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Here is the detail for the new Ready Capital (RC) baby bond.
Just curious about the new RCC record date,etc
QO appears to have it wrong:
Interest distributions of 5.75% per annum ($1.4375 per annum or $0.359375 per quarter) will be paid quarterly on 1/30, 4/30, 7/30, & 10/30 to holders of record on the record date that will be 1/30, 4/30, 7/30 & 10/30 respectively (NOTE: the ex-dividend date is one business day prior to the record date).
from prospectus supplement item S-18 :
Interest is payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year, commencing April 30, 2021, to the persons in whose names the notes are registered at the close of business on January 15, April 15, July 15 or October 15 as the case may be, immediately before the relevant interest payment date.
Guess I’ll notify QO
They fixed it & replied to me already- on the job.
I loaded up on $RCA when it was trading around $24. $RC will be going further up this year so the convertible bond is the way to play.
I’ve been loading upon ANH-A when it’s at stripped par. A call seems likely but until then, Party on Garth.
Other than liquidity, why would anyone prefer this note to the RCB 6.20% note due 2026?
From my spreadsheet:
YTC for RCB @ current $25.23 is 6.2% (TYM is 6.0%)
YTC for RCC @ face value $25.00 is 5.7% (TYM is 5.7%)
Chaz – I think your spreadsheet needs a little refining.. lol Certainly an RCB 6.20% due 7/30/26 @ 25.23 with a ’22 call does not have a YTC of 6.20%. and what’s TYM, “To Yield Maturity?” Sorry, just having a little fun before taking advantage of some good weather outside today..
1) I think the call on RCB is at $25.25, so Chaz is no spaz.
2) Do preferred stocks have an official grey market symbol while baby bonds do not?
3) There was a market in RCC even though there is no grey market symbol.
Awwwwwwwww af, you’re absolutely correct and I stand rightfully corrected… my fault for jumping to conclusion without looking carefully enough at the details before opening my big mouth….. apologies to Chaz
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