Tuesday, February 11, 2014

Updated Exchange Traded Bonds and Preferred Stock Table as of 2/10/14

The last update of this table was back in November: Update on Exchange Traded Bond and Preferred Stock Table as of 11/14/13


Exchange Traded Bonds include the following categories:
European Hybrids: (e.g. ING HYBRIDS and Aegon Hybrids)
Baby Bonds Usually with $25 Par Values

I discuss equity preferred stocks in two Gateway Posts:



The floaters will reduce the overall yield of this portfolio compared to fixed coupon securities, but provide a measure of inflation protection. 

All of my Citigroup Funding PPNs mature this year (MOU, MBC, MTY, MKN, MKZ, MOL) 

I am not including ETNs in the foregoing list, even though those instruments are senior unsecured notes. I currently own the following ETNs: 50 AMJ and 50 MLPG.

Click to Enlarge Table:

Exchange Traded Debt and Preferred Stock Table as of 2/10/14
This table reflects some trades that will be discussed in the next weekly post. I added 50 EFM and bought 50 DREPRL. I eliminated FHNPRA. (Correction: I added 100 EFM rather than 50 bringing the total up to 150 rather than 100 shown in the table; and the symbols for HBA-PF and HBA-PG have changed to HUSI-PF and HUSI-PG)

With the ongoing rally in the bond market, I am more inclined to take some profits than to buy. 

Since my last update, I have made the following additions and deletions:



Redemptions:

Call Warrant Owner Redeems JZV (lost 150 shares)
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3 comments:

  1. AnonymousFebruary 11, 2014 at 1:35 PM

    Increasingly slim pickings here unfortunately. PYS is one of the few underperforming and not trading near historical highs. XKE looks to be on the cheap side, but you have to have a fundamental view as TOY is a dicey credit and the Deleware bucket likely recovers close to 0.

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  2. TENNINDEPENDENTFebruary 11, 2014 at 2:04 PM

    I have never bought XKE.

    I have bought and sold 50 share lots of PYS, but no longer have a position. My last sell was in April 2011 at $23.2:

    http://tennesseeindependent.blogspot.com/2011/04/bought-50-uzv-at-2515sold-50-of-tc-pys.html

    It is now trading at $19.83.

    You can still pick up more current yield and particularly YTM by buying the TC PYS rather than the underlying bond which has a current yield of about 7.11% at a 93.11 price.

    http://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C91947&symbol=RRD3673769

    On balance, the risks for the yields are just not worth it, unless you have a high degree of confidence that inflation will remain at or below where it is now for several more years.

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  3. TENNINDEPENDENTFebruary 12, 2014 at 1:58 PM

    I did buy 50 PYS today at $19.75. At that price, the current yield is about 7.97% with a YTM of around 9.14%. I limited my exposure given my concerns about the RRD credit risk and the interest rate risks of a long maturity bond.

    I will not discuss this purchase in the weekly blog until the last week in February.

    ReplyDelete

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