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Below are the details of the new Selective Insurance Group (SIGI) preferred stock. The issue will trade under OTC grey market ticker of SLIG today. The pricing term sheet can be found here.

In one of the biggest disappointments of the year Selective Insurance (SIGI) has priced their new non cumulative preferred issue. The issue is rated Ba1 (below investment grade) by Moody’s and has priced with a coupon of 4.60%—-yes 4.60%!! To say I a…

Insurance company Selective Insurance (SIGI) will be selling a new issue of preferred stock. It has been quite a while since SIGI has had an outstanding baby bond or preferred stock–they had a baby bond redeemed on 3/26/2019 and nothing since then. I…

The new senior notes from United States Cellular (USM) have been priced with a coupon of 5.50%. I had personally hoped for a 5.75% simply because these fit in my current wheelhouse pretty good (just a tick or two under investment grade) so I always hop…

Cellular telecom United States Cellular Corp (USM) will be offering a new $25/share baby bond. The issue will likely be rated BB by Standard and Poor’s and Ba1 by Moody’s. The company currently has 4 baby bond issues outstanding with coupons ranging fr…

Once again we will have markets dominated by news of vaccines for Covid 19–we are getting very close to approval and the start of vaccinations. Once again there is no reason to believe markets will turn lower as virtually ‘all news is good news’. The…

Each day common stocks go higher and higher–where it stops no one knows–really NO ONE. I can find all sorts of fundamental data that would show that the never ending climb higher in equities is silly–but really who cares about fundamental data? We a…

Kicking off another week with some trepidation as states around the U.S. go into various forms of ‘lockdowns’. In Minnesota bars and restaurants and fitness centers will again take the brunt of the economic damage as all of them have been ordered to sh…

As noted by mcg below the OTC ticker has been announced as VORTP. Vornado Realty Trust (VNO) has priced the previously announced new perpetual preferred stock. The coupon is 5.25%. The issue is cumulative, but non-qualified for preferential tax treatme…

Office REIT Vornado Realty Trust (VNO) will be selling a new issue of $25 preferred stock. The terms of the issue are typical–cumulative, optionally redeemable in about 5 years and non qualified. The company has 3 other issues outstanding, 2 of which…

Insurer CNO Financial (CNO) has finally priced the previously announced new issue of baby bonds. The issue will carry a coupon of 5.125%. The issue is rated below investment grade by Standard and Poor’s at BB and Moody’s at Ba1. Fitch rates it at BB as…

Brookfield Finance I (UK) PLC, a Brookfield Asset Management (BAM) company has sold a new issue of $25 subordinated notes. These notes are fully and unconditionally guaranteed, on a subordinated basis, by giant asset manager Brookfield Asset Management…