Below are some headlines of company’s with preferred stock or baby bonds outstanding.
Valley National Bancorp Announces Pricing of Subordinated Notes
Reinsurance Group of America Announces Pricing of Subordinated Debentures
Dynex Capital, Inc. Declares Third Quarter 2022 Series C Preferred Stock Dividend
JPMorgan Chase Declares Preferred Stock Dividends
RLJ Lodging Trust Announces Dividends for Third Quarter of 2022
Plymouth Industrial REIT Declares Dividend for the Third Quarter of 2022
Pebblebrook Hotel Trust Completes Sale of Hotel Vintage Portland
Lument Finance Trust, Inc. Declares Quarterly Cash Dividends for its Common and Preferred Stock
New issues:
VLY – Rated BBB- : 6.25%, then 3 month SOFR +2.78%
RGA – Rated BBB+ : 7.125%, then 5 Year T +3.456%
VLY is 10 year maturity and RGA is 30 year maturity. Does that justify the difference in rates, given the difference in credit quality?
Ratings are just a suggestion I never assume they are highly accurate. VLY may indeed be safer. It’s a bank and banks generally pay a bit less because of lower risk, possibly because of bailout potential or because they often get reacquired when failing. 10yr vs 30yr makes some difference tho I would think it’s a much smaller difference,
The 1 year treasury is now yielding over 4%
TimH–watching closely and have been buying issues between 3 months and 2 years the last 2 days and will likely deploy most of my available cash into them to get through the current rough waters in the marketplace.
Just thought someone might be interested…
Via Schwab, I’ve been parking $$$ by buying new issue 6mo Treasury Bills every week for well over 6 months and now I’m rolling them over into the same length bills. I have considered the 1 year but I like the shorter duration of the 6 month bill because I don’t want my money tied up for a year or more…
Cheers!!!