Trust Preferred Securities

[jay21]

If anyone has a primer on these securities, could you please pass it along?

 

Sorry for the low content thread, but I am looking into one of these and would appreciate any resources someone could point me to.

[StubbleJumper]

One of the fixed income sites that I like to use is :  www.quantumonline.com

 

The TRuPs section only has like a 2 paragraph primer, but it has a nice list of the major TRuPs that are available, their credit rating, dividend, redemption/retraction/exchange rules, etc.

 

Hope that helps a bit,

 

SJ

[Kraven]

If anyone has a primer on these securities, could you please pass it along?

 

Sorry for the low content thread, but I am looking into one of these and would appreciate any resources someone could point me to.

 

My recollection is there was a good, but short (few pages or so), description in the Charles Johnson and Joseph McLaughlin Corporate Finance treatise. I am sure it's a very expensive book but perhaps it's available at a library or if you work for a bank or something it might be on site somewhere. In the alternative I would suggest finding the prospectus for a public trups which should provide some good background.

[compoundinglife]

A couple of short articles I found:

 

http://www.wib.org/publications__resources/article_library/2000-02/jun02_tr-pref2.html

 

http://www.balch.com/files/Publication/d100fb9f-db69-4f7f-a2e6-03b0cb575f1b/Presentation/PublicationAttachment/fc4a927d-6ca6-4a3a-8b1d-096a952495c7/Neighbors1108.pdf

 

http://www.davidevanson.com/pages/stories.php?ID(Stories)=144&RECORD_KEY(Stories)=ID

 

If you register for a free JSTOR account you can access this article "Debt-Equity Hybrid Securities" from The Journal of Accounting Research, or potentially find it at your local public or academic library:

 

http://www.jstor.org/discover/10.2307/2491409?uid=3739552&uid=2&uid=4&uid=3739256&sid=21101594198931

 

When I am looking for stuff like this that may be in Journals I will usually use Google Scholar and then try to track down the articles from a Library. For example:  http://scholar.google.com/scholar?hl=en&q=trust+preferred+securities&btnG=&as_sdt=1%2C48&as_sdtp=

[wknecht]

Here's something from the Philadelphia Fed on TRUP and TRUP CDOs.

http://www.philadelphiafed.org/research-and-data/publications/working-papers/2011/wp11-22.pdf

 

I'm sure Fabozzi also has descriptions in his books which google probably lets you read parts of.