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In connection with the just completed acquisition of Cincinnati Bell (CBB) by Macquarie the $50 convertible preferred shares of CBB have been called for redemption on 9/22/2021. This lowly preferred (rated CCC/Caa1) was issued way back in 1999. Over th…

Well hoping you all had a good long weekend. We are having beautiful weather in Minnesota – “feels like fall” which is always a great season for me. Of course fall in Minnesota means we are just a few months from winter–ugh. Equity trading was relativ…

Well the big news for the week was the jobs report and it was a doozy. Almost 500,000 below forecast. On the other hand the hourly wages were up .6%–solid wage inflation. The immediately reaction was for the 10 year treasury to drop 2 basis points on…

The incessant redemption of high coupon, quality issues has forced me where I don’t want to go–to the junkier issues. Optionally I guess I could have stacks of cash earning next to nothing–not a great option. In particular I am loaded to the gills wi…

Fed chair Powell may now have another arrow in the quiver to delay any taper in quantitative easing (QE) as the ADP employment report showed new employment at super soft levels. The forecast for the month of August was for 600,000 new jobs–while they…

I see the new baby bonds from environmental company Charah Solutions are now trading (at least on eTrade) under ticker CHRB. Now at $24.87. RayDaBoz also noted this in the comments this morning.

Insurance company Arch Capital (ACGL) has announced the redemption of their 5.25% non cumulative preferred stock (ACGLP) effective 9/30/2021. Holders will receive a dividend of .328 cents/share. Shares are trading at $25.26 so current holders will not…

Well Monday was another record setting day for the S&P500–up a solid 19 points–around .4%. The 10 year treasury traded in a narrow range Monday–1.285% to 1.31% closing at the low for the day at 1.285%. Seems to me investors of all sorts lean to…

Non-publicly traded closed end fund Priority Income Fund has posted their latest annual report–or as it is called ‘Certified Shareholder Report’, for the period ending 6/30/2021. PRIF has been a serial issuer of ‘term preferred’ shares over the last 3…

The Standard and Poor’s 500 hit a record high last week closing Friday 2% higher than the previous Friday. No surprise to me and probably not to you. There is so much cash on the sidelines that is available to ‘buy the dip’ that absent a ‘black swan’ t…

Tellurian Inc (TELL) has priced the previously announced $25 baby bond. The issue prices with a coupon of 8.25% for 2 million shares (bonds) with another 300,000 shares available for over allotments. The issue will have a maturity date of 8/31/2028. Th…

If things go as planned the site will be down tonight around 5 pm (central) for a few hours as the site will migrate to a new server–versus the shared server it has been on. Of course I will post any changes in this schedule as they are known.