Housekeeping – Reader Notes

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Here are some notes we have received from readers recently.

Joans asks about the interest payment on the Cowen 8.25% exchange trade debt issue (ticker:COWNL). We can only report that theoffering documents and final term sheet state that the payment will be made on the 15th of January, April, July and October starting January 15th, 2015. If you are due a payment and it has not hit your brokerage statement you should call your firm and find out why it has not been credited.

Both Robert and Arden noted a ticker error on the issue recap page for the new Bank of America preferred.  We have corrected it.  We had it right in a number of places and wrong in one spot.  We fail to understand how we can stare at the page and not see our own errors.  Old age I guess.


Leonard asks about how to know when an issue is coming off the OTC grey market trading. When they are going to be listed on the grey market and when they are coming off of the grey market they are listed in the same place.  Look here. If you scroll through you will see where it was originally listed and then a few days later you will see where it is coming off the OTC.

Phil asks about where we are stashing excess cash. We are using Tortoise Energy Infrastructure 4.37% preferred (ticker:TYG-B). We have used this as it is trading under par–but we have not been as aggressive as we thought we would be originally because it moved up so sharply in price (from $8.33 originally to $9.90 today–this is a $10/share issue that is AA rated). Earlier this week we put a ‘slug’ into shares in the 2014 Model (and our personal acct) and will also be doing so in the 2015 Model.

Tim McPartland

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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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