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January was a wild month, not only in common stocks, but also in preferred issues and “baby bonds." But when the month came to a close, our holdings outperformed the S&P 500 by a wide margin as they combined to dip only slightly more than 1% for the month. There has been a shift in the preferred stock and baby bond…

Banc of California (NYSE:BANC) has sold a new preferred stock offering whose shares now are trading on the OTC Grey Market under temporary ticker BNNCP. As a banking company, Banc of California’s new issue is required to be non-cumulative, so if dividends are not declared they are gone forever. In addition, the issue is NOT investment grade and the shares are perpetual and…

Date Issued    2/1/2016Shares Issued   5,000,000    Overallotment Shares  750,000S&P Rating   NR   Moodys Rating   NRSecurity Ticker Symbol   BANC-E     OTC Temp Ticker  BNNCP Market Traded ON   NYSEDividend Payment Paid on the 15th of March, June, September and December beginning on 06/15/2016Quarterly Dividend   .4375      Annual Dividend   1.75Securities may be redeemed, at the issuers option, as early as 03/15/2021 for a…

Date Issued  1/27/2016Shares Issued   36,000,000   Overallotment Shares   5,400,000S&P Rating   BB+   Moodys Rating   Ba2Security Ticker Symbol   C-S   OTC Temporary Ticker  CTGGPMarket Traded ON   NYSEDividend Payment Paid on the 12th of February, May, August and November beginning on 05/12/2016Quarterly Dividend  .394    Annual Dividend   1.575Securities may be redeemed, at the issuers option, as early as 02/12/2021 for a…

Regional bank Customers Bancorp Inc. (NYSE:CUBI) sold a new preferred stock offering that now is trading on the OTC Grey Market under a temporary ticker, CUBUP. As a banking company, Customers Bancorp’s new issue is required to be non-cumulative, meaning if dividends are not declared that they are gone forever. The non-investment grade issue is unrated and the shares are perpetual,…