Featured Articles
Musings on the Income Markets
Tim McPartland | December 15, 2015
Last week was a wild and crazy week for most equity markets around the world and we are expecting more of the same for the next week or two as the FED ponders raising the Fed Funds rate (the interest rate that financial institutions charge one another on overnight lending). If the Fed raises rates the markets will begin guessing…
Giant Business Development Company (BDC) Prospect Capital Sells Notes Due in 2024
Tim McPartland | December 8, 2015
Large business development company Prospect Capital Corporation sold a new $25 baby bond (any bond with a par value under $1,000 is technically a "baby bond") issue with a maturity date in 2024.Prospect Capital Corporation (ticker: PSEC), one of the whales in the BDC arena with assets of over $6 billion, has shares that are trading at a large discount to…
Prospect Capital Corporation 6.25% Notes Due 2024
Tim McPartland | December 7, 2015
Issue Date 12/09/2015Shares Sold 6,000,000 Overallotment Shares 900,000S&P Rating BBB- Moodys NRThis issue is investment grade.Security Ticker Symbol PBBMarket Traded ON NYSEInterest Payment Paid on the 15th of March, June, September and December beginning on 03/1/2016Quarterly Interest .391 Annual Interest 1.5625Securities may be redeemed, at the issuers option, as early as 12/15/2018 for a redemption price of $25/share plus accrued…
A Bloody Monday for Energy Issues, But Term Preferred Stocks are Bargains
Tim McPartland | December 7, 2015
After last week's OPEC meeting, which ended as expected with no new limits on production, energy prices are tumbling sharply and predictions of future crude prices in the $20s abound.Preferred stocks of some of the dicier MLPs (Master Limited Partnerships), which had already been sold down on expectations of possible distribution suspensions, are being driven down to levels that predict…
November Overview in Income Investing
Tim McPartland | December 1, 2015
Recapping the important news in income securities in the last month. New issues, bankruptcies, major movers and dividend suspensions New Issues in November of Preferred Stocks There were two new preferred stock issues during November, as well as one new Baby Bond (exchange-traded debt issue). Property and casualty insurer Endurance Specialty Holdings LTD (ticker: ENH) sold a Non Cumulative Redeemable preferred issue with a coupon of…