A couple items of note in the headlines from last night.
The skunks at Prospect Capital (PSEC) have made a tender offer for their $25 5.35% perpetual preferred shares (PSEC-A) for about $15.88/share. Shares were trading in the lower $14’s yesterday with a current yield over 9%–today they are trading at $15.82.
Also Vornado Realty (VNO) announced their earnings – they have been hurting for the last year–but just maybe they have things going in the right direction–maybe. Their financials are fairly complicated to try to understand–lots of moving pieces. Vornado has numerous perpetual preferreds outstanding.