2 More New Issue Preferreds
By: Tim McPartland,
June 12, 2014 10 am
There are 2 new issues trading today on the OTC grey market.
Capital One Financial has issued a barely investment grade non cumulative issue at 6.25%. All of the details are here.
Legacy Reserves LP has issued another series of their 8% fixed to floating rate preferred (they had just issued a like series a couple months ago). Details of the issue are here.
Neither of these issues holds interest to us. Capital One is just too low of a coupon and we had previously purchased the last preferred series of Legacy Reserves LP. We don’t believe that either of these hold too much potential for capital gains in the very near term.