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.
Users who liked this:
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