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Business development company Stellus Capital (SCM) is selling a new $1,000 note issue with the intention to use the proceeds to redeem the $25/share baby bonds 5.75% notes due 2022. This is another instance of a company choosing to offer institutional…

Moving in a range of 3662 to 3826 the S&P500 closed the week near the high at 3825—a gain of near 2% on the week from the previous weeks close of 3756. The 10 year treasury yield traded in a range of .91% to 1.13% before closing the week around 1…

Giant agricultural cooperative CHS Inc. has released their latest earnings. Since there are no common shares outstanding, but they have 5 preferred stock issues outstanding I thought I would post this note. All of their preferred issues trade at huge p…

You can never know for sure what will happen with stocks and interest rates–the talking heads toss out lots of different opinions and that is just what they are ‘opinions’. With Georgia going to the Dems we see the stock markets flying–oddly, and int…

Insurance company Equitable Holdings (EQH) has priced their new preferred stock issue announced yesterday. The issue prices at 4.30% (which razorbackea stated yesterday early on). Issue is split investment grade, non-cumulative, but qualified. This is…

Insurance and annuity company Equitable Holdings (EQH) has announced the sale of a new issue of non-cumulative preferred stock. The qualified issue should be split investment grade–BBB- by Standard and Poors and Ba1 by Moodys. The company last sold a…

National General Holdings (NGHC) has announced the redemption of the 2 outstanding issues of preferred stock. This call has been anticipated since the company was bought by Allstate–although this is quicker than I personally thought since they just cl…

Over the weekend I did quite a bit of reading and research on both Telephone & Data Systems (TDS) and United States Cellular (USM), which is 82% owned by TDS. TDS has revenue of about $4 billion annually, while USM has revenue of $3 billion. Note t…

If you are holding preferred stocks or baby bonds today you have likely already noted that you are not being harmed by the common share downdraft. With the S&P500 off by over 2% income issues are barely moving–a few cents here and there. Interest…

JMP Group (JMP) has announced a partial call of their 7.25% baby bonds that have a maturity date in 2027 (JMPNL). There are 2 million shares outstanding and they are calling $10 million (400,000) worth of the shares effective 2/4/2021. The call is $25…

So here we go into 2021 and right now the futures are up 155 Dow points–new year-same story. Last week the S&P500 moved in a range of 3723 to 3760 before closing the holiday shortened week at 3756 which is about a 1.5% gain for the week. The 10 ye…

As my ‘real work’ has slowed I have been able to start getting some changes made on this website. As you can see I have been moving some menu’s around–I will be continuing to move stuff. I have ‘requests’ into the web design people to make some change…