The OTC grey market ticker is LANPP
Ag REIT Gladstone Land (LAND) has priced their new preferred with a coupon of 5%. This is an very low coupon for the quality of this company–BUT the marketplace will decide through supply and demand.
The issue is monthly paying and has a mandatory redemption in 2026, with an optional redemption period starting on 1/31/2023.
The issue is unrated.
No OTC grey market ticker has been released, but likely it will be LANDM (same as the permanent ticker). I will update this if a ticker is announced.
The pricing term sheet can be found here.
As a preferred, rather than note, is it expected to be qualified? Sorry if I missed that somewhere, TIA. Available on Fidelity and Vanguard this AM.
LANPP is listed on Schwab this morning. I have an order in at $25.
Well, it doesn’t look like there’s been many trades on LANPP today… Unbeknownst to me, apparently late in the day yesterday there was an ability to buy into this thing at a reasonable discount at Fidelity and there was more volume then in the closing hours yesterday than all day today. So at least for the moment, the ability to buy this at a discount has passed… I guess I’ll just move on and see what NEWT’s new issue brings… or maybe I’ll even violate my own personal ban on owning anything having to do with PSEC and see what that new issue brings…
2WR, Yesterday was just a one block trade. Maybe they are holding back shares or maybe a lot were bought truly at the IPO or a fund or three bought. Like you, Im sitting on the sidelines at this present price.
Grid – That’s not what my Fidelity feed tells me… Yesterday starting around 1:50 PM there were lots of trades on LANPP all the way until 4:38, however, they did seem to be practically all institutional amounts from 24.67 to 25.00. that being said, I got the same feeling they may be holding some back……
Its quite possible your info is more accurate, especially the after market close info. I was just going by what OTC markets said and it showed a one block transaction only for $24.81 yesterday. These things are inaccurate at best…
Perhaps this issue is to fund early redemption of LANDP?
LANPP is discoverable but not orderable for me on E*TRADE and TDA. Meaning when I search for the ticker a quote comes up ($24.81) but when I try to place an order I get ‘ticker/security not found’. As expected?
The correct symbol is LANDP and is already trading over 25.00
Sorry my mistake
LANPP on otc
thanks, mcg… so far no luck TDA or Fidelity
Hopefully the market will price it below par to be more yield equivalent to LANDO. The term nature does provide some safety, but really not a full percentage point’s worth.
Good on LAND though for getting such a good rate.
RJZ – Though this chart is for US Treasuries, not high yield, take a look at https://www.treasury.gov/resource-center/data-chart-center/interest-rates/pages/textview.aspx?data=yield . That present day chart tends to differ from your take in that it says that the 5 year term Treas provides more than a full percentage point’s worth of safety vs 30 yr US Treasuries.. It provides 130 basis points of safety and that’s for 5 year vs. 30 yr, not even 5 yr vs. perpetual… Granted, even though logic would tell you that a yield curve margin ought to increase not decrease once you get into junk bond territory instead of Treasuries, in this yield starved world of today it’s probably less than 130 basis, not more, for LAND type credits. Still, to generalize, the prevailing yield curve today would say that if LANDP should get more yield equivalent to LANDO than this pricing, then in today’s market, that would be a screaming buy… and of course, on the other hand, what’s happening to LANDO right now pricewise might be another way for the spread to narrow as you hope and expect…
Like you I really like the five year life. Are you aware of other alternatives in preferreds or BB’s of five years maturity other than Global Ship Leasing and the private prison company?
GECC has term preferreds. 2 of them go ex-div tomorrow.
GJS has a term though it’s 12 years out. Low div steady increase in price.
ECCX though I don’t recommend them.
There are others I can’t think of them now.
Here they all are–
https://innovativeincomeinvestor.com/short-medium-maturity-income-issues/
This long list should be the ~ same as Tim’s list but includes yield to first call and yield to maturity. It is all babys and term preferreds that mature before 2/1/26, which is the same as the new LANDM issue. USE extreme caution before you make any buy/sell decisions based on this list. Some of the issues are NOT currently paying out. And the yield’s to *** should be double checked. This is an automated calculation that is approximate.
