Obbligazioni in dollari Keep Calm And Invest Preferred Shares Usa

  • Creatore Discussione Creatore Discussione Topgun1976
  • Data di Inizio Data di Inizio
Grazie Peco, prezioso e gentile come sempre. Quindi, per quanto riguarda ETP, si tratta di una interpretazione favorevole all'investitore
da parte di Binck. Credo però che l'emittente paghi sempre solo il dividendo senza curarsi della tassazione che resta in capo agli intermediari.
Invece per Teekay e Brookfield ?
Se non erro c'erano possessori di Brookfield alle quali non erano mai state fatte doppie tassazioni. Londonwhale come è la situazione per Teekay ?
Altri che le avessero in ptf possono confermare ?
Ti confermo che sia per brookfield pro.6,5% che teekay 8,5% con Binck si paga la sola ritenuta del 26% . A memoria solamente con Targa9% mi fecero pagare la tassazione aggiuntiva
Nei prospetti delle azioni privilegiate emesse da Brookfield alla voce “Conseguenze per i detentori di azioni privilegiate non statunitensi” leggi:

Il trattamento fiscale per le distribuzioni delle azioni privilegiate è incerto. Tratteremo i titolari come partner aventi diritto a un pagamento garantito per l'utilizzo del capitale delle loro azioni privilegiate, sebbene l'Internal Revenue Service (" IRS ") degli Stati Uniti possa non essere d'accordo con questo trattamento. Se, contrariamente alle aspettative, le distribuzioni sulle unità privilegiate non sono trattate come pagamenti garantiti, un detentore di preferred shares non statunitense potrebbe essere soggetto a una ritenuta alla fonte fino al 30% sull'importo lordo per redditi di origine statunitense.

Se, contrariamente alle aspettative, la nostra azienda fosse considerata impegnata in un'attività commerciale o aziendale negli Stati Uniti, un detentore non statunitense di azioni privilegiate sarebbe generalmente tenuto a presentare una dichiarazione dei redditi degli Stati Uniti e le distribuzioni a tale detentore potrebbe essere trattate come "reddito effettivamente connesso".

Nessuna sentenza è stata richiesta all'IRS in merito alla nostra qualificazione come società di persone ai fini fiscali. Invece, faremo affidamento sulle opinioni di Torys LLP. A differenza di una sentenza, un'opinione di un avvocato rappresenta solo il miglior giudizio legale di tale avvocato e non vincola l'IRS o i tribunali. Di conseguenza, le opinioni e le dichiarazioni contenute nel presente documento potrebbero non essere sostenute da un tribunale se contestate dall'IRS.
 
  • Sotherly Hotels (NASDAQ:SOHO) enters a note purchase agreement with affiliates of Kemmons Wilson Hospitality Partners LP and Machine Investment Group for the issuance of $20M of notes, with an additional $10M available to draw within the next twelve months at SOHO's option.
  • The note matures in three years and will be payable on or before the maturity date at the rate of 1.47x the principal amount borrowed during the initial three-year term, with a one-year extension at the company's option.
  • The note also carries a 6.0% current interest rate, payable quarterly during the initial three-year term.
  • SOHO plans to use the net proceeds to enhance its liquidity position.
  • "This transaction further positions Sotherly to be able to focus on the impending recovery, manage its balance sheet obligations, and preserve its asset base," said Sotherly CEO Dave Folsom.
 
  • The number of active mortgages in forbearance creeps up for a third straight week, rising by 15K from the prior week and pushing the number of active plans to its highest level since early November, according to Black Knight's McDash Flash Forbearance Tracker.
  • As of Dec. 29, some 2.83M homeowners remain in COVID-19-related forbearance plans, representing 5.3% of all active mortgages.
  • The increase is primarily the result of limited forbearance plan removal activity, which may be partly due to the holiday week.
  • On a positive note, forbearance plan starts fell to their lowest level since the pandemic started, also likely helped by the holiday week.
  • Almost 270K forbearance plans are set to expire at December-end.
  • Estimated monthly principal and interest advances on active forbearance plans were $3.4B, unchanged from the prior week.
  • Estimated monthly tax and insurance advances on active forbearance plans were $1.3B, also unchanged W/W.
 
