原文網址
http://www.justacafe.com/2019/10/too.html?fbclid=IwAR1KfBXaWhHEIkmV79L-kogfnPOKNxRtlBCWCgH3YgQlQCKlUjJkGXut-PQ
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TOO 是一家海洋石油的運輸公司 , 公司成立於2006年，位於百慕達的漢密爾頓。
並且 Teekay Offshore Partners LP 是
TK TOLP LP的子公司 (都為海洋石油運輸船)
會選擇這一家公司來交易，主要是因為他較高的殖利率
目前價格是19.64 , 殖利率仍高達10.82%
但是實際上 , 這間公司總共有三檔特別股
分別是 TOO-A TOO-B TOO-E 三個標的物
好玩的是 , 這三檔特別股在一週前 , 出現了一個現象
TOO-A 殖利率 11% TOO-B TOO-E 殖利率12.5%
並且持續很長一段時間
筆者過去就擁有TOO-A , 因此一直不解這個原因
因此也很納悶 , 如果TOO 是能夠長期存續的
應該這三檔特別股的殖利率,會非常地接近才是
不應該會有某一檔 殖利率特別低！
並且筆者觀察到過去通常價格上
TOO-B = TOO-E > TOO-A (這樣殖利率才會相似)
但是前陣子反而是
TOO-A > TOO-B > TOO-E （反而殖利率有錯亂）
因此筆者就等待一個時間點準備做一個殖利率交換的策略
相同特別股 , 但是殖利率差異很大時
筆者過去曾經做過下面的交易 相關想法可參閱下面連結
SSW-E 換成 SSW-G
SSW-G 再次換成 SSW-H
http://www.justacafe.com/2017/09/ssw-e-ssw-g.html?m=1
而這次 , 剛好遇到TOO 被 收購的訊息
相關訊息如下 , 而收購公司 Brookfield Business Partners L.P
美股代號BBU 則為一家長期都是獲利的公司
收購新聞摘要如下 ：
Brookfield Business Partners L.P
溢價28.1% 以每股1.55元
收購Too 全數的普通股 , 並且不影響特別股付息 與 回call
HAMILTON, Bermuda, Oct. 01, 2019 (GLOBE NEWSWIRE) --
Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (TOO) today announced that it has entered into an agreement and plan of merger (the Merger Agreement) with Brookfield Business Partners L.P., and certain of its affiliates and institutional partners (collectively, the Brookfield Consortium). Pursuant to the Merger Agreement, the Brookfield Consortium will acquire by merger all of the outstanding publicly held common units representing limited partner interests of the Partnership (common units) not already held by the Brookfield Consortium (unaffiliated unitholders) in exchange for $1.55 in cash per common unit (the cash consideration). The cash consideration represents an increase of $0.34 (28.1 percent) per common unit when compared to the closing price per common unit on May 16, 2019, immediately prior to Brookfield’s initial offer and a premium of $0.39 (33.6 percent) to the $1.16 closing price per common unit on September 30, 2019. As an alternative to receiving the cash consideration, each unaffiliated unitholder will have the option (the unit option) to elect to receive one newly designated unlisted Class A Common Unit of the Partnership (the equity consideration) per common unit. The Class A Common Units will be economically equivalent to the common units to be held by the Brookfield Consortium following the closing of the merger, but will have limited voting rights and limited transferability.
而看到這個新聞之後 , 10/1日 當天所有特別股都跳空上漲超過10% , 並且筆者熟悉 如果一家公司 沒有營運上的問題
並且長期財務都是穩健的情況下 , 最終特別股的股價
會回到票面25 元！
而BBU 財務狀況 也是相對穩健的(相較TOO 近年是累虧)
因此筆者就做了一個大膽的交易 ：
1. 把手上的TOO-A 全數 換成 TOO-B
核心的想法就是 ：
最終特別股的股價 會回到票面25 元！
並且TOO-B 在當時的殖利率還高於TOO-A
因此10/1日晚
筆者賣出TOO-A 1000股 在18.6
筆者買進TOO-B 1000股 在18.16
並且持續追蹤相關訊息 , 這個殖利率套利策略在隔天都收到很好的效果 ,
10/2 日 當天TOO-B 持續上漲 , 而TOO-A 則呈現下跌
最後10/4 日收盤價如下
而筆者整理三檔特別股 10/4 收盤的殖利率與股價比較
結論：
1.
長期而言 , 同一公司特別股殖利率都會相近
因此筆者認為 TOO系列特別股 仍有上漲的空間
2.
如果Brookfield Business Partners L.P 營運持續維持穩健
那麼TOO系列特別股 價格回到票面25元的時間
就指日可待了！
下面是一些TOO 的基本資料
ABOUT TEEKAY OFFSHORE
Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore has consolidated assets of approximately $5.2 billion, comprised of 58 offshore assets, including floating production, storage and offloading units, shuttle tankers (including seven new buildings), floating storage and offtake units, long-distance towing and offshore installation vessels, and a unit for maintenance and safety. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.
最末補充收購方資訊
Brookfield Asset Management
都是獲利穩健的公司
旗下有
Brookfield Residential
Brookfield Property Partners
Brookfield Infrastructure Partners
Brookfield Renewable Partners
Brookfield Business Partners
Brookfield Office Properties
公司網站
https://www.brookfield.com/
