Preferred stock issuers have come to the conclusion that the low-rate gravy train is finally coming to an end (whether they are correct or not is yet to be seen). We started to see the first hint of this last June when the number of new issues ticked up to eight that month. That was followed by seven new issues during July but then a whopping fourteen during August. Offering an average dividend (coupon) of 6.15 percent, twenty new preferred stocks were issued during September, the most robust crop that we have seen since March 2013...
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