markets resulting from the global COVID-19 virus pandemic and in order to preserve liquidity until it can more accurately assess the impact that current market conditions will have on the Company's business, the Company will revoke its previously announced first quarter 2020 quarterly cash dividends on each of the Company's common stock and 7.50% Series B Cumulative Redeemable Preferred Stock.
https://seekingalpha.com/pr/17819341...e-on-dividends
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Old Yesterday, 09:00 AM   #4980
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Wow, I've never seen an announced dividend be revoked before... never crossed my mind that was possible. At least it is cumulative but from what is it trading at holders probably are not going to get much... 21% yield.
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