Huge buying today in SPLP-A. I can't find any news. Anybody got any insight?
I bought some
EPD closed ~25.15 on 11-19-2019. Been falling for a bit now.
I am down ~$3500 in EPD position but have done really well with the divs over past 3 years.
Thinking about adding. Currently about 3% of my holdings in EPD, would add to get to 3.5%.
I sold half of my BX on 9/16/19 for a big gain. Been sitting on the cash 60 days now. Everything looks high to me.
Sanity check. Is 3.5% too much in a single position?
Rule of thumb is 5% for the max position.
I have held EPD for many years and got out several years ago before oil prices fell. Even though it's a pipeline and gas liquids company, it seems to follow the crude prices. I'm waiting for a new EPD entry point to get back in for a spell.
I got rid of my LTS baby bonds the last time they had a IPO for the last set they financed. Something didn't smell right to me, but I made some money.
The uptick in SLPLA may be the fact that early next year, 20% will be called at $25.00. Perhaps some arbitrage.
I jumped in on those LTS Baby bonds last week and made over 10% in 2 days! I only bought a modest amount though, and currently have 500 shares. GSLD is a newly offered shipping senior note that is just issued and still under par. Its an 8% par issue. S&P upgraded credit rating 2 weeks ago from B to B+.
Last few weeks have been exceptional trading weeks for me.
Nice play on LTS. Thanks for sharing about GSLD, but is there a reason you'd take that vs. GSL-B w/8.75%, QDI and trading at just a couple cents over par? Prefer the term dated of Sr. Note?
The uptick in SLPLA may be the fact that early next year, 20% will be called at $25.00. Perhaps some arbitrage.
Mully, I hope you're happy, I broke the bank today and bought 15 shares of SLMNP at $1015.75 today, although it did get down to $1014. I was in the hole for a short while, til it closed at my purchase price. Whew!
VEREIT® Announces Partial Redemption of 6.70% Series F Cumulative Redeemable Preferred Stock
BY PR Newswire
— 4:15 PM ET 11/21/2019
announced today that it intends to redeem 8,000,000 shares of its 6.70% Series F Cumulative Redeemable Preferred Stock ("Series F Preferred Stock"), representing approximately 20.58% of its approximately 38.9 million shares of Series F Preferred Stock, on December 21, 2019 (the "Redemption Date"). The shares of Series F Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus accrued and unpaid dividends from December 15, 2019 to, but not including, the Redemption Date in an amount equal to $0.0279167 per share, for total proceeds of $25.0279167 per share (the "Redemption Price"). Payment of the Redemption Price will be made on December 23, 2019, the first business day after the Redemption Date. As previously announced, VEREIT ( VER ) will pay the cash dividend on the Series F Preferred Stock of $0.1395833 for the period from November 15, 2019 through December 14, 2019 to holders of Series F Preferred Stock as of December 1, 2019, which is the record date for such dividend, on December 15, 2019.
Good question Bob, I didnt explain. This is straight forward IPO out of the gate buy and flip. These notes were just issued and being shoveled out by underwriters to get their dough. Since these notes sit above in cap stack and once IPO is exhausted and share volume tightens up it should drift upwards and onwards. And then I will flip out...For a buy and hold and QDI benefits, one may prefer the preferred. Im not looking to hold here...Just a stinky flip like LTS issues. BTW, LTS may stall out here. The acquirer has weak credit profile.
I just saw that Vereit is redeeming another 20% of the Series "F" preferred. With the 10% redeemed in May, I've now lost almost a third of my shares.
Thanks for the tip, bought in under par, price bounce and end of day just said it was time to sell for 50 cents/share for a few quick bucks made. Saw one crazy purchase today of $25.94, knowing how lucky you are that was probably your trade that you sold off
Brian, the word got out last week and if you may have noticed it sold off hard then. I went back in for 450 shares at 25.18 I think... I bought the extra 50 knowing a partial call would take some.
So if I buy another 100 shares before 12/15 will 20% of those new shares get redeemed? I'm not sure how this works with the dates they have given.
Fidelity already shows the redeemed shares as a separate holding. They show the current price ($25.36) but there is no option to sell that quantity, so it seems to be a "done deal", although the PR Newswire description refers to a 12/15 date.