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Morgan Stanley has sold a fixed to floating rate non cumulative preferred issue.  The coupon on the issue is 6.375% which remains fixed until 2024 and then the rate changes to a floating rate which is a 3 month libor based rate.Fixed to floating rate preferreds may have benefits as interest rates move higher, but you give up some yield…

Date Issued  9/11/2014Shares Issued 40,000,000   Overallotment Shares  6,000,000S&P Rating   BB+   Moodys Rating   Ba3Security Ticker Symbol   MS-I    OTC Temp Ticker   MSQVPMarket Traded ON   NYSEDividend Payment Paid on the 15th of January, April, July and October beginning on 1/15/2015Quarterly Dividend   .398   Annual Dividend   1.5938Floating rate starting 10/15/2024 is 3 month libor plus 3.708%.Securities may be redeemed,…

With the FOMC statement due out on Wednesday afternoon most markets are likely to go nowhere on Monday and Tuesday (at least that has been the normal run-up to the statement).On Tuesday and Wednesday we have the CPI and PPI releases and we would be surprised if these were 'hot' (at least if you believe these numbers which seem kind…

The new issues have been coming fast and furious in the last couple of weeks.  We had previous covered CHS Preferreds, Paragon Shipping Senior Notes and Invesco Mortgage Capital Preferred (you can check articles to the right or those below for any thoughts we had on those issues).We had not touched on a new issue fromAmTrust Financial Services--a non cumulative…

Date Issued    9/10/2014Shares Issued    4,000,000    Overallotment Shares   600,000S&P Rating  NR   Moodys Rating   NRSecurity Ticker Symbol   VNRCP    OTC Temp Ticker  VNRTPMarket Traded ON   NASDAQDividend Payment Paid Monthly on the 15th of the month beginning on November 15, 2014Monthly Dividend   .1615   Annual Dividend   1.9375Securities may be redeemed, at the issuers option, as early as 10/15/2024 for a…