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READER INITIATED ALERTS

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1,569 thoughts on “READER INITIATED ALERTS”

  1. GREENWICH, Conn. – December 3, 2024 – Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC, ECCC,
    ECC PRD, ECCF, ECCX, ECCW, ECCV) today announced that it has commenced an underwritten public offering
    of unsecured notes due 2030 (the “2030 Notes”)    . The 2030 Notes will be issued in denominations of $25 and integral
    multiples of $25 in excess thereof and are expected to pay interest quarterly. The public offering price and other terms
    of the 2030 Notes are to be determined by negotiations between the Company and the underwriters. The 2030 Notes
    are rated ‘BBB+’ by Egan-Jones Ratings Company, an independent, unaffiliated rating agency. In addition, the
    Company plans to grant the underwriters a 30-day option to purchase additional 2030 Notes on the same terms and
    conditions to cover overallotments, if any.
    The 2030 Notes are expected to be listed on the New York Stock Exchange and to trade thereon within 30 days of the
    original issue date under the ticker symbol “ECCU”.

    https://www.sec.gov/Archives/edgar/data/1604174/000110465924125084/tm2429841d4_497ad.pdf

    https://www.sec.gov/ix?doc=/Archives/edgar/data/1604174/000110465924125075/tm2429841d2_424b2.htm

    Reply

    2. I believe Egan-Jones is NOT an NRSRO (nationally recognized statistical rating organization) as it relates to asset-backed securities like CLO’s.
      At least, they were not as of 2023 from one piece I read.
      Personally, I would not rely on any Egan rating. that’s just my opinion. i don’t know anyone who relies on their ratings, but, ofc, I don’t have many friends except my dogs . they have securities trading ” collars” that remain in effect.
      “An order issued by the Commission on January 22, 2013 (the “2013 Order”)2
      revoked EJR’s NRSRO registration for rating the classes of issuers of (a) asset-backed securities
      and (b) government, municipal, and foreign government securities, and also ordered EJR and
      Egan to cease and desist from committing or causing any violations of various securities laws.
      By rating two asset-backed securities and two municipal securities in 2017 and 2018 and making
      statements indicating that it was a registered NRSRO, but without prominently disclosing that
      the ratings in such ratings classes were not issued or maintained by an NRSRO that was
      registered to issue ratings in such classes, EJR violated Section 15E(f)(2) of the……..

      has something changed?? perhaps. I dunno. If not, I have to wonder what kind of company would pay Egan for a rating that isn’t widely recognized. Is this like attending a college accredited by an organization the college invented?

      Reply

  2. Shouldn’t come as too big a surprise, Morgan Stanley is calling their March 8, 2027 5.4% CD per December 9th.

    Reply

  6. JPM Bond Offerings…1 annual & 1 semi-annual payouts

    * JPM 48130CVM4 ~ 6% Coupon, Senior, A/A1, $100.34, Annual, YTM 5.97% 11/29/44, YTC 5.81% 11/29/26.

    * JPM 48130CVV4 ~ 5.5% Coupon, Senior, A/A1, $99.84, Semi-Annual, YTM 5.515%, YTC 5.515 11/29/26.

    DYODD

    Reply

    1. I’m curious if anyone understands the math regarding how much add’l yield exists from the call. To clarify, what portion of the coupon rate is accounted for by giving the lender a call.

      Reply

      1. I haven’t lt, but if you look at any list of CDs or even the new issue area for Fed Agency bonds, you can quantify it pretty closely because you can see both n/c and long callable vs short callable issues of the same maturity range offered side by side…

        Reply

        1. Gee 2wr.
          That’s a great idea. No reason to think you’re getting a better deal with 1 or the other.
          I think I’m going to go with another 5 year Mass Mutual 5% no commission annuity from DPL financial.
          I was thinking what the biggest risk is in the annuities of a Best A++ rated company. I think it’s the risk of significantly higher deaths–excess mortality, because most are life insurers too.
          There is an interesting article out about how excess mortality has continued since COVID and some insurers think it’s not going to regress to the mean.

          https://www.swissre.com/press-release/Covid-19-may-lead-to-longest-period-of-peacetime-excess-mortality-says-new-Swiss-Re-report/eadc133c-01bd-49e8-9f3a-a3025a3380e6

          Reply

  8. Liquidation Preference: $50.00 per share
    Dividend Yield: 6.00% – 6.50%
    Threshold Appreciation Premium: 20.0% – 25.0%
    Mandatory Conversion Date: December 1, 2027

    Reply

    1. J,

      Thanks for this and for the AHL-C redemption announcement.

      From the link you provided – “We intend to apply to list the Mandatory Convertible Preferred Stock on the NYSE under the symbol “PCG-PrA.”

      I assume PCG-PrA is synonymous with PCG-A, PGC.PA, PGC.PRA, etc., depending on the broker. They already have a 6% preferred that trades with symbol PCG-A (Cusip 694308206).

      Reply

      1. I noticed that also.

        It is a typo mistake, in my opinion, and the ticker would be some other letter.

        Reply

        1. J any indication of the yield? depending on what it is it may affect the other preferred. PG&E have been getting better at staying on top of operations and they seem to be taking advantage of ratings upgrades to issue this preferred.
          Could affect the value of my holdings of the PCG-A and the others I hold.

          Reply

          1. PCG
            Interesting.
            C & E are two of the thinly traded prefs that Fidelity has the tightest lease on

            Reply

            1. No kidding Westie I’m on the phone with Fido right now. Trying to fix an error on a couple orders I placed this morning. They are on limit so I have to get another trade window open. Hope for a Monday I am giving them a headache.

              Reply

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