OXLCM - A New Term Preferred Stock IPO From Oxford Lane Capital

Introduction

Currently, there are 471 exchange-traded preferred stocks, no matter what dividend they pay, whether it's fixed-rate, fixed-to-floating, or floating rate. What's characteristic of these issues is almost all are perpetual, meaning they don't have a stated maturity. However, there are 14 preferred stocks (3% of all) that are term securities, as they have a maturity date, usually no longer than 10 years (Priority Income Fund's PRIF-D is currently having the longest maturity with a little more than nine years to its maturity date, while the new OXLCP comes second with seven years to maturity).