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Once again a $1,000 note is being issued with the proceeds being used to call a $25 baby bond. Business development company Prospect Capital (PSEC) has announced a new $1,000 note issue with the intention of calling a baby bond. The 6.25% notes due 202…

The new preferred issue from Equitable Holdings (EQH) has transitioned to the big board today. As normal the issue had been trading on the OTC grey market prior to permanent trading on the NYSE. The issue closed today under ticker EQH-C on the big boar…

Credit rating corrected to BBB- investment grade from Standard and Poors. Brookfield Infrastructure Partners LP (BIP) has priced the previously announced preferred stock unit offering. As expected the issue priced at a coupon of 5%. The company will se…

Yesterday I had just written about the 10 year treasury yield hitting the 1.18% level when rates began to move off the high, which was up 5 basis points from the previous close. The yield ended the day at about 1.14%. Today the high was 1.13% with a cl…

2whiteroses reminded me that I need to point out where data I have on the website can be found. On the top of the page if you click ‘Baby Bonds’ a page with all the baby bonds comes up – straightforward. Less straightforward is the “Preferred” tab. Her…

Update–The OTC temporary ticker for this issue will be BIPFF Brookfield Infrastructure Partners (BIP) has announced they will be selling a new preferred unit (it is a partnership so they are units instead of stock). The company currently has 1 other p…

The OTC grey market ticker is LANPP Ag REIT Gladstone Land (LAND) has priced their new preferred with a coupon of 5%. This is an very low coupon for the quality of this company–BUT the marketplace will decide through supply and demand. The issue is mo…

Well once again the 10 year treasury yield has moved higher–thus far today it is 5 basis points higher to 1.18%. Thanks to Bea I had added back the preferred share loss/gain page. I had removed it previously trying to consolidate info, but Bea asked a…

We had noted yesterday that Stellus Capital (SCM) was calling their 5.75% baby bonds with proceeds from a new $1000/ note issue. The $1000 issue priced at 4.875%. Additionally, as noted by EarlyBird this morning. the reopening of the 7.50% perpetual pr…

Farm REIT Gladstone Land (LAND) will be selling a new term preferred stock. The proceeds will be used to redeem LANDP Of course a ‘term’ preferred differs from most preferred issues as it will have a mandatory redemption date. In this case the issue wi…

After the 19 basis point rise in the 10 year treasury yield last week this week is starting off with a 3 basis point increase. Trading seems firm in the 1.13% area. The continuation of rates will start to ‘bite’ a bit each step of the way for holders o…

Ticker Corrected Franchise Group (FRG) has announced a reopening (further share sales of a previous issue) of the 7.50% cumulative, qualified perpetual preferred shares. NOTE–dividends are only qualified if the company is profitable–otherwise they ar…