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Bank of Hawaii (BOH) will be selling a new issue of preferred stock. The issue will be non-cumulative, but qualified. The permanent ticker will be BOH-A when it trades on the NYSE after a short stint on the OTC grey market (ticker not yet known). The p…

Below are the details of the new commercial mREIT TPG RE Finance Trust (TRTX) perpetual preferred stock. The pricing term sheet can be read here.

Commercial mREIT TPG Real Estate Finance Trust (TRTX) has priced their new preferred stock issue. The SEC documents have not been published so all the details are not known, but this press release gives the basics–priced at 6.25% for 7 million shares…

Self storage giant Public Storage (PSA) has priced their new preferred issue. The pricing is 4.00%–the issue is cumulative and non qualified. The issue is strongly investment grade from both Standard and Poor’s and Moody’s as shown in the chart below….

While the new preferred issue pricing from mREIT TPG Real Estate Finance (TRTX) has not been posted, the new OTC Grey Market ticker is TRTXP. The issue will trade tomorrow morning.

While the new issue pricing has not yet been announced the OTC Grey Market ticker has been assigned as PSALL The issue will trade tomorrow.

Capital One Financial (COF) will be selling a new Fixed Rate Reset perpetual preferred with a liquidation preference of $1,000/share. The issue is non-cumulative, qualified and split investment grade. As many of you know a Fixed Rate Reset preferred ty…

Self storage giant Public Storage (PSA) will be selling a new low coupon (assumed) preferred stock issue. This issue will be strongly investment grade. PSA is redeeming the PSA-C 5.125% issue with some of the proceeds of this new issue. Terms on the ne…

Commercial mortgage REIT TPG Real Estate Finance Trust (TRTX) will be selling a new cumulative preferred stock issue. As is fairly normal for a REIT preferred the company has an optional redemption period starting in 2026 and the issue is cumulative, b…

NOTE–last week was a most frustrating week for me. I was away from the office and had forgotten my laptop charger at home. In normal times–no problem–just find a Best Buy or Walmart and pick up a new one—but I found out there were none to be had (…

Terra Property Trust priced their previously announced baby bonds. The issue prices at 6.00% for 3.14 millions shares (bonds) with another 460,000 for over allotment. The pricing term sheet can be read here.

Arch Capital (ACGL) has priced their new preferred issue the a coupon of 4.55%. They are selling 20 million shares. Of course they are non cumulative, but qualified. The issue is rated BBB by Standard and Poor’s and BBB by Fitch. The pricing term sheet…