It's been a while since I've purchased anything issued by someone other than the good old US Treasury ... picked up 2 of these. Nothing spectacular but YTM of north of 6% after fees. I have little hope for the issuer long term but expect to get paid back by the time this thing matures. Can't imagine anything happening before the next call date. We'll see...Issuer: Macy's Retail HoldingsCoupon: 3.45%Maturity Date: 15 Jan 2021Next Call Date: 15 Dec 2020CUSIP: 55616XAN7
I'm pretty sure they are good till Jan-2021 ... https://www.axios.com/macys-financing-bankruptcy-9e973693-6c...Unless they decide to do a strategic BK before that, but that is highly unlikely since they would instead hope for some sort of massive government bailout later in the year (2021) after the new set of politicians move in to their respective offices.
If you are into retailers, take a look at Dillard Capital Trust 7.5%. Par $25 currently priced at 20.83. 83% of par. Paying 9% with capital gain potential. Traded NYSE ticker DDT.Dillard's is the Macy's of Little Rock, AR with stores mostly in the south. Quality retailer. Often stores anchor malls.
What is the best source to search for preferred stock? Quantum?I probably should look at TD Ameritrade research tools. I keep finding stuff there that I didn't know existed.
Yeah, I believe M got sufficient financing through the most recent round. Well, they got a good amount, that's for sure. I hope they'll be able to come up with $500 million so that there are no surprises on Jan 15. :) They do burn though a lot of cash on a quarterly basis so guessing the yield is so high because many people are not so sure the latest infusion was sufficient.And as to corporate bonds, I'm not at all into retailers in general... or financials... only if there are opportunities. I prefer industrials and utilities. (Other than that I do some FDIC-insured stuff and lots of UST bills/bonds.)
What is the best source to search for preferred stock? Quantum?I haven't used it in a while, but yes Quantum does a pretty good job keeping info up to date. And especially keeping up with changing bond ratings on the issues.Trust preferred issues were popular a decade ago, but these days most of the good ones have been called. DDT is one of the few remaining.
What is the best source to search for preferred stock? Quantum?I found these spreadsheets to be pretty handy. Think they were created by a poster that goes by the handle of Lord Xot, but I don't know that for sure. https://docs.google.com/spreadsheets/d/1M18jyMWV54AAcrks45Vg...https://docs.google.com/spreadsheets/d/14BPDMIwDyCFAZjnzqQXq...PSA-PV was just called this week. Now I have to find a place for that 25k. Jim
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