Aviva 8 3/8% Pf Discussion Threads

[skyship] 01/3/2021 11:16

yf - no, never do. CWA1 pointed out that my yield figure for AV.B was incorrect - s/b 5.39%.

[yf23_1] 01/3/2021 11:12

Do your calcs take into account accrued divi, as AV.B is due to go ex soon ?

[skyship] 01/3/2021 10:58

Yields at Offer prices:

# AV.A 8.75% @ 154.0p-157.0p = 5.57%
# AV.B 8.375% @ 153.0p-155.3p = 5.39%
# GACA 8.875% @ 155.15p-156.35p = 5.68%
# GACB 7.875% @ 140.0p-141.5p = 5.57%

All trending lower with the falling bond market. AV.B looks particularly over-valued.

I currently don't hold, but would sell if I did; especially AV.B...

[skyship] 02/12/2020 10:47

Yields at Offer prices:

# AV.A 8.75% @ 159.0p-161.0p = 5.43%
# AV.B 8.375% @ 147.0p-148.9p = 5.62%
# GACA 8.875% @ 156.5p-158.0p = 5.62%
# GACB 7.875% @ 136.0p-138.0p = 5.71%

All up to their highs, reflecting the general move in the bond markets.

[skyship] 15/11/2020 14:29

Yields at Offer prices:

# AV.A 8.75% @ 155.0p-156.25p = 5.60%
# AV.B 8.375% @ 144.7p-146.2p = 5.73%
# GACA 8.875% @ 154.0-155.9p = 5.69%
# GACB 7.875% @ 133.0p-135.0p = 5.83%

No obvious Best Buy at the moment.

[dk37] 11/9/2020 15:31

From today's announcement .... brilliant deal by the way

"The proceeds will be used to further strengthen Aviva's central liquidity and will be considered as part of Aviva's broader capital management and debt reduction objectives."

Plenty of scope developing to return cash to shareholders but specifically in terms of reducing the debt this could result in another attempt at buying in the Preference Shares...this time at an appropriate premium, currently yielding around 6%

[cwa1] 03/9/2020 08:07

XD today, pay day 1/10

[skyship] 01/7/2020 14:11

Yields on Offer prices:

# AV.A 8.75% @ 144.65p-145.68p = 6.01%
# AV.B 8.375% @ 136.56p-137.75p = 6.08%
# GACA 8.875% @ 142p-144.85p = 6.13%
# GACB 7.875% @ 123.5p-126.6p = 6.22%

Strong market recently; and very close spreads.

[yf23_1] 28/5/2020 15:48

Shooting up today. Demand in a thin market or are they beginning to see guaranteed 6% return as good in a future bear market.

[skyship] 09/4/2020 13:35

Yields on Offer prices:

# AV.A 8.75% @ 134p-136p = 6.43%
# AV.B 8.375% @ 123p-126p = 6.65%
# GACA 8.875% @ 130p-133p = 6.67%
# GACB 7.875% @ 115p-118p = 6.67%

After very good rallies they now look a tad overbought IMO.

[cousin jack] 23/3/2020 18:49

Very steep fall over the last 6 trading days - certainly much steeper than the fall in bank preference shares(e.g. LLPC, NWBD) over the same period. If the cause is fear that the company may need to withhold payments I would have thought that was also applicable to bank shares so I'm puzzled at the difference. Maybe there is something I haven't thought of ?

[cassini] 18/3/2020 16:43

Price pinged back up just before the close. Maybe someone sold a lot and depressed the price temporarily.

[cassini] 18/3/2020 16:03

I just got quoted £1.022 for these. These are going to be at par tomorrow very probably!

[dbadvn] 18/3/2020 14:01

First post but held all the way through the uy back attempt.
If Aviva management are any good at all they will be in the market right now buying this back and re financing at much lower rates , may even get the government to buy a new offering !

[tournesol] 18/3/2020 12:05

Seems to me that with a long term perspective today's price is a bargain and people who come in at a yield of 8% will do well in terms of both income and capital growth.

However, it is obviously possible that prices will fall even further and it is also possible that recovery will take much longer than might reasonably be expected.

It is also true that the stock market is currently offering a glittering array of bargains that look too good to be true but prices might fall further, some companies will go bust, it is almost impossible to figure out which will come through in good shape. And who knows if Aviva will try it on again in terms of cancelling/confiscating the prefs at less than their value.

