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With Greece so very close to outright bankruptcy global markets will be tested in the days (or maybe it is a couple weeks) ahead.  While the BK can be stalled we all know there is no way out---in our minds lets just get it over with.  Just like QE all around the world this continual stalling of the inevitable only…

Smaller Closed End Investment company Eagle Point Credit Company (ticker:ECC) has sold a nice Term Preferred issue. The issue has a 7.75% coupon and will be redeemed in 2022.Recall that closed end investment companies are required to maintain a asset coverage ratio of 200% giving an added level of safety.This issue is a monthly payer and if not redeemed in…

Date Issued  5/14/2015Shares Issued  1,600,000  Overallotment Shares  240,000S&P Rating  NR   Moodys Rating   NRSecurity Ticker Symbol  ECCA    OTC Temp Ticker   ECRPPMarket Traded ON   NYSE      Dividend Payment Paid Monthly the last day of the month  beginning on 6/30/2015Monthly Dividend   .1615   Annual Dividend   1.9375Securities may be redeemed, at the issuers option, as early as 6/29/2018 for a redemption price of $25/share plus accrued dividends.If…

There is no real discernable way to figure out what the stock and bond markets are going to do day to day--not to say there has ever been a way to do this successfully. Of course we really don't care about day to day movements, but we continue to have a few firmly held beliefs that will help us be…

Relatively small ($6.8 billion in assets) Pennsylvania banking company Customers Bancorp (ticker:CUBI) has sold a fixed to floating rate preferred issue.This issue has an initial (5 years) coupon of 7% before going to the floating rate in 2020. The floating rate is 3 month libor plus 5.30%.  Of course being a banking company the shares are non-cumulative.Given that we are…