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It is getting harder and harder to find investment-grade preferred stocks with yields in excess of 6% that aren't likely candidates to be called at par beginning next year due to Dodd-Frank. Many preferred stocks have traded down in recent months to just above par in anticipation of this. Under Dodd-Frank, the Tier 1 capital treatment of hybrid and trust preferreds from bank holding companies will be phased out beginning next year. Sadly, I expect to see lots of higher yielding bank preferred stocks redeemed next year. As a result, I have been busy at work looking for suitable alternatives in preferred stocks and exchange-traded debt securities.

A recent find of mine was an exchange-traded note that had an IPO on NASDAQ last June and has a current yield of 7.83! The investment-grade Maiden Holdings North America Ltd, 8.25% Notes due 6/15/2041 (MHNA) has a par value of $25.00 and last traded at $26.35.

MHNA isn't callable until 6/15/16. It looks like a good buy to me when compared to other recent new issues of preferred stocks and exchange-traded debt securities such as Vornado Realty 5.70% Cumulative Redeemable Pref Shares Series K (VNO-K) which last traded at $25.22 and has a current yield of 5.65%.

Maiden Holdings, Ltd. (NASDAQ:MHLD) is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the company focuses on providing non catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the U.S. and Europe. Maiden has over $3.8 Billion in assets, shareholders' equity of more than $820 million, and is profitable.

Source: Nearly 8% Yield On Maiden Holdings Investment-Grade Exchange-Traded Debt Security

Additional disclosure: I own shares in MHNA.