Our site runs on donations to keep it running for free. Please consider donating if you enjoy your experience here!

Headlines of Interest

Below are press releases from companys with preferred stock and/or baby bonds outstanding–of just of general interest. With earnings season over news is more minimal.

Freddie Mac logo.jpg

Mortgage Rates Decline After a Three-Week Ascent

View Press Release

Soluna Installs more than 14,600 Bitcoin Mining Machines for Its Hosting Customers

View Press Release

Citizens Financial Group, Inc. Declares Dividends on Preferred Stock

Park_Logo_Primary_Green_RGB.png

Park Hotels & Resorts Inc. Announces Second Quarter Dividend of $0.15 Per Share

A Relative Buying Spree!!

Yesterday I bought more than I have in a single day in the last couple of months.

No I didn’t go ‘hog wild’, but added to 5 positions that I already had positions in and which I believe to offer the best relative ‘bargains’–although banking issues have moved up sharply so buys today aren’t as sweet as they were in weeks past.

I bought–

Bridgewater Bank 5.875% Preferred (BWBBP)

Merchants Bancorp 6% Fixed-to-Floating Preferred (MBINO)

Jackson Financial 8.00% Fixed Rate Reset Preferred (JXN-A)

Associated Bancorp 5.875% Perpetual Fix Rate Preferred

XAI Octagon Floating Rate Term Trust 6.5% Term Preferred

As always these are not recommendations, but just what I have done.

Jobless Claims Higher Than Expected

Jobless claims came in at 261,000 versus 235,000 expected – is this a little bit of a sign that the layoffs we have seen around the country are starting to bite a little bit? This is the higher number in around 20 months. We had speculated that jobs were plentiful previously and this folks laid off were not showing up in the jobless claims numbers–and if one were to believe the JOLTs (job openings and labor turnover) numbers there are very substantial numbers of openings out there. Regardless it is a tiny bit of a vote for a ‘pause’ net week in interest rate hikes.

It is interesting that there was a news blip on the national news that big tech is rescinding job offers to new graduates–given the major layoffs these companys have had in recent months is this a surprise? I think it is called ‘welcome to the real world’. I think the younger folks believed that the gravy train would last forever – or maybe it is just because I am an old fart I think they should have to endure just a little bit of ‘character building’. Maybe the days of quitting a job every year and hopping to a new one will be over soon–maybe.

For the balance of the week we don’t have economic news of any consequence.

BDC Capital Southwest Corporation Price Baby Bonds

Capital Southwest (CSWC) has priced their new offering of $25 baby bonds.

The investment grade issue prices at 7.75%. They are selling 2.5 million shares (bonds) and 375,000 shares are available for over allotment.

The issue will not trade OTC markets, but likely will begin exchange trading sometime next week.

The pricing term sheet is here.

Headlines of Interest

Below are press releases from companys with preferred stock and/or baby bonds outstanding–of just of general interest. With earnings season over news is more minimal.

cswc_logo.png

Capital Southwest Corporation Announces Offering of Notes

Ryman Hospitality Group logo.jpg

Ryman Hospitality Properties, Inc. Announces Proposed $300 Million Senior Notes Offering (not to be Publicly trade).

View Press Release

Ellington Financial Declares Common and Preferred Dividends

View Press Release

State Street Corporation Announces Transition Information for Outstanding U.S. Dollar LIBOR-Linked Instruments

View Press Release

Urstadt Biddle Properties Inc. Reports Second Quarter Operating Results For Fiscal 2023

View Press Release

Annaly Capital Management, Inc. Announces 2nd Quarter 2023 Common Stock Dividend of $0.65 per Share

View Press Release

Citizens Financial Group to Cease Originating Indirect Auto Loans