Symbol Call Date Mature Date Yield to First Call Yield to Maturity
NBR-PA 5/1/21 5/1/21 453.3% 453.3%
NUSPQ 7/15/22 7/15/22 133.2% 133.2%
AFHBL 4/26/20 4/26/22 1579.7% 115.1%
MDLQ 1/30/20 1/30/24 1148.8% 42.5%
MDRRP 2/19/22 2/19/25 38.9% 17.3%
CSSEN 7/31/22 7/31/25 8.9% 9.3%
PRIF-PE 10/7/21 12/31/24 15.4% 8.2%
CNFRL 9/30/21 9/30/23 11.4% 8.1%
PRIF-PA 6/30/21 6/30/25 20.3% 8.0%
SCCC 9/30/22 9/30/25 7.7% 7.7%
GSLD 12/31/21 12/31/24 6.7% 7.6%
INSW-PA 6/30/20 6/30/23 -14.9% 7.6%
CPTAL 3/31/19 5/31/22 29.8% 7.5%
OXLCM 6/30/20 6/30/24 33.0% 7.5%
PRIF-PB 10/23/20 12/31/23 45.1% 7.5%
AIC 3/15/18 3/15/25 37.3% 7.4%
GECCN 6/30/21 6/30/24 12.9% 7.4%
GECCM 1/31/21 1/31/25 56.1% 7.4%
PRIF-PC 2/22/21 6/30/24 25.6% 7.3%
OXLCO 6/30/16 6/30/23 -2.4% 7.1%
SACC 11/7/21 12/30/24 7.3% 7.0%
SCCB 6/30/21 6/30/24 6.0% 7.0%
SBBA 6/30/22 6/30/25 6.7% 6.9%
SBLKZ 5/15/19 11/15/22 -21.1% 6.9%
OFSSZ 10/31/20 10/31/25 16.0% 6.7%
OCCIP 3/31/21 3/31/24 3.6% 6.6%
OFSSL 4/30/20 4/30/25 15.9% 6.6%
GECCL 9/18/19 9/18/22 4.7% 6.5%
FCRZ 12/30/18 12/30/22 -2.4% 6.3%
AIW 5/1/16 5/1/23 -2.3% 6.3%
RILYH 5/31/20 5/31/23 -21.5% 6.3%
OXSQL 3/30/20 3/30/24 -3.4% 6.2%
CMFNL 7/1/20 7/1/23 7.5% 6.2%
MCV 3/30/16 3/30/23 8.4% 6.2%
RILYI 9/30/20 9/30/23 -17.0% 6.1%
HCAPZ 9/15/19 9/15/22 5.6% 6.1%
GAINL 8/31/20 8/31/25 -12.3% 6.0%
RILYO 5/31/21 5/31/24 0.2% 5.9%
SAK 6/24/22 6/30/25 3.6% 5.9%
KCAPL 9/15/19 9/30/22 2.8% 5.9%
RILYM 2/28/21 2/28/25 -7.8% 5.9%
SAF 8/28/21 8/31/25 3.7% 5.9%
OFSSG 9/30/23 9/30/23 5.8% 5.8%
CSWCL 12/15/19 12/15/22 -0.6% 5.6%
PBB 12/15/18 6/15/24 -18.0% 5.6%
WHFBZ 11/30/21 11/30/25 1.9% 5.6%
MVCD 11/30/19 11/30/22 -7.8% 5.6%
GAINM 9/30/18 9/30/23 -15.3% 5.5%
GLADD 11/1/20 11/1/23 -12.6% 5.5%
RMPL-P 10/31/20 10/31/24 -11.5% 5.4%
FDUSZ 2/15/21 2/15/24 -11.6% 5.4%
NMFCL 10/1/20 10/1/23 -4.1% 5.4%
LANDP 9/30/18 9/30/21 -1.6% 5.4%
SCA 9/15/19 9/15/22 -1.8% 5.4%
FCRW 10/30/21 10/30/23 3.5% 5.3%
PNNTG 10/15/21 10/15/24 4.6% 5.3%
FDUSL 2/1/20 2/1/23 -8.2% 5.3%
NEWTI 3/1/20 3/1/23 -17.1% 5.2%
GFNSL 7/31/17 7/31/21 -11.0% 5.1%
MRCCL 10/31/20 10/31/23 -15.4% 5.1%
NEWTL 8/1/21 8/1/24 1.5% 5.0%
MFINL 4/15/20 4/15/21 -2.8% 5.0%
HTFA 9/15/19 9/15/22 -19.4% 4.9%
FDUSG 11/1/24 11/1/24 4.8% 4.8%
HCXZ 4/30/21 4/30/25 -1.5% 4.8%
TPVY 7/15/19 7/15/22 -17.6% 4.4%
GLADL 11/1/21 11/1/24 0.4% 4.2%
GDL-PC 3/26/21 3/26/25 -5.8% 3.5%
RCP 4/30/19 4/30/21 -10.4% 1.6%
Though I don’t use the research facilities here much, there’s an ability to sort by maturity on this site, isn’t there??? I know there is on QOL… There’s plenty to choose from in the 5 year area if you’re OK with BDCs… RILY’S got multiple issues and there’s also issues from AX and INBK that come to mind immediately
2wr—I have a page that is devoted to these types of issues.
https://innovativeincomeinvestor.com/short-medium-maturity-income-issues/
Thanks, Tim… Just thinking outloud maybe for those interested, would it be beneficial to describe how one would get to this page if they wanted to do their own research or use III to alter the search by putting in other parameters?
2wr–all the lists are on the ‘preferred’ main page, but I will put out a reminder note for everyone.
Potter–I have a page of all the shorter maturity preferreds and baby bonds.
https://innovativeincomeinvestor.com/short-medium-maturity-income-issues/
Thank you very much
You’re most welcome–Good luck!
Given an ability to buy at TDA or Fidelity if it should happen, I’ll be happy to buy a starter amount at slight discount to issue price and happier still if that turns out to be too aggressive a move and I get the chance to buy more at cheaper price later on….
2wr–thinking along the same lines–but may wait a day or two before a purchase. Not high quality but like the monthly pay and the 2026 redemption date.
why buy this over lando at 6%
libero–I own LANDO, but it is a perpetual issue–versus mandatory redemption in 2026 for this one.
thanks