Ladenburg Thalm 7.75% Prf 30.06.29 OTCPK

Non ho notizie del dividendo di dicembre 2020. Binck non lo ha nemmeno prenotato e sul sito dell'emittente non c'è nulla.
 
Ciao wallner, causa festività arriva con qualche giorno di ritardo.
anche altre volte in ritardo se non erro.
Approfitto per postare questo sulla controllante Advisor Group, e chiedere il parere di Peco ed altri se possibile:

RATING ACTION COMMENTARY
Fitch Affirms Advisor Group's IDR at 'B-'; Outlook Negative
Tue 10 Nov, 2020 - 11:11 ET


Fitch Ratings - New York - 10 Nov 2020: Fitch Ratings has affirmed Advisor Group Holdings, Inc.'s Long-term Issuer Default Rating (IDR) at 'B-', senior secured debt rating at 'B'/'RR3' and senior unsecured debt rating at 'CCC'/'RR6'. The Rating Outlook remains Negative.
Fitch has also assigned a 'CCC'/'RR6' rating to the $244 million of senior unsecured notes assumed by Advisor Group from Ladenburg Thalmann (Ladenburg), which was acquired in February 2020. The notes rank pari passu with Advisor Group's existing unsecured indebtedness. Additionally, Fitch has assigned a 'B'/'RR3' rating to Advisor Group's $325 senior secured revolving facility, which ranks equally with existing secured debt.

