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We start off the week right away with another new preferred issue being announced. Insurer Brighthouse Financial (BHF) has announced they are selling a new non-cumulative preferred. The issue will be rated BBB- (low investment grade) by Standard and Po…

Well we are starting a new week—will it be an up week or a down week for equities—no one knows but almost undoubtedly it will be exciting. The S&P500 opened last week at 2908 and traded in a range of 2766 to 2946 before closing the week at 2864…

$18 billion in assets community banker First Midwest Bancorp (FMBI) is selling a new issue of preferred stock. The coupon is 7% and the issue is non-cumulative. The normal optional early redemption period will begin 8/20/2025 and on any dividend paymen…

UPDATE–the OTC Grey market ticker will be FAMCP with the permanent ticker AGM-E Agricultural lender, Federal Agricultural Mortgage (AGM) has announced a new offering of preferred stock. The issue will have a fixed rate coupon of 5.75%, will be non-cum…

This week finally looks like the week where investors start to realize that the economic damage done to the global economy will not be quickly repaired. For anyone watching Fed Chair Powell this morning he was in a somber mood–and trying to tamp down…

Stifel Financial (SF) has priced the previously announced new preferred stock issue. The 8 million share issue has been priced at 6.125% and will be non-cumulative and become optionally redeemable (at the company’s option) on 6/15/2025. The company pla…

mREIT Invesco Mortgage Capital (IVR) has reinstated the dividends on their preferred stock issues as well as common shares. The company had previously suspended the declared dividends in an announcement 3/24/020—the payment was to be made 4/28/2020….

Stifel Financial (SF) will be selling a new issue of fixed rate, non-cumulative preferred stock. The issue will be redeemable beginning 6/15/2025 at $25 plus accrued dividends. SF has 2 preferred issues outstanding currently as well as 1 baby bond–you…

I hate to sound like a broken records, but investors have to watch the preferred stocks and debt of the Collateralized Loan Obligation (CLO) company’s and in particular right now Oxford Lane Capital Corp (OXLC). While this situation MAY turn out just f…

The hated energy retailer Spark Energy (SPKE) has made a tender offer for their 8.75% Fixed-to-Floating rate preferred (SPKEP). The tender is at $18/share for up to 1 million shares out of a total outstanding of 3.6 million shares. Given that the share…

The S&P500 moved in a higher range of 2798 to 2932 last week and clsoed the week at 2930-right near the high for the week and up around 3.5% on the week. The 10 year treasury moved in the normal range of .62% to a high of .71% before closing the we…

Certainly everyone knows by now that the money market feast (feast is relative to zero interest rates received a few years ago) is over. While one could take comfort in their cash holdings receiving 1.5-2% or so last year those days are gone. I noticed…