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I HAVE REMOVED THE CHART ON PREFERREDS AND BABY BONDS AS I FOUND AN ERROR IN CALCULATIONS. Last week, being a holiday week, was fairly quiet, although–of course, the S&P500 moved higher. The average moved in a range of 3117 to 3154 before closing…

We all know today will be pretty darned quiet as no one is doing much investment wise–except some of us that are addicted to some sort of market adrenalin fix. Today we have to search a little harder for that ‘fix’. Maybe one of the most interesting i…

Ag cooperative giant CHS (Cenex Harvest States) has now turned into a oil refining company masquerading as a ag company. CHS was a darling of mine many years ago so I thought I should check in with them because of the 5 preferred issues they have outst…

The previously announced new preferred issue from private banker First Republic (FRC) has been priced. The company will sell 14 million shares (with another 2 million available for overallotments) with a fixed rate coupon of 4.70%. The issue will be no…

Private banker and investment firm First Republic (FRC) has announced the issuance of a new series of non cumulative preferred stock. The coupon on this one will be low–5% or below–and will be qualified. The issue should be rated BBB- by Standard and…

The Standard and Poors 500 moved in a range of 3091 to 3127, about a 1% range, before closing the week at 3110–around a 1/2% loss for the week. Interest rates, as measured by the 10 year treasury, stayed pretty tame last week, moving in a range of 1.7…

Fortress Transportation and Infrastructure (FTAI) priced their previously announced fixed to floating preferred stock with an initial fixed rate of 8%. The issue will float starting in 2024. The company is a partnership and as such it will issue a K-1…

About 2 weeks ago I posted this spreadsheet which is Investment Grade Preferreds and Baby Bonds Now Callable. I am reposting–I did not update the dates as little changes over a 2 week period (although since the original post 6 issues have been called…

It is always amazing how poorly these shipping companies are operated—or maybe it is just amazing that supposedly educated lenders will lend them money knowing odds are high that they will never get their cash back. Dynagas LNG Partners (DLNG) is one…

Correction–FTAI is a LLC and thus Non-Qualified and will issue a K-1. Transportation infrastructure company Fortress Transportation and Infrastructure (FTAI) has announced the issuance of a new issue of Fixed-to-Floating Rate preferred stock. The comp…

As we all knew was coming, REIT VEREIT (VER) has announced the redemption of 8 million shares of the VER-F 6.70% perpetual preferred. The company had previously redeemed 4 million shares so now in total they have redeemed 12 million shares of almost 43…

As noted earlier today insurance company American Financial Group (AFG) is offering a new baby bond. The investment grade rated issue has been priced at 5.125% with a maturity date in 2059. The issue carries a BBB- from Standard and Poors and a Baa2 fr…