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Lloyds Grp 9.25 Price (LLPC)
|Lloyds Grp 9.25||LSE:LLPC||London||Bond|
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Lloyds Grp 9.25 (LLPC) Discussions and Chat
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|24/8/2015||15:59||LLPC 9.25% Prefs||800|
Lloyds Grp 9.25 (LLPC) Top Chat Posts
|bowlhead: With the share price at 135p the 9.25p divi represents a 6.85% yield (yes, I know it's a bit better than that because it pays out in two chunks per year and we're already a couple of months into the year). If risk-free base rates go up a quarter point next Jan and July as some have speculated, people would presumably demand to get half percent extra on their Lloyds paper. For 9.25p to be a 7.35% yield, the price would need to be 126p. So, over the year you'd get your ninepence of divs but you'd lose ninepence on the share price. I assume the recent fall from 140p plus is recent fear of interest rates / macro factors leading people to think LLPC was getting a bit 'toppy', rather than a company-specific factor. So maybe you could say that the next interest rise is factored in already. However, by the time we get there, the one after that would be being factored in also. These are fundamentally less tasty than they were at par or below when I was first buying in, so I do think it's true that one can be too overweight. But it's nice to be holding something that isn't straight equities, when lots of equities are getting expensive, so I am holding on at the moment. Still, if interest rates go up at pace, these will take a hit just like equity markets. If there are sector specific or Lloyds specific problems, these will take a hit, just like the ordinaries (OK, to a lesser extent). The thing to wish for is interest rates and inflation to be held very low for ages or only gently creep up - but if that happens there's more to be made on equities. I think I will have a bit more of a look at how my portfolio should be balanced over the next few months as I've done quite well out of these but as a consequence I hold more than I would have if I was starting a portfolio from scratch today. Probably.|
|gary1966: Looks like the seller that has been around this last few weeks has finished. Hopefully the share price can continue to firm up as it is nice to hold the capital value whilst getting the 10% yield.|
|the diviner: The Lloyds banking Group stated dividend policy has consistently been that they will restart the dividends as soon as possible and I would expect that Lloyds Preference Shares should restart paying dividends in about six months time but the Lloyds preference share prices have allowed for a further three years of suspension.
|catcheemonkee: Indeed. Taking out the 'dividend rush' of the last few days, LLPC's share price is only back to where it was a week or so ago. So, yes, I'm happy that I've 'snaffled' the divi in respect of some recent, but not yesterday, purchases.|
|papy02: It's the closest Weds to the last ex-div date before EC block Edit: I mean this Weds 18th April is, so worrying that share price hasn't dropped|
|the diviner: The LLPD gross dividend is about 15% based on the present 71p share price. When the dividends restart, some people may be pleasantly surprised to find that they receive 10% more in dividends than they had expected. (This is because these preference share dividends are paid out of taxed company profits). If we take LLPD as an example: - When the dividends restart: - every six months; a full 4.875p per share dividend should be paid to holders of LLPD, (net of tax), which means that holders of LLPD should receive a full 9.75p, (net of tax), per LLPD share per year. A dividend of 9.75p, (per share per year), net of tax is equivalent to a 10.83p. (per share per year), dividend gross of tax. The dividends for these preference shares are paid net of tax because the dividends are paid out of taxed company profits and the dividends come with a 10% tax credit for the tax that was paid by the company. This has important tax implications because it means that a standard rate taxpayer will not need to pay any more tax on the dividends that they receive and neither will any higher rate taxpayers who hold these preference shares in an ISA or a similar wrapper.|
|coolen: Solarno is correct: there is what used to be called a "Public Limit Board" on the London Stock Exchange. Anyone can put up "buy" or "sell" limits in LLPC which, in some cases can even take priority over normal business. Sad that some stockbrokers are not clued up over this facility. But as Diviner mentions, it is now a case of "when" divs resume which is key to the share price.|
|horndean eagle: Currently priced for non payment for a bit longer than a year. Assume 9% yield and LLPC should be trading at 103p. Current share price is assuming non payment for more than 2.5 years (9.25*2.5)+77 =100p.|
|extrader: Hi TheDiviner, LTSB had GBP 27 Bn of exposure to Ireland at end 2010, second highest after RBS. A Euro rescue package for Portugal,Ireland and Greece might be helpful for the LTSB share price.... OTOH, LTSB's heavily exposed to the UK property market, which (if everyone's starting to accept that the emperor has no clothes) may now be allowed to fall to its 'natural' level (ie ignoring special effect of low interest rates). Not sure whether Lloyds' glass is half full or half empty under these scenarios...... I'm inclined to think that the 'too big to fail' argument will prevail, tho. In which case, if they're not affected by the EU shenanigans, the Prefs etc should be a great longterm buy ? ATB|
|catcheemonkee: It matters not a jot what the ordinaries' share price is - once Lloyds are within a year of wanting to resume their dividend they'll need to already be paying ours. I don't really doubt the resumption of pref dividends next year. Well not much, anyway!|