Non ti scappa nulla .....
....io un assaggino l'ho fatto ...vediamo nei prox mesi come si comporta ...., se posso che occasioni hai intravisto ?
Ho preso OFG 7% a 23,75 e Amtrust 7,75%a 25,20. Resta tutto da verificare se si comporteranno meglio di Med. Transcr. Vediamo se, in previsione della decisione sui tassi della Fed.il 15 marzo, si creano opportunità.
Apollo Global Management LLC (NYSE:APO) has sold a high quality, non-cumulative preferred stock with a coupon of 6.375%.
APO is a large manager of assets with total assets under management of $192 billion dollars. They have grown assets under management at a annual rate of 22% since 2005. Apollo holds dozens of companies in their portfolio and these are companies we would all recognize. McGraw-Hill Education, Hostess Snacks, Caesars Gaming and Claire’s Stores to name a few. Additionally APO provides credit to hundreds of companies and generates substantial income from interest and fees on these assets.
Needless to say Apollo is a large, quality company with 26 years of fairly good financial performance. Because of this Standard and Poor’s and Fitch both rate this new preferred issue investment grade. Income investors need to recognize that while we all like the safety of investment grade issues, they tend to be poor performers during times of rising interest rates. If we see the Fed raise interest rates next month or in the months and year ahead this new issue may underperform lower quality, but higher yielding preferreds or baby bonds.
As noted above this issue is non-cumulative in respect to dividends. Terms are typical with an optional redemption period beginning in 2021. As Apollo is organized as a LLC a K-1 tax form will be sent to investors at tax time. Many investors are reluctant to own MLP’s or LLC’s because handling K-1’s can more difficult that a more traditional 1099 form.
This new issue should begin trading on the OTC Grey market on Wednesday under the ticker APLMP.
Further details on this issue can be found here.