Just a note that folks pondering a current investment in the new baby bond from BDC (business development company) Trinity Capital (TRIN) need to recognize the terms of the issue.
I am referring to the 7.00% notes due 2025 (TRINL).
This issue has a very–VERY short optional redemption date of 1/16/2023 and a maturity date of 1/16/2025. It is a rarity to have an exchange traded debt issue with dates this near.
The issue is trading around $25.70 right now meaning the yield to worst is already near ZERO (I didn’t do the exact calculations). It is unlikely to be redeemed in January, but one never knows. Also with a maturity date that is only 2 1/2 years away the yield to maturity is more meager than it appears on the surface.