KEY RATING DRIVERS

The rating affirmation reflects Advisor Group's improving market position as one of the largest independent financial advisors in the U.S.; cash-generative business model; a relatively flexible cost base, which should help cushion revenue declines in the current environment; and high advisor retention rates. These points are counterbalanced against elevated execution risks (integration, envisioned profitability levels and deleveraging) associated with the recent acquisition of Ladenburg.
The ratings are constrained by high leverage levels, weak interest coverage, low margins and competitive dynamics within the independent wealth management sector. Additional rating constraints include the relatively high reliance on transactional revenues and Advisor Group's private equity ownership, which introduces a degree of uncertainty over the company's future financial policies and a potential for more opportunistic growth strategies.
The continuing Negative Outlook reflects Fitch's view that the challenging economic environment, including lower for longer interest rates, may prevent Advisor Group from achieving projected profitability levels over the next 12-18 months, resulting in higher leverage and weaker interest coverage for an extended period. The Negative Outlook also reflects uncertainties surrounding Advisor Group's ability to achieve planned cost reductions associated with the acquisition of Ladenburg and the extent to which realized synergies would be sufficient to drive deleveraging.
Fitch believes Advisor Group's senior management team has an adequate degree of depth and experience within the wealth management field. After a period of turnover in several top management positions in past three years, Advisor Group's senior leadership appears to have stabilized with the appointment of a new CFO in April 2020. The company also made a senior hire for a position of president, advice and wealth management, a newly created role overseeing organic growth, including the firm's consolidated recruiting efforts.
Advisor Group's adjusted EBITDA margin was 11.0% for the trailing 12 months (TTM) ended June 30, 2020. Earnings have come under increased pressure in the wake of interest rate cuts, leading to lower net interest income (NII) on cash balances held in sweep accounts. While the impact of lower for longer interest rates could be mitigated by the achievement of planned financial synergies from the Ladenburg acquisition and utilization of other costs savings opportunities, related to discretionary spending, the realization of these plans could be subject to execution risks, in Fitch's view. Net revenue and margin improvement could come from continued growth of Advisor Group's proprietary advisory platform, which produce higher net fees, but Fitch expects Advisor Group's adjusted EBITDA margin will decline, as lower net revenues are only partially offset by cost reductions. Still, Fitch believes the company's margin will remain around the lower-end of Fitch's 'bb' quantitative benchmark range for securities firms with low balance usage of 10% to 20%.
Advisor Group has reported strong execution to date on targeted synergies associated with acquisition of Ladenburg. Cost synergies are driven primarily by operational staff reductions and the elimination of organizational redundancies, which are expected to be realized in phases over the next 12 months. The company has completed the consolidation of former Ladenburg subsidiaries ahead of schedule and experienced significantly lower than anticipated advisor attrition. However, Fitch believes strong retention rates may have been supported by COVID-19 related asset volatility and market uncertainty, which could lead to higher attrition rates in the future.
Advisor Group's asset performance, as reflected in net assets under administration (AUA) flows, were negative in prior years, despite the firm's continued investment in recruitment due to mainly acquisition related advisor attrition. Still, the firm's proprietary advisory platform experienced consistent positive flows, around 2% each quarter, on average, from 1Q18 through 2Q20, which Fitch views favorably.
Advisor Group's cash flow leverage, as expressed by gross debt to EBITDA (adjusted for non-cash and non-recurring items) was 6.7x for the TTM ended June 30, 2020, up from 6.1x at YE19. Fitch believes that performance headwinds might delay de-leveraging beyond the Outlook horizon, even if the company executes on cost savings initiatives, acquisition synergies and organic growth targets. Failure to reduce and sustain leverage below 6.5x, on Fitch's basis, could result in negative rating action.
Interest coverage, as calculated by adjusted EBITDA/interest expense, was 2.0x for the TTM ended June 30, 2020, which is within Fitch's 'b and below' category benchmark range of below 3.0x for securities firms with low balance sheet usage. Still, liquidity risks are partially offset by the relatively long-term maturity profile of the firm's debt (nearest repayment in 2026) and the cash generative business model. Advisor Group had cash and net excess capital of around $488 million at June 30, 2020, including the $114 million drawn on the secured revolving credit facility. The $325 million secured revolver has covenants which restrict utilization on the revolver to 35%, thus, there is no additional borrowing capacity. The revolving facility matures in August 2024 and is priced at LIBOR plus 3.25%.
The senior unsecured notes assumed by Advisor Group following the acquisition of Ladenburg rank equally in right of payment with all of Advisor Group's senior unsecured and unsubordinated indebtedness. The unsecured notes have maturities ranging from 2027 to 2029 and have fixed rates of interest ranging from 6.5% to 7.75%.
The senior secured debt rating is notched up once from the Long-Term IDR and reflects Fitch's view of above average recovery prospects under a stress scenario.
The senior unsecured rating is two notches below the IDR and reflects structural subordination and poor recovery prospects under a stress scenario.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade include further deterioration in operating results, beyond current expectations, that prevent Advisor Group from making progress toward reducing leverage to 6.5x or below and interest coverage to at least 2.0x, over the Outlook horizon, will likely result in a ratings downgrade. Negative rating actions could also result from an inability to achieve identified cost savings and envisioned synergies associated with the Ladenburg acquisition; material declines in advisor and asset retention rates; and/or a material increase in balance sheet-intensive activities.
Factors that could, individually or collectively, lead to positive rating action/upgrade including a revision of the Outlook to Stable from Negative, include an ability to reduce and sustain leverage at 6.5x or below and increase interest coverage above 2.0x. The successful integration of Ladenburg, as evidenced by strong asset retention and the achievement of projected cost reductions, while maintaining a balance-sheet light business model and sound operating performance, would also be viewed favorably. Longer-term positive momentum may be driven by improved consistency of operating performance, a sustained reduction in leverage to below 5.0x and a sustained improvement in interest coverage above 3.0x.
The secured and unsecured debt ratings are primarily sensitive to changes in Advisor Group's IDR and secondarily to recovery prospects for each class of debt under a stress scenario.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit [https://www.fitchratings.com/site/re/10111579]

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS

Advisor Group Holdings, Inc. has an ESG Relevance Score of '4' for Management Strategy due to the execution risks associated with the operational integration of Ladenburg and achievement of envisioned synergies and deleveraging, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
 

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