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Banker KeyCorp (KEY) has priced their newly announced fixed-rate reset preferred. The issue is split investment grade (Moodys is IG, S&P and Fitch are not) and carries a nice initial fixed rate of 6.2%. The reset spread is 3.132% which is added to…

Large banker Keycorp (KEY) has announced a new issue of fixed rate reset preferred stock. Fixed rate reset preferreds have a fixed rate coupon for about 5 years and will then reset based on the 5 year treasury plus a ‘spread’–then the issue will reset…

Midland States Bancorp (MSBI) has announced a new fixed rate reset perpetual preferred. A fixed rate reset pays a fixed coupon for about 5 years and then the coupon is reset to the 5 year treasury plus a fixed spread. The issue will be qualified and no…

Hard money lender Sachem Capital (SACH) has announced they will be selling a new issue of baby bonds. SACH has many issues of baby bonds outstanding and 1 issue of perpetual preferred which can be seen here. They last sold a baby bond in May with a cou…

CLO (collateralized loan obligation) owner Eagle Point Credit (ECC) has released their most recent quarterly update. ECC owns the highest risk tranche of CLO’s – the equity tranche. This means they are first to take a loss if there are defaults in the…

Below are press releases from company’s that have preferred stock or baby bonds outstanding. Valley National Bancorp Declares Its Regular Quarterly Preferred and Common Stock Dividends SL Green Realty Corp. Announces Common Stock Dividend CoBank to Off…

I have bought a another small taste of commercial mREIT KKR Real Estate Finance (KREF) 6.50% perpetual preferred (KREF-A)–I held a small position already. Current yield on the security is just under 7%. Shares are trading in the $23.38 area and have a…

Below are some press releases from companies that have preferred stock and baby bonds outstanding. Harbor Custom Development, Inc. Reports 2022 Second Quarter and Half Year Financial Results Atlanticus Announces Approval of Quarterly Preferred Stock Di…

Income issues are solid today on a slight nudge from a double whammy from lower oil prices – slower growth in China at the same time Saudi Arabia indicates the may increase crude output. This combination has served to push interest rates down by 6-8 ba…

As noted by J in the Reader Initiated Alerts early this morning Altera Infrastructure has filed a Chaper 11 bankruptcy petition. Altera is controlled by Brookfield Business Partners (BBU) The company had 3 preferred issues outstanding which can be seen…

So last week the S&P500 moved higher by 3.3% after inflation numbers were released and investors seem to think that ‘all is clear”. The 10 year treasury ended last week higher by 1 basis point from the previous Friday–closing at 2.85%. The yield h…

In the past folks have had to wait way too long for the comments page to load because we had so many comments on some pages – i.e. Sandbox and Reader Alerts. Finally I figured out how to make this change and now I have it set up to load a limited numbe…