9.36BV (vs 9.59 prior)
29c core + drop
2c GAAP loss
repurchased 3,055,784 @ WAP of 7.54
not too shabby
Unfortunately there aren't many alternatives for fixed income at the moment which should keep the preferred shares doing fine.
And most qual for the 15% tax rate.
U.S. bank earnings are healthy even if they take a bit of a hit from lower interest rates.
Preferred started to rally yesterday and are continuing that rally today.
Yeah guys.. bank pfds aren't going to be very popular, especially Citi.. I have always referred to them as Sheeety-Goop. You don't want Sheeety-Goop all over your portfolio, it's a mess to clean up. But as far as Sheeety pfds go.. looks like the C-S is "better" than C-C and likely others.. There are some bonds (not sheeety funding) trade at fairly close yields to their pfds and they are higher in cap struct.
16.21 BV (vs 16.35 prior)
Don't really 'follow' this stock.. but report looks relatively trainwreck free. Surprisingly low LTVs across their portfolio.. Though geography really plays an important part of that. In other words, I wouldn't consider low LTVs a selling point for a pool of loans/cmbs/etc with properties in Cali (or NYC); as the V variable of LTV is, in my opinion, inflated..
Some buying has picked up on about half the prefies I watch.
We'll see if this is a head fake or gets followed through with some conviction to pull out of the bottom.
Yeah it's murky right now.
I think this is contagion from the European banks, but not sure it this is a temporary blip or a longer term trend.
Or there is some bigger global macro picture I'm missing.
I trimmed about 100K of the new issue's I bought yesterday and just ate the $1400 since I was so over-exposed.
AWFUL FOR SURE
THEN INZ RALLIED AND I PUSHED ALL TO ISF
WHILE INZ RALLIED 20 TO 25 CENTS IN LAST HOUR .95 TO .20 HIGHER DOLLAR
ISF WENT FROM 24.40 TO 24.30
SO HOPEFULLY ISF GETS THAT 25 TO 40 CETNS BACK AND ILL MAKE THIS WORK
and these brokerage firms.................I would think their systems all perform well except when volume gets heavy?? I speak of Ameritrade where I hold an option I can't close thanks to their system. Schwab and IVB ok though.............
what a lovely day today...........................not!!
Indeed, I'm only interested in the pfd for the possible convertible arbitrage. I also highly respect Paul Singer.. Dude cracks me up with his antics of piracy and BSDness. He even looks like the Architect from the Matrix.
I do not like this move by HES mgmt though; I think it's rather odd.
weird how citi performed better the first 5 days then dropped. I doubled down citi at 24.85 since initial buy was 25.13, other than that just have the ctaa notes. Still 60% cash...............
Yeah, Citi is kind of surprising me.
It had the highest yield and is doing the worst among the wells, bofa, and citi offerings.
I bought a 2nd batch of Citi at $25 on the way down.
I'm still a bit under. My average is $25.10.
I'm still fairly bullish though on all of them.
WFC-V (6%) is still holding up at $26.30.
JPM-F (6.125%) is at $25.91.
I think the new issue's will rise sooner or later to close the price gap as long as things like WFC-V, JPF-F, etc, etc, don' crater in price.
yea, they had a new one this morning from Bank of California and I never bothered posting it. All the ing's getting hammered, citi at 24.80.....time to stop and take a time out.
Tread Cautiously with HESS.
Just saw this headline on SA.
Unfortunately I don't know jack about the company.
* Hess (HES -10.7%) plunges more than 10% at the open after pricing its concurrent public offerings of 25M common shares at $39 and its 10M depositary shares at $50.