Annaly (NLY) announces the repurchase of $600M in 4% convertible senior notes due in 2015....


Annaly (NLY) announces the repurchase of $600M in 4% convertible senior notes due in 2015. Lengthening the average days to maturity of its repo agreements, the move is in line with the firm's typical conservative financing aims. The company also announces an offering of Series D preferred shares. Market chatter has these set to be priced around 7.5%.

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Comments (10)
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    I don't understand why anyone would forego the higher return on the NLY shares for bearing just about the same risk if a complete bust. Their highly leverage portfolio in an adverse twist to their spread and management of maturities in the portfolio can wipe all stockholder's equity that would include the preferred shares that have no collateral security.
    6 Sep 2012, 12:29 PM Reply Like
  • TwistTie
    , contributor
    Comments (2429) | Send Message
     
    I think this is why Mr. Farrell is taking tap dancing lessons and doesn't play with matches.
    6 Sep 2012, 01:27 PM Reply Like
  • kingdad
    , contributor
    Comments (1371) | Send Message
     
    I guess the Full Faith and Trust of the US Gov't isn't good enough security for you Mex. Since all the MBS they purchase have this the suggestion that they would go bust is ludicrous on its face.

     

    NLY's leverage is about the lowest of the mReits again another non sequitor.

     

    Now if you wanted to ask why someone might forgo the higher paying Common stock to purchase the Preferred shares that at least might have had some relevance to the conversation.

     

    Now where is that rock of yours?
    6 Sep 2012, 12:41 PM Reply Like
  • stockpiler
    , contributor
    Comments (19) | Send Message
     
    kingdad, I'd give you 10 "Likes" if I could; well said substance, and good humor, too!
    6 Sep 2012, 03:19 PM Reply Like
  • stellarlife
    , contributor
    Comments (2) | Send Message
     
    I agree kingdad! NLY has served me WELL for four years.
    6 Sep 2012, 05:56 PM Reply Like
  • Brian Bobbitt
    , contributor
    Comments (2083) | Send Message
     
    I am gonna ask NLY to marry me.

     

    Capt. Brian
    The Lost Navigator
    6 Sep 2012, 06:10 PM Reply Like
  • Ted Buila
    , contributor
    Comments (17) | Send Message
     
    How 'bout just a good friend. Capt will that do?
    6 Sep 2012, 09:28 PM Reply Like
  • jandup
    , contributor
    Comments (2) | Send Message
     
    I a diversified portfolio this is an excellent ingredient and I will not listen to all the nay sayers
    7 Sep 2012, 12:31 AM Reply Like
  • crjasonkonas
    , contributor
    Comments (3) | Send Message
     
    I was under the impression...( wrongly...?) That preferreds would be paid ahead of common stock... Is this correct....If so, Then thats the answer to the question.
    10 Sep 2012, 03:20 PM Reply Like
  • kingdad
    , contributor
    Comments (1371) | Send Message
     
    Preferreds are paid1st
    11 Sep 2012, 11:28 AM Reply Like
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