Hello Together

[mid range]

You might consider buying UNMA on a dip and holding a year. It is a UNM note currently at $27.02. You would have excellent downside protection. It is callable at $25 on 6/15/2023. As long as the common pays such a large dividend there is a possibility it won't be called in 2023. The risk with UNM common is that they, like anyone else, could lower their dividend.

UNM is at $26.54 with an annualized dividend of $1.20. UNMA is at $27.01 with an annualized dividend of $1.56.