Below is the pricing detail on the new Eagle Point Credit Company 8% term preferred.
Folks should peruse all of the Eagle Point Credit issues outstanding (baby bonds, term preferreds and traditional preferreds) before deciding on an investment in a particular issue–which one fits your needs.
The pricing term sheet is here.
Temp ticket EPCCP
Do you know of any brokers that will let you trade this temporary ticker?
Does anyone have an opinion on ECC as a company…risk level?
Craig–above average risk as a CLO holder–mostly equity tranches (the highest risk tranche). I would own the common shares myself–but would own their term preferreds and baby bonds as they seem to be able to raise plenty of money to give one a margin of safety in the ‘senior securities’.
Craig,
I would suggest this podcast which gives a good overview of CLOs generally and CLO Equity in particular.
https://podcasts.apple.com/us/podcast/thomas-majewski-empty-rooms-masterclass-on-clos-at/id1223764016?i=1000588285596
Majewski is the managing partner at Eagle Point.
I would also refer you to this Webinar on CLO performance on CLO performance from the Wharton Business School.
https://jacobslevycenter.wharton.upenn.edu/clo-performance/
Note that this Webinar makes the point that CLO Equity generates outsized/abnormal returns.
I listened to these two things before I invested in Eagle Point preferred.
I would not buy the common CEF at all as fees charged to common equity are very high. These fees actually are higher than the % of abnormal return presented in the Wharton webinar.
Personally – I would not give up a single basis point to buy the notes in these funds.
You can compare this ECC term preferred issue to CCIA or OXLCN
Happy Hunting!
is there a temporary trading symbol?
Jeffrey, I don’t see any temp ticker yet.
I use this as my source:
https://otce.finra.org/otce/dailyList?viewType=Additions
I set the start date to “1/12/2024” to see all new tickers between 1/12 and 1/16.
Hi Ken.
Maturity date has a typo. 1/31/2029. Looks like 1/21/2029 in the Table.
Fixed it mbg Thanks