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One Single New Preferred Stock IPO This Month

Tightening financial conditions have led to a significant decrease in preferred stock and ETD offering activity, with only one new preferred stock offered in May. Allstate issued non-cumulative perpetual preferred shares with a fixed 7.375% dividend rate, while Gladstone Investment Corporation offered $65 million worth of 8% senior notes due 2028. CDx3 preferred stocks ranked 10 out of 10 are selling at an average discount to par of about 7.4% and offer an average current yield of 6.37%.

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ALL
ALL
Allstate
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CSWC
CSWC
Capital Southwest
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GAIN
GAIN
Gladstone Investment
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GLAD
GLAD
Gladstone Capital
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GLADN
GLADN
Gladstone Capital Corp 6% Cum Red Pfd Registered Shs Series -2024-
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GOOD
GOOD
Gladstone Commercial
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GOODO
GOODO
Gladstone Commercial Corp 7 1/2 % Cum Red Pfd Shs Series B
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HTGC
HTGC
Hercules Capital
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LAND
LAND
Gladstone Land
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MAIN
MAIN
Main Street Capital
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PFX
PFX
PhenixFIN
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TRIN
TRIN
Trinity Capital
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One Single New Preferred Stock IPO This Month
Tightening financial conditions have led to a significant decrease in preferred stock and ETD offering activity, with only one new preferred stock offered in May. Allstate issued non-cumulative perpetual preferred shares with a fixed 7.375% dividend rate, while Gladstone Investment Corporation offered $65 million worth of 8% senior notes due 2028. CDx3 preferred stocks ranked 10 out of 10 are selling at an average discount to par of about 7.4% and offer an average current yield of 6.37%.
2023-06-01T18:47:43.000Z
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