This preferred is a steal at less than $23. At $22.80, the effective interest rate increases from 5.875% to 6.44%. A great deal.
it is a bigger steal today at 20/shr....i am losing my #$%$!!
Trouble is, it becomes more of a steal every day.
While in today's interest rate environment a 6% yield is great, this preferred matures sometime in 2049 if I'm not mistaken. Would you accept that rate locked in for 30+ years knowing the rates have nowhere to go but up?