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Strategies & Market Trends : Bonds & Bond Funds

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To: KyrosL who wrote (14)	12/17/2008 7:45:40 PM
From: peter michaelson	Read Replies (1) of 161

PIA - wow, that's some hefty leverage. Looks like $100mm of preferred on a $200mm portfolio. Are they not restricted from paying dividends at this point? 14 year duration puts PIA in the very long term group, raising that inflation risk again. It would be really annoying if credit spreads shrank towards normal at the same time inflation concerns rose - resulting in no improvement in NAV. On the other hand, the credit quality looks very high and if you're happy with a high fixed income return it makes sense. I guess my interest is to garner some capital gains out of this situation. I'm hoping to benefit from shrinking credit spreads, and enjoy some income while I wait.

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