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This preferred has been with us since 1998, and Chase hasn't called it yet.
The reason for the unusual yield is that the price of this preferred has fallen two-thirds since the convert's February 2002 issuance.
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This is because the preferred has a call option-like feature that gives buyers the right to "convert" their shares to the common stock of the underlying company at a specific ratio, depending on the price of the common stock at the time.
The growth in the portfolio, combined with some buying in of the preferred, has all but eliminated the leverage.
The preferred has a $4 premium above conversion value today, but for this you get the higher dividends and all the upside beyond $4 if the stock takes off.
Its preferred has risen as high as $53.63, but is now selling near its low for the year of $42.
Since conversion is mandatory and the time period is short, most of these preferreds have a variable conversion rate.
All preferred having it at home, and would recommend it to others in the same situation.
During corrosion of zirconium alloys a highly textured oxide is formed, the degree of this preferred orientation has previously been shown to be an important factor in determining the corrosion behaviour of these alloys.
This decrease was due to the library being overwhelmed by plasmids carrying partial-sized inserts or no insert at all, which replicate more rapidly and this preferred replication had not been counterbalanced by the selection applied during the first round of panning.
Yields on junk bonds and preferreds have not been this high (relative to Treasury yields) since 1991.
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CEO of Professional Science Editing for Scientists @ prosciediting.com