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American Capital Agency Corp. Message Board

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  • joetong419 joetong419 Feb 8, 2013 3:16 PM Flag

    so when do we start looking for an SPO?

    Other mREIT haven't offered SPO since July of 2012.
    SPO, if offered, won't occur until after ex-dividend 3/xx/13 and at higher share price (above 33) IMO.
    AGNC might finally be out of the doghouse since 11/2012 with yesterday's positive comments.

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    • They wouldn't SPO between a div announcement and ex-div (I'd be willing to sue them for pump-and-dump if they did), but they sure could SPO before they announce. Announcement isn't due for over a month.

      But you have to assume they find this level of price relative to BV to be sufficient. They still need to pay the underwriters and give a discount to the market in a SPO, so it should have to run another few % upwards to give them a comfortable buffer.

      They also need to see a reason to have the cash to buy the MBS.

      If you could get those two things, and if they haven't annouced the div, then the SPO could be called imminent.

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