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While updating the asset coverage ratios on the CEF preferreds tonight a glaring issue jumped out at me relative to the Gabelli Multimedia Trust (GGT). This CEF has 2 preferred issues outstanding. On 6/30/2020 the trust had an asset coverage ratio of 2…

Wells Fargo (WFC) has announced the redemption of the series T and V issues of $25 preferreds stock. Both carry 6% coupons. The series T had previously had a partial call on 2/12/2020 of 26.7 million shares leaving 5.28 million shares outstanding. The…

Under normal circumstances I would say “what the hell” in reaction to the current movements in equity and interest rate markets, but with the elections I simply say just another day to ignore and to wait longer before taking any actions whatsoever. As…

Last week I added to my positions in some of the CEF preferreds–not necessarily those I prefer to hold, but just the same, ones I feel comfortable holding. At the right price I prefer the Gabelli related preferreds, but most of them have been priced t…

I’ve closed the comments–keep us all from going off the rails. We’ve waited all year for elections and even though a good shares of all of us have already voted tomorrow is ‘election day’. I was really surprised to see equities head so sharply today–…

General Finance (GFN) has announced a partial call of their outstanding 8.125% baby bonds (GFNSL). On 11/30/2020 they will redeem $57.2 million of the $77 million outstanding. Shares are now trading at $25.16 and have a potential of 3 interest payments…

FLASH–large mall owner CBL Properties (CBL) has finally officially filed for Chapter 11–they have 2 preferred issues outstanding, both selling around 65 cents/share–they will now be worthless. Also Pennsylvania Real Estate Investment (PEI) has filed…

This week I removed a comment from the comment stream. The way this works is if I ‘unapprove’ a comment it removes the comment and all of the responses to that initial comment. So if you notice some comment you made ‘missing’ it may have been in the co…

While I am not a holder of any REIT preferred issues that are retail focused those with a bit more risk tolerance may want to consider these issues. The 2 issues are from retail focused REIT Saul Centers (BFS). These 2 issues, the 6.125% perpetual pref…

The pressure has been on common shares all week and through yesterday the general market downdraft had pulled preferred shares an baby bonds down by about 15 cents on the week. Right now the average share price is down by 29 cents on the week and while…

Banker Bank of America (BAC) priced the new issue of preferred stock with the coupon a little lower than ‘yield talk’. The issue priced at 4.375%. The issue is low investment grade. The company is selling a giant 44 million shares, and as many people p…

Giant banker Bank of America (BAC) has announced that they will be selling a new issue of preferred stock. The company has 11 current preferred issues outstanding ($25/share issues) and 5 are currently redeemable–BUT these 5 are low coupon floaters wi…