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To: Miami Rebel

i’ve been buying treasuries, laddering the maturity dates


52 posted on 06/07/2024 8:26:35 AM PDT by PMAS (Vote with your wallets, there are 80 million of us - No China made, No Amazon)
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To: PMAS

I’ve been a heavy buyer of baby bonds, mostly issued by Business Development Companies (BDCs) and all of them NYSE-listed: FCRX, GAINN, NMFCZ, SAZ, etc. Two-to-four year maturities with yields-to-maturity of 6.8-8.25%.

Also, I hold many preferred shares with upcoming resets to their coupons: Kemper Pr B, Western Alliance Pr A, etc.

The Western Alliance I began buying when Ken Griffin of Citadel announced that he’d purchased 5% of their common. At its current price it yields 5.8% but the 4.25% coupon will reset on 9/30/26 at the prevailing 5-year Treasury rate + 3.452%. If called at that date its yield-to-call would be 18.5%.


57 posted on 06/07/2024 8:52:00 AM PDT by Miami Rebel
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