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Gabelli Global Small & Mid Cap Value Trust (NYSE:GGX) has issued a 5.45% cumulative, perpetual preferred stock. As the modest coupon would indicate this issue is of high quality. It is expected to be rated A2 by Moodys (although the rating is not finalized as of the moment).  The Gabelli family of closed end funds has numerous preferred issues outstanding…

UPDATE--OTC Grey Market ticker is IBRRP Louisiana banker IBERIABANK Corp (NASDAQ:IBKC) has priced a new issue of preferred stock.  This issue is the fixed to floating rate variety, meaning they start with a fixed coupon rate of 6.60% and later (in this case 10 years) the coupon rate will float at a rate equaling 3 month libor plus 4.92%. Competing…

This week we have continued to harvest some of our profits in the Blended Income Portfolio which we had written about last week. On Wednesday we sold our holdings in Gladstone Capital 6.75% term preferred stock (NASDAQ:GLADO).  While there is nothing fundamentally wrong with Gladstone it simply was time to take a nice profit.  We had purchased 400 shares of…

3 new issues have started to trade in the last number of days.  1 issue is a non cumulative preferred issue, with the other 2 being “baby bonds”. Medallion Financial Corp. (NASDAQ:TAXI), which is a specialty finance company, sold a small issue of $25/share baby bonds.  The coupon on these bonds is a sky high 9%.  As with most income…

We are strong advocates for not “trading” income portfolios, although there have been a few times when readers have accused us of overtrading. Regardless of how often one believes it is proper to trade, we are adamant that there are times when one should “take the money and run.” Recall that back on Jan. 20, we wrote an article, “Market Carnage Presents Opportunity”,…