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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…

Insurance company American Financial Group (AFG) has announced a new issuance of baby bonds. The company has a number of issues already outstanding–3 baby bond issues to be exact. The company intends to redeem the 6.25% baby bonds due in 2054 (AFGE),…

Multi strategy REIT Ready Capital (RC) will reopen (sell more shares in a currently outstanding issue) their 6.20% baby bonds (RCB). This issue was originally sold in July, 2019 and was most recently trading in the $25.59 area. Disclousre–I own this i…

FINALLY the OTC Grey market ticker has been posted. It is GBLNP–of course now you have to wait on your broker to update their systems. Diversified triple net lease REIT Global Net Lease (GNL) has priced their new preferred. The issue comes with a coup…

Insurance company/asset manager AXA Equitable (EQH) has posted the pricing on the new preferred stock previously announced. The issue has priced with a fixed rate coupon of 5.25%–slightly better than what I thought it might price. The issue is non cum…

Insurance/asset manager AXA Equitable Holdings (EQH) has announced a new issue of non-cumulative, fixed rate, perpetual preferred stock. No doubt this will be another low coupon issue–readers are guessing 4.75% to 5%. The issue will be lower investmen…