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Storage REIT Public Storage (PSA) has announced the issuance of a perpetual preferred. Previously the company had announced the redemption of the 5.875% PSA-A issue which became redeemable on 12/2. The redemption date is 12/30/2019. The company had sol…

Closed end fund, Kayne Anderson MLP (KYN) is preparing for redemption of their 3.50% monthly paying term preferred shares. They have announced the private placement of mandatory redemption preferreds in amounts that are adequate to redeem the KYN-F sha…

The Gabelli Equity Trust (GAB), a closed end fund, has announced the pricing of their new issue of perpetual preferred stock. As the SEC paperwork has not been filed many details are unknown–we will post details when they are released. The issue price…

It is most interesting that since the FED claimed they are on hold until we see inflation news, markets are not paying too much attention at all to them. They began meeting today and tomorrow they will make an announcement on the Fed Funds Rate–certai…

Gabelli Equity Trust (GAB) has announced the sale of a new issue of perpetual preferred stock. The CEF had already announced the redemption of the GAB-D 5.875% issue for 12/26/2019. With the new issue the company will have 4 issues outstanding–none of…

Thanks to Zwei, who posted in the Reader Initiated Alerts page, we have now seen the official notice of redemption of the ALL-A, 5.625% perpetual preferred being called. The issue is being called 1/15/2020 which is the next dividend payment date (Allst…

WR Berkley (WRB) has priced their new issue of subordinated debentures with a fixed rate coupon of 5.10%. The issue is investment grade. Maturity is way out in 2059, with an early redemption period starting in 2024. There will be no OTC market trading,…

WR Berkley (WRB) has announced an offering of baby bonds. The bonds will have a maturity in 2059 with an early call period starting in 2024. WRB has a number of other baby bonds outstanding–1 of which carries a 5.625% coupon and is now callable (WRB-B…

The S&P500 moved in a range of 3070 to 3150 before closing the week at 3146–a gain of almost 2%. The 10 year treasury moved in a range of 1.73% to 1.86% and closed the week at 1.84%. The Fed Balance Sheet moved higher with $13 billion added to hol…

Untraded healthcare REIT Healthcare Trust Inc. priced their previously announced perpetual preferred late Friday. The issue priced at a fixed rate coupon of 7.375% and is cumulative, but non qualified. This is a rather small issue so it will be interes…

In spite of my own skepticism with the various organizations (government and others) releasing jobs numbers it is hard to be negative on job growth. 266,000 jobs simply blew all predictions out of the water, and the last couple of months were revised u…

AT&T (T) has priced their previously announced perpetual preferred stock. The coupon is fixed at 5.0% for 48 million shares. The issue is split investment grade with only Standard and Poor rating the issue investment grade. The dividends are cumula…