For all those reasons I am still keeping my powder dry.

[spitthecat1] 18/3/2020 09:42

These are buys and not sells today8% unless Aviva goes bust

[skyship] 17/3/2020 10:51

All the Aviva prefs now yielding above 7%.

Offer prices:

# AV.A @ 123p = 7.11%
# AV.B @ 114.5p = 7.31%
# GACA @ 120p = 7.40%
# GACB @ 107.75p = 7.31%

[skyship] 29/2/2020 14:36

The Aviva prefs Update:

AV.A 8.75% :– 149.0p – 151.0p; Yld = 5.79%
AV.B 8.375% :– 144.0p – 147.0p; Yld = 5.70%
GACA 8.875% :- 146.0p – 149.0p; Yld = 5.96%
GACB 7.875% :- 134.0p – 137.0p; Yld = 5.75%

[skyship] 04/1/2020 11:17

The Aviva prefs update:

AV.A 8.75% :– 153.6p – 155.0pXD; Yld = 5.65%
AV.B 8.375% : – 148.0p – 150.0p; Yld = 5.58%
GACA 8.875% :- 152.3p – 153.0pXD; Yld = 5.80%
GACB 7.875% :- 139.0p – 142.0p; Yld = 5.55%

All much of a muchness; now no stand-out cheaper stock. Figures show that the 2 x Gen. Acc. prefs have been the best performers over recent weeks.

[skyship] 12/11/2019 15:32

The Aviva prefs all quite perky today; so herewith another Comparison Update C/w the 4 x charts:

AV.A 8.75% :– 154.5p – 157.9p; Yld = 5.54%
AV.B 8.375% : – 146.0p – 147.0p; Yld = 5.70%
GACA 8.875% :- 147.2p – 149.4p; Yld = 5.94%
GACB 7.875% :- 134.5p – 137.5p; Yld = 5.73%


free stock charts from uk.advfn.com


free stock charts from uk.advfn.com


free stock charts from uk.advfn.com


free stock charts from uk.advfn.com

[skyship] 02/11/2019 11:49

2 Nov '19 - 11:47 - 670 of 670 Edit
0 0 0
Comparison Update in the Aviva prefs:

Here are the current prices:

AV.A - 151.0p - 153.5p; Yld = 5.70%
AV.B - 143.7p - 145.8p; Yld = 5.74%
GACA - 146.0p - 147.7p; Yld = 6.01%
GACB - 134.2p - 136.2p; Yld = 5.78%

AV.B & GACB went XD in Sept. AV.A & GACA go XD in early Dec.

So, all four have made good progress in the past fortnight; and GACA once again the laggard providing the best value. To be on the same yield as the others GACA would be at 154p - 4.2% higher than the current level; so inevitably:

Current Best Buy - GACA...

[skyship] 16/10/2019 16:05

Comparison Update in the Aviva prefs:

Here are the current prices:

AV.A - 147.5p - 151.0p; Yld = 5.79%
AV.B - 141.4p - 143.0p; Yld = 5.86%
GACA - 143.3p - 144.3p; Yld = 6.15%
GACB - 131.2p - 134.7p; Yld = 5.85%

AV.B & GACB went XD in Sept. AV.A & GACA go XD in early Dec.

All except GACA have been quite good performers over the past 2 months. GACA, not for the first time, look rather absurdly good value and should be in the 148p/150p range. Personally I topped up today.

Current Best Buy - GACA...

[skyship] 03/7/2019 09:22

Comparison Update in the Aviva prefs:

Here are the current prices:

AV.A - 142.2p - 143.79p; Yld = 6.09%
AV.B - 140.5p - 142.74p; Yld = 5.87%
GACA - 143.75p - 144.49p; Yld = 6.14%
GACB - 126.3p - 129.9p; Yld = 6.06%

AV.B & GACB are the next two to go XD (in Sept.)

Recent price action suggests to me that we will see a quite good rise in July; as we also saw in June.

Current Best Buy - GACB...

[jonwig] 08/6/2019 17:08

@ Kenny, #833 - I guess they'd have to inform the market of their intention, and even seek shareholder approval (as they do when doing an ords buyback). The shareholders would include the prefs holders in this case, hence an EGM.

Another way to achieve such a result might be a tender offer, having first sounded out instis who hold many of the prefs. "What price will you accept, chaps?"