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Private banker, First Republic Bank (ticker:FRC), has sold an investment grade preferred offering.  Being a bank the issue is non-cumulative.  The issue is investment grade rated and has a coupon of 5.70%.While the quality of this issue is high the reward is not attractive to us, plus it is perpetual and we have no interest in perpetuals at this point…

Date Issued   5/20/2015Shares Issued   4,000,000   Overallotment Shares  600,000NOTE THAT FIRST REPUBLIC BANK IS NOT SEC REGULATED THUS THERE IS NO PROSPECTUS AVAILABLE.  ONE MUST GO TO THEIR WEBSITE. S&P Rating   BBB-   Moodys Rating   Baa3Security Ticker Symbol   FRC-F   OTC Temp Ticker   FREPPMarket Traded ON   NYSEDividend Payment Paid on the 30th of March, June, September…

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…