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Michael Terry

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  • Michael Terry
    $DDR (Baa3/BBB-) doing $300 of 10yr debt. '22s trade at +160/curve, look for 170ish for the new deal.
    May 16, 9:54 AM
    Reply
      • Michael Terry
        $ETR doing 50yr $25 par first mortgage bonds through their Louisiana sub (A3/A-). Looks like 4.75%. Value here is in the diversification.
        May 15, 1:07 PM
        Reply
          • Michael Terry
            $CTU (Baa3/BBB-) doing a 40yr noncall 5yr $25 par senior debt at 6.125%. Looks cheap to $1000 par senior (10yr at 4.50%)
            May 14, 12:29 PM
            Reply
              • Michael Terry
                $GE doing $25 par senior notes - 40yr, noncall 5yr at 4.70%. On top of prefs, but higher in the cap structure.
                May 9, 2:25 PM
                Reply (2)
                • Clayton Rulli: Do you know are these through GE on the whole or just for GECC?
                  May 9, 2:54 PM
                • Clayton Rulli: these may be why GEB is down so much today. What a good run
                  May 9, 3:01 PM
                  • Michael Terry
                    $RBS turning on the old ABN #preferred divvies. The trade worked in spades.
                    May 3, 9:26 AM
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                      • Michael Terry
                        $AAPL hitting the debt market. Maturities: 3Y Fixed/FRN; 5Y Fixed/FRN; 10Y Fixed, 30Y Fixed
                        Apr 30, 11:09 AM
                        Reply
                          • Michael Terry
                            $C doing a perpetual #preferred - 5.375-5.50% area. Seems a little tight at the low end.
                            Apr 23, 9:21 AM
                            Reply (1)
                            • poclerk: Michael: I will pass on this $C pref., but when you can take a detailed look at a $SLA selling at a 13% discount to NAV.
                              Apr 23, 9:54 AM
                              • Michael Terry
                                $DLR issuing $225mm of 5.875% Series G preferred. Give 3/8 CY to Series F, Give 70bps to Series E on CY. Watch the Series E get redeemed.
                                Apr 2, 3:57 PM
                                Reply (1)
                                • poclerk: Thanks Mike. I would need to see this one below par. Coincidentally, I was actually taking a look at DLR common.
                                  Apr 3, 5:56 AM
                                  • Michael Terry
                                    $DDR looking to raise $100mm by selling 6.25% series K perp preferred. taking out the series H.
                                    Mar 25, 10:58 AM
                                    Reply (1)
                                    • poclerk: I bought 200 shares of this new series K today, March 26, at $24.70
                                      Mar 26, 10:55 AM
                                      • Michael Terry
                                        $NOK '19s down nearly a point, doesnt bode well for the equity.
                                        Mar 22, 9:03 AM
                                        Reply
                                          • Michael Terry
                                            $OFC is redeeming its 7.625% Series J Cumulative Redeemable Preferred Shares. Series L is 6.93% CY /6.04% YTC, Series H 7.50% -YTC.
                                            Mar 20, 5:03 PM
                                            Reply
                                              • Michael Terry
                                                SEARS HOLDINGS $SHLD CEO ANNUAL BASE SALARY $1 - Still making more than investors.
                                                Mar 20, 4:58 PM
                                                Reply
                                                  • Michael Terry
                                                    $WFC issues $575MM perp preferred (series P) at 5.25%. Ouch, kinda tight, but priced right for the name.
                                                    Mar 15, 4:24 PM
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                                                      • Michael Terry
                                                        $SBRA issues 5MM shares of 7.125% Series A preferreds - $25 par. Only outstanding issue. Single B rated.
                                                        Mar 15, 4:03 PM
                                                        Reply (2)
                                                        • hkcentraler: Michael, many thanks, always and do you like this pfd?
                                                          Mar 15, 4:08 PM
                                                        • Kraken: I am hoping I can jump on this before it runs up above par.
                                                          Mar 18, 12:20 PM
                                                          • Michael Terry
                                                            $CXS cuts their dive to $0.25 from $0.32 (as expected)
                                                            Mar 14, 4:25 PM
                                                            Reply
                                                              • Michael Terry
                                                                Looks like judge is leaning in $CHK direction. Bad for the recent bond buyers, good for equity.
                                                                Mar 14, 4:24 PM
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                                                                  • Michael Terry
                                                                    $TWO receives approval by FHLMC to service loans - look for MSR purchases.
                                                                    Mar 14, 4:22 PM
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                                                                      • Michael Terry
                                                                        $MCP light on top and bottom lines. Still not attractive.
                                                                        Mar 14, 4:17 PM
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                                                                          • Michael Terry
                                                                            $VTR 7yr debt issue +132/Treas. Baa2/BBB. Decent value at 2.72%. Recent 5.45% $25 par debt 30yr $VTRB, has a current yield of 5.40%.
                                                                            Mar 14, 1:20 PM
                                                                            Reply
                                                                              • Michael Terry
                                                                                $INN prices 3m 7.125% Series C preferred stock. Repaying debt/banks with proceeds. Like the INNPrA (9.25%) more - 7.60% Yield to call.
                                                                                Mar 14, 8:25 AM
                                                                                Reply (5)
                                                                              • View all 5 replies
                                                                                • poclerk: I bought the $TCO new issue, Series K 6.25%. I paid $24.90
                                                                                  Mar 14, 12:55 PM
                                                                                • hkcentraler: Look attractive, poclerk and I will take a look of it, many thanks!
                                                                                  Mar 14, 1:52 PM