Gen.acc.7se.pf Discussion Threads

[spectoacc] 24/4/2023 13:54

Welcome :) Completely out the blue, was the first time I'd tried for a sell quote on it in ages, and had to check about 5x I wasn't buying by accident ;)

[ramellous] 24/4/2023 13:15

Thanks for the heads up earlier Specto, allowed me to make my trade before the bid fell back to 106.

[ramellous] 24/4/2023 12:11

Just sold GACB at 111 and put it into GACA At 1.2287. Will get the GACA divi in July for no loss (actually about £5 more) when taking into account the spread and stamp duty than holding out for the GACB div in October. A nice dividend arbitrage opportunity.

[spectoacc] 24/4/2023 11:18

We're not in the US. A valid argument to be made by the monetarists, but rates here are going higher for longer.

[skyship] 24/4/2023 11:14

Interest rates. There are alternative views of course:

Today's Bloomberg interview with JP Morgan's Bob Michele (CIO Asset Management). He predicts the Fed will start cutting rates in September, closing out the year in the 2.5%-3.0% range.

[alphorn] 24/4/2023 11:01

Agree with you. Thx.

[spectoacc] 24/4/2023 11:00

That quote, mainly :)

But my top 3 in order of size are:

Cash
SGLN
CSH2

Expecting rates to go higher for longer, & past few months have only confirmed that. GACB/A aren't bad places to hide, but I think the gap with the risk-free may need to go higher.

[alphorn] 24/4/2023 09:45

What pastures green have attracted you away from GACB if I may ask?

[spectoacc] 24/4/2023 08:29

Wouldn't usually post this sort of thing, but just got 110.99 to sell 100k GACB - on a 106/111 market quote. 0.01p below the offer.

Can see they're only doing buys 1p over, but strewth. Think I'll let ADVFN off for marking that one down wrong.

[spectoacc] 15/3/2023 06:36

LDI caused pension funds to scramble for liquidity & caused the first tank; is bank liquidity causing the second? Didn't spot anything in AV's results this time to suggest any reason to worry (but as ever with insurer's results, haven't read it all).

[cousin jack] 14/3/2023 20:13

GACA/B a bit more tradeable than others though as they seem to have a wider trading range since the Truss era.

I usually hold two tranches of any Pref. I buy. Then I trade one lot but retain the other for income. What I like about the GAccident prefs. is the tight spread- always well inside the prices shown.

[skyship] 14/3/2023 11:55

Yields at offer prices:

# AV.A 8.75% @ 127.8p-128.5p = 6.81%
# AV.B 8.375% @ 120.4p-121.4p = 6.90%
# GACA 8.875% @ 122.5p-124.5p = 7.13%
# GACB 7.875% @ 108.0p-109.0p = 7.22%

As we all know, prefs are equity; but they never moved like equity. Nowadays, prefs are no longer a BUY & HOLD; they are a trade!

[starpukka] 14/3/2023 11:08

Topped up today on the drop @ 1.08 having previously bought @ 1.165.

[badtime] 28/2/2023 16:29

Bought as per my post yesterday

[alphorn] 28/2/2023 12:03

Order in and awaiting 14:00 auction.

edit: Filled at 117.

[crt131] 28/2/2023 10:06

bought a few at 116.37...

[alphorn] 28/2/2023 09:35

GACB going xd 2/3/23. May have a few today/tomorrow.

[badtime] 27/2/2023 16:01

That spread is a lot closer than ADVFN are quoting ...what they mark as sales is actually the purchase price ..exdiv this coming Thursday

[skyship] 03/2/2023 09:48

Yields at offer prices:

# AV.A 8.75% @ 136.0p-140.25p = 6.24%
# AV.B 8.375% @ 126.0p-130.8p = 6.40%
# GACA 8.875% @ 130.1p-130.95p = 6.78%
# GACB 7.875% @ 115.0p-117.4p = 6.71%

With AV.B & GACB the next to go XD, seems to me that AV.A are over-priced; and the best value has to be GACB.

[skyship] 10/1/2023 10:16

Yields at offer prices:

# AV.A 8.75% @ 129.0p-134.0p = 6.53%
# AV.B 8.375% @ 123.3p-125.1p = 6.69%
# GACA 8.875% @ 127.2p-127.7p = 6.95%
# GACB 7.875% @ 116.4p-117.8p = 6.69%

The Aviva prefs have provided a great run recently; whilst GACA featured as a Tip of the Year in the IC. I would now expect a period of consolidation; and further progress may well depend upon further strength in the gilts sector.

[skyship] 19/12/2022 09:14

Yields at offer prices:

# AV.A 8.75% @ 126.0p-130.0p = 6.73%
# AV.B 8.375% @ 119.35p-121.3p = 6.90%
# GACA 8.875% @ 121.3p-122.5p = 7.24%
# GACB 7.875% @ 111.0p-113.0p = 6.97%

The Aviva prefs continue their recovery, with only GACA now offering
a yield of above 7%. Expect further strength.

[skyship] 06/12/2022 15:24

Yields at offer prices:

# AV.A 8.75% @ 122.5p-124.95p = 7.00%
# AV.B 8.375% @ 118.0p-119.39p = 7.01%
# GACA 8.875% @ 119.0p-119.65p = 7.42%
# GACB 7.875% @ 108.5p-110.0p = 7.16%

AV.A & GACA just gone XD. As usual GACA looks to be best value.

With the weakness of the $ taking the sting out of global inflation; the UK interest rate peak of 6%-7% now looking more like 4%-5%.

Expect a continued recovery in all these prefs.

[skyship] 04/11/2022 11:18

Yields at offer prices:

# AV.A 8.75% @ 118.0p-119.0p = 7.35%
# AV.B 8.375% @ 110.0p-111.4p = 7.52%
# GACA 8.875% @ 110.15p-112.45p = 7.89%
# GACB 7.875% @ 101.1p-102.1p = 7.71%

AV.A & GACA next to go XD

Seems to have been an institutional tap in GACA; which are now anomalously cheap, especially as they have c4p of accrued dividend.

[ammons] 03/11/2022 15:15

GACB xd and payment dates.

hxxps://www.hl.co.uk/shares/shares-search-results/g/general-accident-7-78-cum-irrd-prf-1

Around March and Sept.

=================================
----------XD ------------Payment
Interim 01/09/2022 01/10/2022 3.9375p
Final 03/03/2022 01/04/2022 3.9375p
Interim 02/09/2021 01/10/2021 3.9375p
Final 04/03/2021 01/04/2021 3.9375p
Interim 03/09/2020 01/10/2020 3.9375p

[kiwi2007] 03/11/2022 15:05

Date and time by which Transfer must be lodged with the Company for transferees to receive this dividend
2 December 2022

Date of dividend payment
1 January 2023*

Sorry the above was the 'A'

correction

7 7/8% Cumulative Irredeemable Preference shares of £1

Half year period to 30 September 2022

NET amount payable in cash per share 3.9375% per share

Date and time by which Transfer must be lodged with the Company for transferees to receive this dividend 2 September 2022

Date of dividend payment 1 October 2022