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As mentioned by LarryL insurer PartnerRE (not traded) has called 3 issues of preferred stock today. The company, which is now a non-public company, has called their PRE-G 6.50% issue, the PRE-H 7.25% issue and the PRE-I 5.875% issue. Calls are effectiv…

Drug royalty company XOMA Corporation (XOMA) has priced a new preferred. The coupon is 8.375% and it is cumulative. I have defined the dividend as ‘variable’ because earnings are ‘lumpy’ and there may be some dividends that are return of capital. The i…

Well we saw very hot inflation numbers coming from the Producer Price Index (PPI), but markets tend to overlook the PPI and focus on the Consume Price Index (CPI) which will be released tomorrow. You can see that January had a month over month increase…

The OTC grey market ticker for the new KKR Real Estate Finance preferred (KREF) has just been announced. The ticker will be KREFP. I don’t see this issue trading yet on Fidelity or eTrade. It is likely I will take a position for a short term hold

While I didn’t hold any of the issues called today by Telephone and Data Systems (TDS) and majority owned US Cellular (USM) I hate to see 3 baby bonds go all at once. As noted by Woody, Greg and mbg earlier today the related companies are calling 3 iss…

Another week and another record close for the Standard and Poors 500. The index closed the week at 4129 which is a gain of about 3% from the previous weekly close on 4/1 of 4020. The 10 year treasury moved in a 1.63% to 1.74% range before closing the w…

Large diversified REIT KKR Real Estate Finance Trust (KREF) has announced a new issuance of preferred stock. The REIT is externally managed by KKR & Co. (KKR) The issue will be cumulative and have an early redemption period starting in April, 2026….

Brookfield BRP Holdings has priced their new baby bonds. This issue is guaranteed by Brookfield Renewable Partners LP (BEP) as well as other Brookfield subsidiaries. The issue prices at 4.625%–as has been typical of late the pricing is below the ‘yiel…

Brookfield BRP Holdings (Canada) Inc. has announced a new issuance of perpetual subordinated notes. Please note these are ‘perpetual’ meaning no fixed maturity date. The issuer is a subsidiary of Brookfield Renewable Partners LP (BEP) who fully and unc…

Agricultural cooperative CHS (untraded) has just posted a loss for the quarter ended 2/28/2021. A quarterly loss of $38 million in the most recent quarter compares to net income of $125 million in the year ago quarter. CHS has 5 outstanding issues of p…

I had a ‘what the hell’ moment as I looked to see that the new 4.875% baby bonds (HTFB) from Horizon Technology Finance (HRZN) were now trading. I guess there is some desperation to own the 2026 maturity dated issue. It opened at $26. I see the bid/ask…

Container lessor Textainer Group Holdings (TGH) has priced the previously announced preferred issue. The issue is a ‘reset’ issue. The initial coupon is 7% until 6/15/2026 after which the issue will reset at 6.134% plus the 5 year treasury. The issue w…