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2wr reminded me that I missed the obvious in this article. All closed end funds have the right to call their preferred stock if they violate leverage rules–at any time. It is likely most funds would not want to do this because the income they receive…

Time to get back to the markets–a beautiful, warm weekend in Minnesota makes one forget we could be hammered by a blizzard within a couple weeks–oh well enjoy the warmth while I can. Last week was a bit crazy in the equity markets–nothing too new I…

Looking for a little relief – any relief – albeit probably temporary. The 10 year treasury which hit 4.31% earlier this morning appears to be backing off a bit–now trading around unchanged at 4.23%. You would think after the run-up we have had in the…

Interest rates are up again this morning–the 10 year treasury yield is up 3 basis points to the 4.26% area–of course we are at levels not seen since 2008. Equity futures are off about .4%. I’m ready for the weekend–it provides 2 days for mental rest…

Below are some press releases from company’s which have preferred stock or baby bonds outstanding. Stifel Financial Schedules Third Quarter 2022 Financial Results Conference Call FAT BRANDS INC. REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS Compass Dive…

The grind higher in interest rates (or should I say sprint higher) is painful – not just in a monetary fashion, but on a persons mentality – I am certainly glad I have no intention of using my investments anytime soon. My accounts hit new lows today–I…

Another day starting ‘green’ in the futures market–do we have a rally day or do equity prices dump like yesterday? Right now (7 am central) the S&P500 is up by just over 1/2%. The 10 year treasury yield, which closed yesterday at 4.13% is now at 4…

Saratoga Investment Corp (SAR) priced their baby bonds last night and below are the details. The coupon is 8%, with a BBB+ rating from Egan-Jones. The issue will trade under ticker SAJ–there is not OTC market trading–it will likely trade next week so…

Below are some press releases from company’s that have preferred stock or baby bonds outstanding. PacWest Bancorp Announces Results for the Third Quarter 2022 Hovnanian Enterprises Reiterates Fiscal 2022 Guidance Except for Updating EPS Guidance to Bet…

BDC Saratoga Investment (SAR) has priced their new baby bond at 8%. The press release is here.

Gabelli runs many closed end funds (CEFs) and since they must maintain a 200% coverage ratio on senior securities (mainly preferred stock) it is nice to occasionally glance at their coverage. Gabelli makes it easy on us all–they post the leverage each…

The 10 year treasury is up 11 basis points at this moment at 4.11%—too fast of a move, although income issues are not getting hit too bad thus far–I’m surprised. Equities which were modestly strong last night and into early today (futures market) mo…