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I'm trying to determine if I should add money to a high yield preferred whose call date is on 9/29/14. The preferred stock is Santander's E series with a coupon rate of 10.5%. It currently sells for $26.70 and yields about 9.8%. I know a preferred or bond may not be called on the call date; it of course depends upon whether it is in the company's interest. In this case, 10.5% is a very high rate and Santander, whose situation appears to be improving, may want to retire this series and reissue a new series at a much lower coupon.

Their next dividend is payable on 3/31/14. Should I assume there are, therefore, three more dividends coming if it is called on 9/29/14?

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