Lloyds Grp 9.25 Discussion Threads

[supernumerary] 11/3/2009 14:21

LG - OK, take your word for it. So the only way to be certain of the xd date is to contact the registrar and ask?

[lord gnome] 11/3/2009 14:18

supernumary - record date is not relevant - ex-div date is all that matters and this is always a day or three prior to record date. This is done to enable the share register to be made up on the record date. Ex-div is definately tomorrow.

[supernumerary] 11/3/2009 14:09

bob - not sure where you're getting your info from, but this page is the official dividend declaration and it says date of record is the 16th, not the 12th, so you should still have time:



I have never found liquidity to be a problem, although as LG says, the trade sizes tend to be small, which I think is at least partly a reflection of low deal costs in the US.

[bobdouthwaite] 11/3/2009 10:57

supernumary - thanks for the explanation in 240. Having decided to take the plunge I now find I've been too slow off the mark to beat to-morrow's ex-divi date as Selftrade require completion of a form to exempt me from US tax. A step at a time...

[lord gnome] 11/3/2009 09:22

Yes - when I bought mine i was told that they go ex div tomorrow, 12th March. You'll need to be quick if you want to collect. Alternatively, the share price should adjust for the amount of the divi tomorrow, making them cheaper to buy. You takes your choice.....

[solomon9] 11/3/2009 09:19

sorry if you buy- the rbd l shares today do you get the div?

[lord gnome] 11/3/2009 09:05

Solomon - if you use the links on the spreadsheet you can click through to get trade details, charts etc. The shares seem as liquid as any other prefs in smallish quantities. Average trade size seems to be less than 1,000 shares. If you are looking for 10,000 or more I guess you may have to break it up.

[solomon9] 11/3/2009 09:02

RBS l series prefs are these liquid?

[lord gnome] 11/3/2009 08:37

35.9375 cents per share solomon - a 10%+ yield every three months. Better than even Bernie Madoff was offering - and with slightly less risk to your capital.

[kimboy2] 11/3/2009 08:08

It is the a reference to the RBS ADRs;

[solomon9] 10/3/2009 21:15

What is the qtr div on the L shares mate?

[supernumerary] 10/3/2009 15:27

davidosh - I seem to remember you saying you preferred the N series - any particular reason why? I've bought the S&Ts myself, just for the later redemption dates (although I can understand that some might want them redeemed earlier!)

[davidosh] 10/3/2009 15:01

The M series that I hold are up about 30% today and now only yielding 42% having been near 65% a couple of days back. These are bizarre times indeed

[supernumerary] 10/3/2009 14:29

Seems to be a minor correction going on in the States - good gains two days running. Yields at the moment down to less than a paltry 50%.

[supernumerary] 09/3/2009 14:22

I think if prayer worked we wouldn't be where we are, so it'll have to be human sacrifice. If we started with GB and worked downwards through the Treasury and bank boardrooms, it might even do some good.

A little patience I think is required now - the fog of war should have lifted quite nicely by the end of the month...

[solomon9] 09/3/2009 13:56

thank you supernumery;

a question for you learned gentleman;

Shall we resort to prayer or human sacrifice?

This is fucxxn fly my night isn't it

[davidosh] 09/3/2009 13:11

If only we could short the UK prefs and long NYSE prefs to balance the zero value risk ? I can handle all the other risks as explained by supernumerary.

[supernumerary] 09/3/2009 13:06

bob - there have been lots of guesses but I don't think anybody really knows. Personally, I think most UK investors aren't really set up to trade in the States, so they can't take up the slack left by US traders running scared in the face of what looks like an unremitting flow of bad news from the UK banks.

Other factors are that the US issues are redeemable over the next 4 years should the bank decide to do so (the UK issues are irredeemable so you get a lifetime return); there are also currency risks for UK investors in the States; and there is some doubt about whether the US preferences get the same favourable tax treatment as the UK prefs.

On these points, I can live with a $3 share being redeemed for $25; I think the currency movement could go either way, so discount it; and as far as I can see from the prospectus I read (for the T-series) we are entitled to tax relief as a result of agreements between the tax authorities (although I would like to see that confirmed) so am relatively relaxed about it.

In any event I don't believe these factors should account for more than a minor price difference between the US and UK issues, and thus believe the US shares are very cheap.

[bobdouthwaite] 09/3/2009 12:46

Why is the perceived risk of the RBS NYSE prefs so much higher than that of the £ prefs?

[supernumerary] 08/3/2009 20:14

solomon - they are rbs-f, -h, -l, -m, -n, -0, -q, r, -s, -t quoted on nyse.

On Friday average yield was 63%. Next divi (already declared) is paid March 31 and date of record is March 16. Amount of the next payment depends on the issue in question, but is typically $0.35-$0.45c.

It needs strong nerves, but I bought a handful at over 60% just for the bragging rights if I get away with it, lol.

[lord gnome] 08/3/2009 20:00

Courtesy of davidosh on the NWBD thread - follow the links....

davidosh - 28 Feb'09 - 15:55 - 20 of 27

The RBS series of prefs over in the US. are yielding over 40% and the next quarterly payments go ex div shortly if any of you wish to take a look...

[solomon9] 08/3/2009 13:43

remind me, the RBS ADR prefs what are the symbols and payouts?

[lord gnome] 08/3/2009 09:57

renew - not just at the moment - I don't think that these are going to fly in the near future, although I would like to be wrong. I think I'll wait and see if the next (to be declared) half year divis get paid and if they do then I think it will be safe to go back into the water. I am also watching the RBS US ADR prefs - incredible yields if you can stand the risk.

[renew] 08/3/2009 09:08

The Lloyds prefs just get better and better.
Its been obvious for months the government wouldnt nationalise the banks and now theyve taken out all of the bad risks. If a future government were to nationalise now they would be taking a huge legal risk.
Even what I thought was the major risk of a years forgoing of the divi is fading.
What a bargain these are.
Anyone else piling in for more this week?