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BDC Great Elm Capital Corporation (GECC) has priced their new issue of baby bonds with a coupon of 8.75%. The pricing term sheet is here. Further detail to come.

Early yesterday I sold 2 of my small bank positions. I sold the Heartland Financial 7% Fixed Rate Reset preferred (HTLF-P) at $24.30. Including dividends I had a total return around 8%. I sold the CNB Financial 7.125% fixed rate preferred (CCNEP). I he…

Equities are quiet this morning as we await the next piece of economic news which is the consumer price index which is released tomorrow. Forecasts are for a CPI up .2%. Year over year forecast is 3.3% which would be up from last month—core is foreca…

Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest. I have added in some earnings reports from some smaller banks to get a ‘flavor’ of where they stand relative to commercial real estate…

Moody’s has downgraded a number of banks–once again on the worries about commercial real estate. Obviously this is not a new worry, but it continues to help put a lid on banking preferred stock price increases. I had very healthy capital gains in most…

Business development company Great Elm Capital (GECC) has announced a new issue of baby bonds. The company intends to use the proceeds to redeem their 6.50% baby bonds (GECCN) which has a maturity in 2024. The registration statement for the new issue i…

Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest. I have added in some earnings reports from some smaller banks to get a ‘flavor’ of where they stand relative to commercial real estate…

It has been rare in the last few months, but last week the S&P500 fell. The Friday close was 4478 which was 104 points lower (-2.3%) than the previous Friday. The Fitch downgrade of U.S. debt gets the blame for the tumble as investors needed to fin…

Below are press releases from companys with preferred stock or baby bonds outstanding – or just of general interest. I have added in some earnings reports from some smaller banks to get a ‘flavor’ of where they stand relative to commercial real estate…

The 10 year treasury yield is trading at 4.19% right now and close to the highest level in about 15 years–up 11 basis points today. Income securities are taking a bit of a knock, although not severe–nickels and dimes. Unfortunately those nickels and…

The 10 year treasury is trading at 4.15% this morning after movements higher all week long–slow down!! As we all know preferreds and baby bonds will tolerate some level of higher interest rates, but they react best when the move is slow–a basis point…

In what has been a fairly rare event of late Plymouth REIT has announced they are redeeming their 7.50% perpetual preferred PLYM-A. The issue is trading around $25 plus accrued so no windfall will be had by investors. The press release is here.