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First Preferred Cap Tr Iv First Message Board

  • what_the_hell_did_i_buy_now3 what_the_hell_did_i_buy_now3 Jan 30, 2013 10:18 AM Flag

    Trust preferred comparision 1st qtr 2013

    I thought I would give an update on how much the discounts have narrowed since Sept 2012.

    Here were the discounts as of Sept 2012 based on dividends accrued through Dec 2012.

    symbol, last price, implied value, percentage
    OSBCP $5.78, $12.13, 109.9%
    HGUBP $18.50, $32.89, 77.8%
    FBS-pa $22.30, $33.16, 48.7%
    IBCPO $23.80, $32.60, 37.0%

    And here are discounts today based on dividends accrued through March 2013.

    symbol, last price, implied value, percentage
    OSBCP $8.90, $12.37, 39.0%
    HGUBP $25.01, $33.65, 34.5%
    FBS-pa $26.52, $33.83, 27.6%
    IBCPO $29.60, $33.27, 12.4%

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    • WTH - what are your thoughts on the DRL non cumulative issues?

      • 1 Reply to haoleboy1967
      • what_the_hell_did_i_buy_now3 what_the_hell_did_i_buy_now3 Jan 30, 2013 11:52 AM Flag

        I owned them for a while and have since sold them. I think there will be a clearer picture of what their options are if they can get back to being profitable. They are trading at a fairly large discount and I'm willing to wait a little while before jumping in again. I might not get the biggest gain, but I don't want to end up with a loss either. It has been a lot easier making money on the more 'sure things' like FBS-pa, IBCPO, OSBCP and HGUBP.

        Also their common market cap is only $90 million and I think they have aprox. $470 million of preferred outstanding. That might make it difficult for them to do some kind of exchange offer.

        Also the majority of the preferred is non cumulative, which is good for the bank, but not so great for the investor. They can stretch this out for quite a while if they just report breakeven earnings.

        Just a word of friendly advice. Your investment in FBS-pa has worked very well, but speaking from past experience I wouldn't "bet the farm" again on just one stock. I usually only bet half the farm :-)

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