In my view, LSE preferred C and NLY preferred D are the best preferred bargains that are currently available. For LSE pref. C, the price at the end of the day Friday was $25.40. The first call date on this new issue is 1/25/2018, giving it a full 5 years of call protection. First distribution will be in April. The current yield is 7.13% (coupon is 7.25%). I own LSE preferred B. I was able to purchase it at par value. It is now too expensive, selling for more than $27.NLY pref. D closed Friday at $25.18. Its first call date is 9/13/2017,giving it 4.75 years of call protection. Its coupon is 7.5% and its yield to call is 7.3%, based on the most recent trade. Although NLY is a mortgage REIT, based on its long track record and reputable management, I believe the preferreds are safe. Stephen
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