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mREIT Dynex Capital (DX) has announced a redemption of their 7.625% perpetual preferred (DX-B) The announcement can be found here. Redemption will occur on 2/15/2021. No loss will accrue to holders as shares are trading at $25.12 now. Ron Ramsey mentio…

In what is becoming an all too familiar trend a $1,000 note will be issued to call a $25 baby bond. BDC Monroe Capital (MRCC) will be selling a $1,000 note to redeem their 5.75% Notes due 2023 (MRCCL). There will be no damage to baby bond holders as sh…

BDC Newtek Business Services (NEWT) has priced their previously announced baby bond with a coupon of 5.50%. The issue will trade under ticker NEWTZ (note this ticker has been used before). There will be no OTC grey market trading so if an investor want…

Public Storage (PSA) sold a decent sized note issue today–$500 million with maturity in 2026 with a coupon of .875%. Pricing term sheet is here. I wonder if PSA is going to start taking on more debt and move away from preferred stock financing? The ‘u…

Newtek Business Services (NEWT) has announced they are selling a new issue of $25 baby bonds. NEWT currently has 2 baby bonds trading–a 6.25% coupon and a 5.75% coupon which can be seen here. The 6.25% issue is currently callable and the company has i…

Once again a $1,000 note is being issued with the proceeds being used to call a $25 baby bond. Business development company Prospect Capital (PSEC) has announced a new $1,000 note issue with the intention of calling a baby bond. The 6.25% notes due 202…

The new preferred issue from Equitable Holdings (EQH) has transitioned to the big board today. As normal the issue had been trading on the OTC grey market prior to permanent trading on the NYSE. The issue closed today under ticker EQH-C on the big boar…

Credit rating corrected to BBB- investment grade from Standard and Poors. Brookfield Infrastructure Partners LP (BIP) has priced the previously announced preferred stock unit offering. As expected the issue priced at a coupon of 5%. The company will se…

Yesterday I had just written about the 10 year treasury yield hitting the 1.18% level when rates began to move off the high, which was up 5 basis points from the previous close. The yield ended the day at about 1.14%. Today the high was 1.13% with a cl…

2whiteroses reminded me that I need to point out where data I have on the website can be found. On the top of the page if you click ‘Baby Bonds’ a page with all the baby bonds comes up – straightforward. Less straightforward is the “Preferred” tab. Her…

Update–The OTC temporary ticker for this issue will be BIPFF Brookfield Infrastructure Partners (BIP) has announced they will be selling a new preferred unit (it is a partnership so they are units instead of stock). The company currently has 1 other p…

The OTC grey market ticker is LANPP Ag REIT Gladstone Land (LAND) has priced their new preferred with a coupon of 5%. This is an very low coupon for the quality of this company–BUT the marketplace will decide through supply and demand. The issue is mo…