mREIT MFA Financial (MFA) has announced the issuance of a new fixed-to-floating rate preferred.
Yield talk is in the 6.50% to 6.25%.
The issue will be unrated and will trade on the OTC Grey market (ticker not yet announced).
MFA has a 8% baby bond outstanding (MFO) which is to be called with the proceeds. These baby bonds were at $26.00 yesterday and are at $25.38 ttoday. They have been redeemable since 2017.
The company also has a 7.50% preferred (MFA-B) which is currently redeemable and they potentially will call a portion or all of this issue. It was redeemable starting in 2018 and is trading at $25.40 after falling from the $25.95 area yesterday.
mcg, If you Prefer, EarlyBird and Mickdog were on this right away.