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I just knew this had to start happening–and I am less than happy that the Gabelli funds have now figured out they can save a bunch of money by calling old outstanding perpetuals. Gabelli Convertible and Income Securities Fund (GCV) has announced a red…

The New York FED (who performs open market operations for the FED) did a pretty giant REPO today. They did a $73 billion overnight (1 day) repo and an additional $31 billion of 15 day transactions–totaling over $104 billion. Previously they had hit $8…

Below are the details on the new mREIT Ellington Financial (EFC) fixed-to-floating rate preferred. As usual to me seems like a meager coupon at 6.75%. The pricing term sheet can be found here. Nomad was right on this one Wednesday afternoon.

Below are the details on the new investment grade note issue from Aegon Funding LLC. The ticker has not been announced–and may not be before trading on the NYSE–if it is announced we will post it. There is no OTC Grey market trading so one will need…

Wednesday brought a flurry of activity on the Highland Capital Management LP bankruptcy and that activity was not really welcome. Boring is good. While it is unlikely that the Highland Income Fund (HFRO) will be directly affected lawsuits and bankruptc…

mREIT Ellington Financial has announced a new issuance of fixed-to-floating rate preferred. I believe this will be a first for the company and as such I am not too familiar with them. The preliminary prospectus is here.

While this is a week old I just came across this items. Claymore (a highland affiliate) filed suit against Credit Suisse back in 2013 and thus far has been awarded $393 million by the courts. This has not settled yet. Any award that is received will be…

I added a few more shares of the Highland Income Fund 5.375% preferred (HFRO-A) just now at $24.73–this brings me overweight on the issue. See the article below for further news. This is not a recommendation to follow me–if these types of things make…

A large block sell just took the Highland Income Fund 5.375% preferred down 40 cents to $24.89 or so–HFRO-A. UPDATE There is an old issue with a Highland Fund going back to 2011. I don’t believe this should have any affect on the Highland Income Fund-…

Aegon Funding has priced their previously announced baby bond with a fixed rate coupon of 5.1%. It is a giant issue of $925 million. Further detail will come when the filing hits the SEC–but here is their press release.

Investcorp Credit Management BDC, Inc (ICMB) is selling shares of a 6.125% note issue with a maturity date in 2023. ICMB is a BDC. This issue was previously issued by CM Finance, which was purchased by Investcorp. The issue trades under CMFNL and close…

REIT Washington Prime Group (WPG) has refinanced 4 properties at the rock bottom rate of 3.67%– interest only loan due in 2029. The company paid off a 7.50% coupon note. It would appear that the press release was squarely aimed at Brad Thomas who has…