Eagle Point Credit Posts Quarterly Update

Collateralized loan obligation (CLO) owner, organized as a closed end fund, Eagle Point Credit (ECC) has posted a new quarterly update which is here.

The company has 2 baby bonds outstanding with maturities in 2027 and 2028 as well as 1 term preferred with a mandatory redemption in 2026.

The quarterly presentation can be seen here.

Take special note of the annual total return chart (since inception–2014) in the report. The common shares have returned 4.94% annually–the term preferred’s and baby bonds would have totally smoked the common shares.

4 thoughts on “Eagle Point Credit Posts Quarterly Update”

  1. With the highest coupon and lowest market value of the three Eagle Point term dated issues, ECCB looks vulnerable to being called later this year.

    1. One might call ECCB, therefore. an example of a pinned to par issue…. I’m in. If you’re willing to accept the YTC, then barring a credit event, should anything go “wrong” and the call doesn’t happen, you win.

      1. BTW – 25.65 is no man’s land to me – not high enough to sell, but not low enough to buy right now either.

  2. Tim;
    Thanks for sharing the link. That was very informative. The read was definitely worth the time.

    Mike havel

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