Landmark Infrastructure has priced their floating to fixed preferred issue.
It starts off with a floating coupon of the greater of 7% or 3 month libor plus a spread of 4.698%.
In 2025 it will go to a fixed rate 9% (wow).
We don’t have time to look this over now, but will later.
Flattest yield curve in 10 years, I just heard from Bloomberg. Yikes. That hasn’t been a good indicator.
GW–I have a lot of thoughts on that and hope I can find time to write on it. Something is up in the market place–not sure what–maybe Deutschbank is going broke (they have the largest derivative book in the world)-just don’t know why this is happening.
Tim:
Thank you so much. Your help is so appreciated. Looks to me like the intention is to call these on May 15, 2025.
Jim
Hi James–I agree–it would be quite a ‘penalty’ coupon at that time if not called. On the other hand we can’t figure out interest rates for next week let alone in 7 years.