Joe Eifrid

High Yielding Stocks Going Ex-Dividend in January

If you want a dividend paying trading idea look at PFX. Buy here at 6.70. This one will be ex-div probably Tuesday for 47 cents. I very much doubt PFX will drop 47 cents on ex-div. This is exchange traded debt for PNX which is spinning off part of their company to shareholders next week as well. PNX has been around since 1851. This is also senior debt.

From the earnings transcript;

"Now our capital position and liquidity: Here are a few facts. We remain well capitalized and have strong liquidity. Our liability profile is quite stable. We have no exposure to institutional funding agreements, no securities lending activities and strong persistency in our core business lines. We also have no debt maturities until 2032 and our leverage remains low at 18.1%. Post-spin, our leverage will be about 21% and finally, our investment portfolio provides the liquidity necessary for our business needs. "


SECURITY DESCRIPTION: The Phoenix Companies, Inc., 7.45% Quarterly Interest Bonds (QUIBS), issued in $25 denominations, redeemable at the issuer's option on or after 1/15/2007 at $25 per share plus accrued and unpaid interest, maturing 1/15/2032, distributions of 7.45% ($1.8625) per annum are paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on 1/1, 4/1, 7/1 & 10/1 respectively. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future senior unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.