Storage giant Public Storage (PSA) has priced their previously announced new preferred issue.
The coupon will be a miserly 4.70%–we all knew this was coming.
The issue is cumulative, non qualified and investment grade.
The pricing term sheet can be read here.
Hmm, is this in anticipation of calling a different issue?
Justin–they mention they ‘may’ call a preferred, but they have a 5.875% available for call 12/2/2019-I guarantee they will call it.
SYF coming new pfd
Thanks if you prefer–just got it posted.
Many of the utility preferreds (e.g. Alabama Power) I’ve purchased over the past several weeks are currently offering similar yields off recent ask prices. Storage space for people’s excessive stuff isn’t a vital part of life…electricity is. With this yield, I’ll take the legal monopoly.
Agree. Not to mention the Storage offering is callable and not qualified. Why would I buy that??
One that is interesting is CNTHO – the current ask price is $52.75 which would yield 5% with A3/BBB+ rating. It is cumulative. The ask is 2.5% over redemption price but it was issued in 1967.
Several of us here have owned the sister issues CNLPL and CNTHP for many years. The one who is the hands-down expert on these issues is GridBird, hope he will chime in and provide his comments.
I have enough shares of CNLPL & CNTHP, so will not add because of the call risk. But if you are willing to accept that risk, CNTHO is a good hold.