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Self storage giant Public Storage (PSA) has announced that they will issue new preferred stock. The company which has long depended on preferred equity issuance to finance the business currently has no older issues redeemable. The PSA-X and PSA-W issue…

I see that the 3 preferreds from Altera Infrastructure are moving strongly higher today. The move higher is on an announced open market buyback of shares as they have been trading down in the $14/share area. Altera is the old Teekay Offshore which is n…

UPDATE–They garnered a 1.75% coupon on the new issue–maturity in 2031. Pricing term sheet can be found here. Entergy Texas will be calling some or all of their 5.625% 1st Mortgage baby bonds due 2064 (EZT). These 1st became callable 6/1/2019. The com…

The S&P500 had another down week last week–but not by much as a frantic rally on Friday helped the week. The index had a low of 3209 with a high of 3320 before closing the week at 3298 which is 2/3% lower than the Friday before. As has been the no…

Almost without doubt equity markets are waiting on stimulus from congress. Like a junky looking for their next ‘fix’ this market is built on the Fed printing press and the big spenders in the government. Actually after all the months of crazy large gai…

Lodging REIT Ashford Hospitality (AHT) continues down the road to insolvency. It is likely many of you have followed this saga, but new twists and angles continue to be unveiled. I follow it a bit–not close as I have no dog in this fight. AHT has 5 pe…

DTE Energy (DTE) has priced the previously announced baby bonds. The Junior Subordinated Debentures are priced at 4.375%–right where razorbackea said they would price. The company can defer interest payments up to 40 consecutive quarters (10 years) wi…

Michigan utility DTE Energy (DTE) is coming to market with new junior subordinated debentures. The company will call their junior subordinated debentures with a 5.25% coupon (DTQ). This issue has been callable since 2017 and is the only issue currently…

But really the selloff of common shares is really quite orderly and certainly is not a panic selloff. We all know common shares have been near la la land–so a 800 Dow point drop is not frightening or unexpected. Of course I care about baby bonds and p…

The S&P500 fell by 22 points last week–about .6%. The index traded in a range of 3292 to 3429 closing toward the bottom of that range at 3319. As has become the norm the 10 year treasury traded in a range of .65% to .70% closing the week at .69% 2…

Affiliated Managers (AMG) has priced their previously announced baby bond. The coupon will be 4.75%. The issue is investment grade being Baa1 by Moodys and BBB- by Standard and Poors. The issue has a maturity date in 2060 and an optional redemption per…

Another investment grade baby bond is being issued by Affiliated Managers (AMG). The company joins the issuance parade of investment grade firms selling baby bonds to lock in some nice coupons. The company is rated BBB- by S&P and Baa1 by Moodys. T…