mREIT MFA Financial Inc (MFA) has announced an offering of senior notes with a maturity of 2029.
The notes will have an early redemption available to the company on 2/15/2026.
The notes will trade on the NYSE under permanent ticker MFAN after they price – it will be likely next week before we see any exchange trading.
Thanks to J for catching this one and jerrymac for positing yield talk in the 9-9.125% area.
The preliminary prospectus can be read here.
The MFAN are cheap to the prefs.
100m priced 8 7/8 coupon. Saw thin grey quote 24.65 offered 90…fwiw
Thanks, jerrymac.
Here is the FWP:
https://www.sec.gov/Archives/edgar/data/1055160/000110465924002228/tm242153d3_fwp.htm
Jerrymac, can you give me the grey market symbol? Thanks
edward,
It’s a baby bond. Bonds start trading with their permanent symbol. When MFAN starts trading, it will do so as “MFAN”.
I only know of preferreds getting temporary symbols, and then only some of them do.
If you want to try to buy MFAN before it starts trading, give its CUSIP # to your broker’s Fixed Income desk. Maybe they’ll let you buy some. No idea about what sort of markup or fees they may charge, though.
Thanks mbg, Fido is letting me see the trades this morning but it must be on the grey market and you can’t trade direct right now. Most trades are dealers in large quantities like 14,000 10,000 copy and paste and take the space out to have a string of 9 digits
Thanks MUCH, I forgot bonds do not have temp symbols[senior moment] I did pick up 2000 shares at 25 bucks plus 29.95 fee on Schwab. i did use the CUSIP# for reference.
I own MFA-B fixed at just under 9% net with some price upside. MFA-C pays less with a floating rate likely higher in 2025. Was flipping between them for awhile but not lately as I think C may be overpriced relative to B.
Thanks Tim. This is one of the better run MREITS. Ha, no I am not kidding. They get some bonus points for actually thinking about overall portfolio risk and positioning. Wellington is also a large holder, somewhat unusual for a large sophisticated institution to have a large MREIT common position.