I purchased the third party trust preferreds of the following: CNA (JZV); Sprint (JZK); Prudential (JZH); UNUM (PJR); Ford (DKL); Daimler (PYO). I selected them because most trust preferreds that are currently available are callable at the will of the issuer and these traded below the call price. Since these pay interest only twice a year, I did not want a $27 investment to be called at $25 without receipt of a single interest payment (although most call provisions do require the payment of accrued interest). These are mostly investment grade (not Ford, but I like the company). They all have an annual yield in excess of 7%. The volume on some is not as high as I would like and I am doing research on who if anyone is the market maker for each. If one of you knows how to ascertain that, I would appreciate a return email. I did not find it in the prospectus.
Note below the interesting article of last Friday on TruPS. Intriguing two year play.
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