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Cohen & Steers Quality Income R Message Board

  • ddavid21012 ddavid21012 Mar 10, 2008 12:14 PM Flag

    Is the credit lockup helping RQI?

    It is my understanding that RQI currently issues paper into the auction rated preferred pools. With the auctions failing for the last four weeks, RQI is borrowing at a low rate, about 4 1/2%, and receiving its income into the fund at a 9% - 15% rate.

    With the auctions locking the investors up, there does not appear to be any reason for RQI to pay off their paper and seek leverage elsewhere. It appears RQI is benefitting by being on the other side of a terrible problem.

    Does this protect the dividend? Anyone agree or disargee --- thoughts please?

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