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Finally the detail on the new American Financial Group (AFG) has been released. The issue should trade in the next week or so. You will have to check your broker website to see when it trades–or if you are impatient you can place a phone call to your…

Insurer American Financial Group (AFG) has priced their new issue of subordinated notes. The SEC documents have not yet been filed so I will post further detail tomorrow morning. The coupon will be 5.625%. The ticker will be AFGD. Standards and Poor’s…

Insurer American Financial Group (AFG) will be selling a new issue of subordinated debentures. The company currently has 3 other issues outstanding which can be seen here. The company will have the right to defer interest payments for up to 5 consecuti…

Banker First Horizon National Corporation (FHN) has announced the pricing of their new preferred stock. The coupon will be 6.50%. The issue is non-cumulative and is rated BB- by Fitch and Ba2 by Moodys–not investment grade. The permanent ticker will b…

Tennessee banker First Horizon National Corporation (FHN) will be selling a new issue of Non-Cumulative preferred stock. The new issue will be rated BB- by Standard and Poors and Ba2 by Moodys—both non investment grade. The company has one other pref…

Truist Financial (TFC) has priced the previously announced non-cumulative preferred stock. The issue will carry a fixed rate coupon of 5.25%. The issue is a large one of 20 million shares with another 3 million available for over allotment. The shares…

You know it is happening–I know it is happening–the question is to what level phony mortgages are being written in the commercial mortgage market? We all have our own thoughts and opinions on subjects like this, but to truly get to the bottom of it y…

Yesterday I made a purchase of a 1/2 position in the South Jersey Industries 5.625% Junior Subordinated notes (SJIJ). While the issue is a notch under investment grade it appears that the risk/reward was about right for the price I paid–$24.80–a curr…

Truist Financial (TFC), which is the new name of the company composed of BB&T and SunTrust Bank which previously merged, is offering a new preferred issue. The issue will be non-cumulative and investment grade and will have the relatively typical t…

Insurance company Brighthouse Financial (BHF) has priced their new issue of non-cumulative preferred stock. The issue is split investment grade (investment grade per S&P, but not per Fitch or Moody’s). The issue will trade today on the OTC grey mar…

Looking over accounts today it is difficult to not like the nice gains I have today—I don’t necessarily understand the market movement from a common sense perspective, but just the same I will take the gains. In spite of the gains there are still ple…

Nomad–if you are out there let us know. Many folks are wondering if you are ok since we haven’t heard from you for a while.