Obbligazioni in dollari Keep Calm And Invest Preferred Shares Usa (7 lettori)

Fabrib

Fabrib

Forumer storico
Reuters: Deutsche Bank mortgage settlement near; Citi downgrades
Dec. 19, 2016 9:58 AM ET|About: Deutsche Bank AG (DB)|By: Stephen Alpher, SA News Editor


A deal between the German lender and the DOJ could be wrapped by Christmas, according to the report, and looks like it will be for far less than the bank-wrecking $14B originally floated.

As for the stock, Deutsche (DB -2.2%) is lower in early action in what looks to be a response to a downgrade to Sell from Citi. Deutsche's 41% post-election surge is too far too fast, says Citi, noting far more subdued moves from European peers.

Citi prefers the Swiss lenders, with Credit Suisse (CS -0.2%) a top pick given all the room for management to make improvements. UBS (UBS +0.2%) is also rated a Buy, but doesn't have as many short-term catalysts.
 
Whitedog

Whitedog

Forumer attivo
Buongiorno a tutti, avevo inserito Value8 nella lista preferiti senza più approfondire e attendendo un prezzo "giusto" per entrare, vedo ora che è calata di brutto e leggendo qua e là, coi limiti del traduttore olandese, sembra in crisi nera, gestita in maniera opaca e quindi da restarne alla larga.
Qualcuno ha considerazioni diverse da fare?
 

Peco

Forumer storico
Whitedog ha scritto:
Buongiorno a tutti, avevo inserito Value8 nella lista preferiti senza più approfondire e attendendo un prezzo "giusto" per entrare, vedo ora che è calata di brutto e leggendo qua e là, coi limiti del traduttore olandese, sembra in crisi nera, gestita in maniera opaca e quindi da restarne alla larga.
Qualcuno ha considerazioni diverse da fare?
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Sembra che la società abbia coperto perdite con rivalutazioni fittizie delle piccole società in cui investiva

De verborgen verliezen van Peter Paul de Vries

Value8 7% Cum Pref NL0009875483
 
Whitedog

Whitedog

Forumer attivo
Grazie, l'aveo letto pescandolo da qua Value8

Quello che mi faceva pensare è che mentre l'azione perdeva il 40% dai massimi di maggio, fermandosi ai circa 6 euro degli ultimi tempi, la pref abbia iniziato a scendere e con volumi, solo recentemente. Forse il fatto che sia cum ne ha rallentato la discesa. Boh.
 

Peco

Forumer storico
Whitedog ha scritto:
Grazie, l'aveo letto pescandolo da qua Value8

Quello che mi faceva pensare è che mentre l'azione perdeva il 40% dai massimi di maggio, fermandosi ai circa 6 euro degli ultimi tempi, la pref abbia iniziato a scendere e con volumi, solo recentemente. Forse il fatto che sia cum ne ha rallentato la discesa. Boh.
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Ultimamente sono state emesse ulteriori 20.400 azioni privilegiate cum. C probabilmente collocate a prezzi più bassi per essere assorbite dal mercato.
 
Fabrib

Fabrib

Forumer storico
YH:

We have been very happy with the Short/Medium Duration Income Portfolio and the Short/Medium Duration with Zip Portfolio this year while we have been less than happy with the Blended Income Portfolio so we have started to make some portfolio moves to try to help the portfolio perform a bit better.

1st off we bought 500 shares of NuStar Energy LP 8.5% (NS-A) fixed-to-floating perpetual preferred stock. While this is a perpetual issue and we are mainly into shorter duration issues this issue pays are high coupon and then has a good floating provision with a base fixed rate of 6.766%. Fixed to floating rate preferreds such as this will trade firm compared to regular perpetual preferreds so interest rate risk is modest with this issue. Of course we wish we would have made this decision earlier as we paid $26.05, which is a dollar higher than it traded around issuance, but the 8.43% current yield remains attractive and it is call protected until 2021.

Additionally we bought 500 shares of RAIT Financial (NYSE:RFT) 7.625% baby bonds for $22.87/share giving us a current yield of 8.51%. This issue has a medium duration of 2024 so it carries little interest rate risk. RAIT is a REIT and was a controlling shareholder of multi family REIT Independence Realty Trust (NYSE:IRT) and their financials have been less than stellar in recent years. On the other hand the company has announced significant steps to revive earnings recently and in fact just announced the completion of transactions which will contribute substantially to their efforts. You can read some of the details here. Needless to say if RAIT was an investment grade issue we would not be paid a current yield of 8.51% to hold their bonds.

These 2 moves additionally sopped up some of our excess cash that we have had on hand, but we continue with a cash position of 9.45% which is adequate for bargains if they come. We are considering further moves in the next week and will post them when and if they happen.
 
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