Finally I was able to buy a small position in the new 7.75% Eagle Point Income Company term preferred. The issue is trading under ticker EICPB right now – soon to be EICB. I was unable to buy on Fidelity but was able to get a small position on eTrade.
Someone asked why the Eagle Point Income (EIC) 7.75% preferred when there are other Eagle Point Credit Company (ECC) preferreds (and notes) available at a higher current yield. For me it is simply a case of the EIC issue being somewhat higher quality because the CLO portolio of EIC contains mostly debt tranches of collateralized loan obligations, while the portfolio of ECC contains the junior equity tranches of collateralized loan obligations. Being fairly conservative I chose to go with a little more safety–more aggressive investors may well choose the ECC issues.
I will add this to the ‘laundry list’ of positions.