Home

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…

Utility Entergy (ETR) has announced a new 1st mortgage bond ($1,000) with which they will be calling some of their Entergy Arkansas baby bonds. The prospectus is here and under use of proceeds shows the coming call. They will be calling the 4.90% issue…

Finally we saw a downdraft in common shares last week as the S&P500 traded in a range of 3350 to 3588 and closed Friday at 3427–a drop from 3508 the previous Friday. The 10 year treasury traded in a range of .61% to .74% before closing at .72%–cl…

You can find the most recent update to the preferred/baby bonds spreadsheet here. This contains more newer issues (although still maybe 5 or so are not on there yet), called issues removed, tweaks to ‘yield to worst’, corrections to any errors I find a…