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As mentioned last night B Riley (RILY) priced 8 million $25 baby bonds at 6%–twice the number of bonds pre-announced. The bonds will trade in a few days on NASDAQ–those wanting earlier bonds will have to call their brokers bond desk with the CUSIP. T…

Banker Truist (TFC) has announced that they will be calling 2 issues of perpetual preferred stock. They will be calling the TFC-G 5.20% issue and the TFC-F 5.20% issue on 3/1/2021. There are a total of 38 million shares outstanding. The company press r…

While the SEC documents have not yet been filed, thus not all details are known, B Riley (RILY) has priced a larger than expected baby bond issue. The company has priced the bonds at 6%, and instead of the original offering of 4 million shares they hav…

B Riley (RILY) announced they will be selling a new issue of $25/share baby bonds. The new bonds will have a maturity date in 2028 and will be early redeemable starting in 2022. If called after 1/31/2022 and prior to 1/31/2023 the call is at $25.75. If…

At the top of the page you will see a new tab–FORUMS. I had mentioned numerous times this was coming and now it is here. I have ‘played’ with it for a few weeks and think I understand how it works. If anyone would like to use it we can all learn toget…

I figured it would be a quiet day in the various markets today. Stocks are up a little bit while interest rates are just treading water–plus and minus 2 basis points. It is so quiet today I turned on Janet Yellen being quizzed for confirmation for Tre…

Well after a long weekend (at least for some) we are ready to get to going on the investment week. We will of course have the Biden/Harris inauguration on Wednesday of this week. I don’t think there will immediate investing consequences–more of a wait…

mREIT Dynex Capital (DX) has announced a redemption of their 7.625% perpetual preferred (DX-B) The announcement can be found here. Redemption will occur on 2/15/2021. No loss will accrue to holders as shares are trading at $25.12 now. Ron Ramsey mentio…

In what is becoming an all too familiar trend a $1,000 note will be issued to call a $25 baby bond. BDC Monroe Capital (MRCC) will be selling a $1,000 note to redeem their 5.75% Notes due 2023 (MRCCL). There will be no damage to baby bond holders as sh…

BDC Newtek Business Services (NEWT) has priced their previously announced baby bond with a coupon of 5.50%. The issue will trade under ticker NEWTZ (note this ticker has been used before). There will be no OTC grey market trading so if an investor want…

Public Storage (PSA) sold a decent sized note issue today–$500 million with maturity in 2026 with a coupon of .875%. Pricing term sheet is here. I wonder if PSA is going to start taking on more debt and move away from preferred stock financing? The ‘u…

Newtek Business Services (NEWT) has announced they are selling a new issue of $25 baby bonds. NEWT currently has 2 baby bonds trading–a 6.25% coupon and a 5.75% coupon which can be seen here. The 6.25% issue is currently callable and the company has i…