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Wesco International (WCC) which merged with Anixter International earlier his year is about to make their 1st dividend payment on the juicy 10.625% fixed rate reset cumulative preferred on the 30th of the month. The WCC-A issue went ex-dividend today f…

Canadian company Brookfield Infrastructure Partners (BIP) has announced a new issue of $25 preferred stock units (called units not stock if issued by a partnership). This is a quality issue, but will come with a K-1 at tax time since it is a partnershi…

Business Development Company OFS Capital (OFS) will be selling a new issue of $25 notes. The company already has 3 issues outstanding with coupons ranging from 5.95% to 6.50% and you can see them here. All issues are trading substantially under $25. Th…

Trading in a range of 3310 to 3426 and closing at 3341 last week the Sp500 had a holiday shortened week loss of about 3%. The 10 year treasury moved in a range of .66% to 72% and closed the week at .67%. Rates continue to hold fairly steady in spite of…

As predicted by some yesterday small Virginia community bank MainStreet Bancshares (MNSB) has priced their new preferred offering at 7.50%. They are selling 1 million shares with an over allotment available of 150,000 shares. The issue is non-cumulativ…

Capital One Financial (COF) has announced pricing for their new preferred stock issue. The coupon will be 4.625%. The issue is non-cumulative and split investment grade (IG from Moody’s-non IG from S&P). The issue will have early redemption availab…

Not to be left out of the gravy train of low coupon preferreds Capital One Financial (COF) has announced a new issue of preferred stock. The company has numerous preferred issues already outstanding which can be seen here. Only 1 of the issues is near…

Another smaller community banker is getting on the preferred stock issuance train. Virginia community banker MainStreet Bancshares (MNSB) will be selling a new non-cumulative perpetual preferred. Note that this is a pretty tiny bank with $1.5 billion i…

We all knew it was coming and it did come in at a low coupon. FRC has priced 20 million shares at 4.125%. Shares should trade OTC grey market today under ticker FRCLL today. I will post my normal pricing post when the filing is made on this issue.

Private banker First Republic Bank (FRC) will be selling a new non-cumulative preferred stock issue. At the same time the company announced the new offering, they announced they would be calling for redemption their series F issue (FRC-F) 5.70% issue w…

American Financial Group Inc. (AFG) has priced their previously announced baby bonds. The bonds priced at 4.50%. These are rated BBB- by Standard and Poors and Baa2 by Moodys. Shares will trade in the next week or so under the ticker AFGE. Being a baby…

Insurer American Financial Group (AFG) will be selling a new issue of baby bonds. Like all of the AFG baby bonds they have the right to defer interest payments for up to 5 years without a default. The issue will be rated investment grade by Moodys and…