Recent content by jbl1971

Just realised that I made a mistake. FXJPB step up in April 2011. But with a current margin of 1.55% and a step up of 2.25% I still think there is better value elsewhere.

Been a while since I posted. A bit like Calliope I had an amazing year with hybrids and came to respect "The Wire" issued by FIIG. Had coffee with a FIIG Securities broker the other day and discussed the opportunities in the market. It made sense that SEVPC should have been redeemed but...

The IANG terms offered are a good result and clearly the change will be approved. I believe that they will trade above face value in the not too distant future which would be comparable with the lower rated TAHHA (4.25% margin and trades at 7% premium to face value) and CBAPA (3.4% margin and...

ELDPA comes onto the radar for me now as there isn't the degree of risk of capital loss. The freeze on hybrid distributions was not anticipated by FIIG or the market generally. There is no doubt Elders came very close to falling over but Jackman has pulled off the great escape. ELDPA is an...

SD, Jackman at Elders has done a great deal for them in terms of survival and hybrid holders can thank him for that - good luck to you. QBE's subscribing for shares reflects their view (and they are capable people) that Elder's distribution network is more valuable than the market gives them...

Interestingly Intelligent Investor has just put a buy for yield on AAZPB up to $75.00 (I promise I don't read it before my post!). The numbers are good: - quite secure risk profile post capital raise and with a key shareholder related to the Singapore Govt. - Margin of 4.8% - Quarterly...

Calliope with regard to AAZPB I was hoping I could sneak some a bit lower than the extent of the jump today. To be frank these are a good buy up to $75.00 i.m.o. (4.8% base yield and much higher chance of redemption at some stage). I don't know about anyone else but I am now finding it harder...

SD, accept your comments re PXUPA. I nearly bought it (and should have based on the price movement) but I couldn't get past what a terrible business Paperlinx is. If they get to a point where they can resume payments on the hybrids it has a long way to run. FCLPA (ELDPA) have completely...

The run up in hybrids has been great and my comments are as follows: SEVPC - have started to lower my exposure just in case Stokes makes a bid for CMJ which may mean no redemption. MXUPA has moved up to a much fairer pricing level. There is a chance at redemption and if not the yield is...

MXUPA and fixedincome.com.au Bill M - thx for highlighting fixedincome.com.au - I have signed up (it is free) and find their research helpful. (Check out their research on MXUPA and IANG). Very interested in MXUPA which are Multiplex Sites. Multiplex was taken over by Brookfield Asset...

Re: Hybrid Securities GNSPA NAsX, these are just listed securities with their own ASX codes and can be cought and sold like any other share.

Re: IANG Had a look at these. You don't get $100 worth of preference shares for one IANG. You get 1 preference share face value $100 for 1 IANG that has face value $100. Refer Disclosure Document in asx announcement dated 29/11/2004. If IAG exercises its Exchange Right, each RES (which is an...

Re: Hybrid Securities GNSPA Warren and others, Sorry about the slow reply (time poor / kids etc). I have read the Intelligent Investor stuff and other articles that bob up on hybrids but haven't found any regular newsletters that deal specifically with this area. To be honest I think if you...

Re: Hybrid Securities GNSPA Just joined up and hybrids are something I have become particularly interested in. The biggest trick is to read the original prospectus and be clear as the terms. Things to look for: - are interest / divs cumulative or can they be suspended? - you are a lender to...