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Business development company New Mountain Finance (NYSE:NMFC) has priced their new baby bonds at 5.75%.  We note that the company has recently voted to reduce their asset coverage ratio to 150% from 200% as now allowed by law. The issue will trade unde…

Michigan electric and natural gas company CMS Energy (NYSE:CMS) has priced their new baby bonds with a coupon of 5.875%. The issue will have normal terms for a utility which means quarter payments and long maturities (2078)–there will be an early rede…

As the more seasoned preferred stock investors know when interest rates rise the preferred that are knocked down the most are the high quality, low coupon, perpetual issues. We always watch the Public Storage (NYSE:PSA) preferred for hints at direction…

Associated Banc-Corp has priced 4 million new shares (plus 1.242 million shares for overallotment) of a fixed rate, perpetual preferred with a coupon of 5.875%. Of course the shares are non cumulative, being a banking company.  Dividends are qualified…

In what has become a virtual rush to sell debt and preferreds electric and natural gas company CMS Energy (NYSE:CMS) has announced they will be selling a new baby bond issue. Details have not been announced as of yet but the preliminary paperwork can b…

New Mountain Finance (NYSE:NMFC) has announced their intention to sell an issue of baby bonds with a maturity date in 2023.  The permanent ticker symbol will be NMFX when trading begins in a week or two. No details have been released yet, but the preli…

BDC Hercules Capital has priced their new baby bonds with a coupon of 6.25%.  This is a full percentage point above the last issue the company sold. Please note that the maturity date is substantially longer than issues Hercules has sold in the past–i…

Wisconsin regional banker Associated Banc-Corp (NYSE:ASB) has announced the sale of a new issue of fixed rate preferred stock. No details of the new issue have been announced as of yet. The company has 2 issues of fixed rate preferreds currently outsta…

We have gotten notes from readers that the Monroe Capital 5.75% baby bonds (NASDAQ:MRCCL) and the QVC 6.375% baby bonds (NYSE:QVCD) are now trading. The issues are trading about where I thought they would trade.  MRCCL is a shorter maturity baby bond a…

JPMorgan Chase has priced their new fixed rate perpetual preferred right where it was expected–5.75%. The issue is a fairly massive issue with 59 millions shares being issued with another 8.85 million available for overallotments. The issue is normal…

Business development company Hercules Capital  (NASDAQ:HTGC) has announced the issuance of new baby bonds.  The issue has not yet been priced. The new issue will have the normal terms, but the maturity is a bit further out than we prefer as it is in 20…

Conifer Holdings (NASDAQ:CNFR) has announced the sale of a $25 senior note offering.  The baby bonds carry a coupon of 6.75% and will mature in 2023. The company is selling 800,000 shares with an additional 120,000 being available for overallotment. Th…