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Obviously investors are clamoring for short dated maturities any where they can find them. The new 5% Gladstone Investment baby bonds (GAINN) began trading today and investors drove the price right up to $25.61. With turmoil in the bond market it is ce…

Can I say ‘weasel’ anymore–don’t want to offend those poor little guys. Anyway I meant to say interest rates. After being tame 1/2 of today rates have taken off and will likely close at the highest level in about a year–up about 8 basis points. I sus…

Below is the chart with all of the new issues that have been sold since 12/11/2020 (nothing special about this date–just when I started tracking them). I do not cover ‘equity units’ on this website. The new baby bond from Gladstone Investment (GAIN) i…

Closed end fund Priority Income Fund has registered a new offering of Term Preferred Shares. The new issue will be PRIF-G, if it is sold. Priority has a habit of registering new issues and then waiting weeks and weeks before consummating the deal. We s…

Well let’s get some more money and toss it out of airplanes–even the Federal Reserve is behind the plan – go big (or go home)! I haven’t watched any business news on the tube the last 2 days-they are probably giddy with irrational exuberance. Whatever…

The S&P500 took a bit of a spanking last week closing the week at 3811 after closing the previous week at 3907–a loss of around 2.5%. In spite of this loss the index is only 3% or so from an all time high closing high. The 10 year treasury yield s…

Collateralized loan obligation (CLO) owner, organized as a closed end fund, Eagle Point Credit (ECC) has posted a new quarterly update which is here. The company has 2 baby bonds outstanding with maturities in 2027 and 2028 as well as 1 term preferred…

Right now as as I search for something to buy the best idea I have is to add to positions in the US Cellular (USM) or Telephone and Data Systems (TDS). Of course these are related companies as TDS owns most of USM. Both companies have baby bonds outsta…

With about 65% of baby bonds and preferreds being down today there is no doubt that investors in income issues are taking a bit of pain today. It is always disappointing to have a losing month–but I am focusing on the improved current yields on some i…

Texas Capital Bancshares (TCBI) has priced their previously announced new preferred stock offering. The issue prices at 5.75%. The issue is non-cumulative and qualified. The new shares are rated B+ by S&P and Ba2 by Moody’s (both below investment g…

Texas Capital Bancshares (TCB) has announced they will be selling a new issue of preferred stock. The company has 1 outstanding 6.50% preferred already which can be seen here–this issue will be redeemed with the proceeds of this new issue. The prelimi…

Business development company Gladstone Investment (GAIN) has priced their previously announced baby bonds. The coupon is a rock bottom 5.00%. The issue is rated BBB by Egan-Jones. The issue will not trade OTC grey market, but should start exchange trad…