QuantumOnline offers ten tables of exchange-traded fixed-income security information. The All Exchange-Traded Income Securities table combines every category into one comprehensive table; the All Preferred Stocks table combines the traditional, trust, and convertible preferreds; and the Preferreds Eligible for the 15% Tax Rate table isolates the preferreds we believe qualify for the reduced dividend tax rate. The remaining tables break out each individual category for focused research.
Every table is fully interactive: click any column heading to sort (click again to reverse), type in the filter box to narrow by symbol or company name, and export the results to CSV, Excel, or PDF. Each table also opens with a collapsible "How to use this table" panel explaining the columns and abbreviations. Click a table's title below to open it.
All Exchange-Traded Income Securities Table »
Combines every income-security category QuantumOnline covers into a single comprehensive table — traditional and trust preferreds, third-party trust preferreds, exchange-traded debt securities, and convertible and mandatory convertible securities — together with credit ratings, IPO prospectus, redemption and maturity dates, distribution rates, and distribution dates. It is a dynamic table drawn from the QuantumOnline database and is revised and updated constantly. Separate tables for each category are listed below for researching a single type.
All Preferred Stocks Table »
Combines all three preferred-stock categories — traditional preferreds, trust preferreds, and convertible preferreds — into one table. In general these preferreds have a $10, $25, $50, or $100 liquidation preference (issue price), pay a fixed quarterly dividend, and are redeemable (callable) five years after issue at a specified call price. Trust preferreds have fixed maturity dates while the other preferreds have no stated maturity. Convertible preferreds are convertible at the holder's option into a specified number of common shares.
Preferreds Eligible for the 15% Tax Rate Table »
Lists the preferred securities we believe are eligible for the 15% income-tax rate on qualified dividends. There is no definitive, official list of which securities qualify, so this reflects our best estimate — there is no guarantee every security shown is eligible, and it is the user's responsibility to confirm eligibility from other sources before purchasing. To build it we removed REIT securities, trust preferreds, debt securities, and securities with suspended distributions from the comprehensive table. Because most foreign preferred dividends are believed eligible, all foreign securities are included.
Traditional Preferred Stocks Table »
Traditional preferred stocks are the classic preferred of corporate finance, now issued mainly by REITs, some banks, and closed-end funds. They are generally perpetual securities with no stated maturity. Recently issued preferreds are redeemable at the issuer's option on or after five years from issue at par; older preferreds are redeemable any time at a small premium. Most pay quarterly dividends (a few monthly). In dividends and upon liquidation they rank junior to the company's debt and senior to its common stock. Most are eligible for the 15% tax rate — except REIT preferreds, which are not.
Trust Preferred Securities Table »
Trust preferred securities (hybrid securities) consist of a preferred stock issued by a special-purpose trust that uses the proceeds to buy junior subordinated debentures from the parent company; the interest on those debentures funds the trust's distributions. The debentures typically mature in 30–50 years, and the trust preferred is generally callable at the issuer's option at par on or after five years from issue. The company may defer distributions for up to five years — during which holders still owe tax on the accruing but unpaid distributions. The key advantage to the issuer is that the interest paid to the trust is tax-deductible. Trust preferreds are NOT eligible for the 15% tax rate.
Third-Party Trust Preferred Securities Table »
Third-party trust preferreds (TPTPs) are created by Wall Street firms (Merrill Lynch, Lehman, Morgan Stanley, Citigroup, and others) that buy institutional preferred and debt securities on the open market and repackage them, through a trust, for individual investors. They trade under many names and acronyms — CABCO, CBTCs, CorTS, PPLUS, SATURNS, STEERS, TRUCs, and more. The distribution rate paid to investors usually differs from the underlying security's (the firm bought it at a premium or discount), and they often pay semi-annually rather than quarterly. Call provisions can be unusual but generally amount to being callable at par five years after issue. TPTPs are NOT eligible for the 15% tax rate.
Exchange-Traded Debt Securities Table »
Exchange-traded debt securities (ETDSs, sometimes called "baby bonds") are corporate debentures, notes, and bonds designed for individual investors and traded on the stock exchanges in $25 denominations rather than the $1,000 denominations of ordinary corporate bonds. They generally mature in 30–100 years and are normally redeemable at the issuer's option on or after five years from issue at par; most pay quarterly interest. In interest and upon liquidation they rank junior to the company's secured debt and senior to its preferred and common stock. Because they pay interest (not dividends), they are NOT eligible for the 15% tax rate.
Traditional Convertible Securities Table »
Traditional convertible securities have a $10, $25, $50, or $100 liquidation preference and pay a fixed quarterly dividend, and are convertible at any time at the holder's option into a specified number of common shares based on a set conversion price. The company can often force conversion once the common trades above a specified price for a set period. They may be callable at the issuer's option two-to-five years after issue. In dividends and upon liquidation they rank junior to the company's debt, equal to other traditional preferreds, and senior to common. Convertibles offer potential price appreciation (and some inflation protection) along with the associated market risk, usually at a slightly lower dividend rate; the conversion terms can be complex, so study each security's description and prospectus. Most convertible-preferred dividends are eligible for the 15% tax rate.
Mandatory Convertible Securities Table »
Mandatory convertible securities are similar to convertible preferreds but with one major difference: they have a fixed conversion date and a variable conversion rate (the number of common shares per security). They trade under names such as Equity Units, ACES, DECS, FELINE PRIDES, PEPS, PRIDES, and SAILS, and are generally comprised of a stock-purchase contract and a debt security. They convert automatically — usually about three years after issue — into a variable number of common shares depending on the market price at conversion, and they typically pay a higher distribution than preferred stocks. The terms are complex and should be understood via the security's description and IPO prospectus before purchase. Because distributions are based on an interest-paying debt security, they are NOT eligible for the 15% tax rate.
Municipal Bond Funds & ETFs Table »
Municipal bond funds and ETFs include the debentures, notes, and bonds that trade on the stock exchanges rather than the bond markets where most municipal bonds trade. They resemble preferred securities in their basic features, have varying maturity dates, and are normally redeemable at the issuer's option on or after five years from issue at par; most pay quarterly interest distributions. In interest and upon liquidation they rank junior to secured debt, equal to other unsecured debt, and senior to preferred and common stock. Because they pay interest (not dividends), they are NOT eligible for the 15% tax rate.