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Giant triple net lease REIT VEREIT (VER) has announced that they will be redeeming 6 million shares of the 6.70% perpetual preferred (VER-F) issue. Last week the company sold some debt and at the time stated they would likely redeem more of this giant…

I have not yet seen any pricing on the new Brookfield Infrastructure Partners (BIP) preferred issue.. I have noted that since the start of the pandemic that pricing is slower as is the movement from the OTC grey market to the permanent exchange. Some o…

AS NOTED BELOW IN THE COMMENTS FROM GRIDBIRD THIS ISSUE IS NOW TRADING UNDER TICKER WCC-A AND LAST PRICED AT $27.10 NOW ON ALMOST 200,000 SHARES. WE FIND NO RATING ON THE NEW ISSUE, BUT WESCO WAS RATED BB- BY STANDARD AND POORS AND ANIXTER WAS RATED BB…

Giant Canadian partnership Brookfield Infrastructure Partners (BIP) will be selling a new issue of preferred units (preferreds issued by partnerships are call ‘units’, not ‘stock’). This security will issue a K-1 at tax time. The shares will trade on t…

The S&P500 traded in a range of 2966 to 3155 last week before closing on Friday at 3098–a gain of around 2% on the week. The 10 year treasury traded in the range of .66% to .76% last week and closed at .70%. The Fed balance sheet FELL by $74 billi…

THE OTC GREY MARKET TICKER IS HRLLL. Heartland Financial (HTLF) is selling a new issue of Non-Cumulative preferred stock. HTLF is a holding company and owns banks in 11 different states. Headquartered in little Dubuque, Iowa, the company has around $13…

Lodging REIT Ashford Hospitality (AHT) has finally suspended their preferred stock dividends. It was obvious that this was coming. Shares are tumbling on the official news (we all knew this was coming–only a fool would keep paying when they are fighti…

Many of us have held the preferred shares in triple net lease REIT VEREIT (VER) for quite some time. I have a few shares now, but just a taste. The company has a 6.70% perpetual preferred (VER-F) outstanding which was a giant issue–originally around 4…

BDC Saratoga Investment (SAR) has priced their new issue of baby bonds. The bonds will carry a fixed rate coupon of 7.25%. The bonds will have an optional redemption period starting 6/24/2022 and will have a final maturity date of 6/30/2025 There will…

THE OTC GREY MARKET TICKER IS FMDWL First Midwest Bancorp (FMBI) has priced their newest preferred stock issue. Just like the issue sold last month the issue carries a coupon of 7%. The issue is non investment grade, non cumulative , and qualified. The…

I say What the Hell!! First Midwest Bancorp (FMBI) is selling a new issue of $25 preferred stock. FMBI just sold a new issue 1 month ago–so this was a surprise. George M picked this one up early mid day. If you Prefer had it also. The issue will be no…

BDC Saratoga Investment Corporation (SAR) has announced they will be issuing a new baby bond. This issue is rated BBB by Egan-Jones. The issue will trade under permanent ticker SAC when it begins to trade on the NYSE. No OTC grey market trading will ta…