Below are some press releases from company’s with preferred stock or baby bonds outstanding – or in some cases just of general interest.
Kite Realty Group Trust Reports First Quarter 2023 Operating Results
Medallion Financial Corp. Reports 2023 First Quarter Results
Global Ship Lease Announces First Quarter 2023 Earnings Release, Conference Call and Webcast
Newtek Bank, N.A. Increases Client Deposits by 121% Since December 31, 2022
AMG Reports Financial and Operating Results for the First Quarter of 2023
American Equity Declares 2nd Quarter 2023 Preferred Stock Dividend
Air Lease Corporation Announces First Quarter 2023 Results
Lincoln National Corporation’s Board of Directors Declares Series D Preferred Stock Dividend
Sterling Bancorp Reports First Quarter 2023 Financial Results
A note of caution on PRU redemption: PRU does have a baby bond symbol PRS Junior Subordinated 5.625% note…. This NOT the 5.625% that is being redeemed…. Redeemed = 5.625% due 2043… PRS = 5.625% due 8/15/58 and it’s not potentially callable until 8/15/23. Redeemed = CUSIP 744320AM4
Based on the Pru’s decision to call the “other” note it seems possible (and maybe likely) that they will call PRS. At a current price of ~$24.60, rough YTC of 11% could be an interesting safe bet and by safe I mean little risk of default between now and call date of 8/15/23. Plenty of price risk.
But the 5 5/8% they’re calling is F/F @ 3 month LIBOR + 3.92. Lots more incentive for them to call that one without even having PRS on their radar 2 months from now…
Didn’t know the redeemed bond was F/F, That certainly makes a lot more sense to call. I should have done a little due diligence before posting. Thanks.