1/10/2025
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Saratoga Investment Corp (SAR) priced their baby bonds last night and below are the details.
The coupon is 8%, with a BBB+ rating from Egan-Jones.
The issue will trade under ticker SAJ–there is not OTC market trading–it will likely trade next week sometime.
SAR has a 6.00% baby bond outstanding (SAT) that is now trading with a current yield around 6.45% after falling 59 cents yesterday on the new issue announcement. I assume this issue will trade lower today as investors ‘trade up’ in yield.
Below are some press releases from company’s that have preferred stock or baby bonds outstanding.
PacWest Bancorp Announces Results for the Third Quarter 2022
Texas Capital Bancshares, Inc. Announces Third Quarter 2022 Results
SiriusPoint Announces Date for Third Quarter 2022 Earnings Release
Triumph Bancorp Releases Third Quarter 2022 Financial Results
Heartland Financial USA, Inc. (HTLF) Declares Dividend on Preferred Stock
Heartland Financial USA, Inc. (“HTLF”) Increases Quarterly Cash Dividend
SL Green Realty Corp. Announces Common and Preferred Stock Dividends
Allstate Announces Estimated Third Quarter 2022 Results
First Internet Bancorp Reports Third Quarter 2022 Results
OFS Credit Company Provides September 2022 Net Asset Value Update
Regions Financial Corporation Declares Quarterly Common and Preferred Stock Dividends
RenaissanceRe Announces Estimated Net Negative Impact on Third Quarter 2022 Results of Operations
TPG RE Finance Trust, Inc. Announces Third Quarter 2022 Earnings Release and Conference Call Dates
BDC Saratoga Investment (SAR) has priced their new baby bond at 8%.
Gabelli runs many closed end funds (CEFs) and since they must maintain a 200% coverage ratio on senior securities (mainly preferred stock) it is nice to occasionally glance at their coverage.
Gabelli makes it easy on us all–they post the leverage each month.
Click here is see the coverages for the period ending 9/30/2022.
Note that the Gabelli Multimedia Trust (GGT) which has 2 exchange traded preferred issues outstanding is at 200% as of September 30th–let’s watch and see how they handle this situation.
Caution–not all the preferreds shown for the various funds have exchange traded preferreds–some has been sold in private transactions and are not exchange traded.
The 10 year treasury is up 11 basis points at this moment at 4.11%—too fast of a move, although income issues are not getting hit too bad thus far–I’m surprised.
Equities which were modestly strong last night and into early today (futures market) moved lower all morning and now are staging a bit of a bounce–still off about 1%.
The building permit numbers this morning were fairly strong at 1.56 million units versus 1.54 million expected while housing starts were soft with 1.44 million starts versus 1.47 million expected. All in all not ‘hot’ but certainly not very ‘soft’. 30 year fixed rate mortgage are at 7.04% today per Bankrate–down 2 basis points from last week–likely will see these tic higher tomorrow.
I nibbled a few more shares of Liberty Broadband 7% preferred this morning–about enough of that one so will be looking elsewhere for more nibbling in the weeks ahead. I think I will likely go back to the banking sector–i.e. CUBI issues.
Tomorrow we have the Philly Fed manufacturing number, existing home sales and the Leading Economic Indicator for September. Any chance of softness? I doubt it.