Algonquin Power and Utilities NYSE Registration

We noted a lot of talk that the new Algonquin Power and Utilities 6.2% baby bonds are not trading on the NYSE as of yet–but apparently with a phone call a purchase can be made.

We see that the issue is trading on the ‘bond desk’ and last traded at $25.30.

We now see that the NYSE registration was just approved yesterday so we may see trading on the NYSE soon. A ticker has never been announced but we are guessing AQNB

23 thoughts on “Algonquin Power and Utilities NYSE Registration”

  1. NEW ISSUE: Gabelli Equity Trust Preferred
    The Gabelli Equity Trust Inc. (Ticker: GAB)
    Series K Cumulative Preferred Stock
    $75mm (3mm $25 par securities)
    Expected Rating: A1 Moody’s
    5.00% Area (fixed)

  2. Algonquin Power (AQN) is a Canadian company and it trades on the NYSE. Are the interest payments from AQNB to investors taxed as a foreign investment or US only, or both, with a tax credit given to US investors? Is the interest payment based on the American/Canadian exchange rate?
    Many thanks!

    1. Jeff and All,
      Check this link

      It is a VERY comprehensive guide that may give you some answers on the Canadian / US investment issues we’ve discussed.

      My understanding is that the interest payments will NOT be based on exchange rates. They are set at the value listed in the prospectus. This is of course, until the payments begin to float.

      Holding this in an IRA is your best best for not having any hassles dealing with taxes, unless you have a wonky brokerage who doesn’t adhere to what most do.

        1. Glad to help! Please ask away if you have any other questions. Happy to do some digging on the topic and share the findings, such as in this case.

  3. I have been out of the country on holiday so did not follow the site. I did look at this security and note the price has fallen over the past day so bought a bit as I have some room in a SEP account.

  4. Answer I just got from Schwab…..”it’s too late our bond traders already gone for the Hamptons” lol

    1. Just got off the phone with Fidelity fixed income … AQNB should be tradable on With Fidelity on 5/28.
      Was a 25 minute call.

      1. With the CUSIP # Nomad provided earlier (CUSIP 015857808), Vanguard made the trade for me earlier. You might try calling the fixed income desk with that number if you are interested.

      2. Got it through Vanguard’s fixed income desk for 25.43 (or maybe better depending on the fill or kill timing). The way these new issues have been blowing up I figure it will do well and I will flip it.

        Wanted to trade through Merrill because that is where I have my SIMPLE and lots of ready cash but they couldn’t do it. Usually it is the other way around with Vanguard being harder to trade with. It’s just crazy. I was going to buy 800 shares and flip half of it. But could only get 200 because my Vanguard account is almost fully invested.

        It wasn’t a total loss though. I got to teach the Merrill guy what a baby bond is ;o)

      1. 3rd call to TDAM. On hold now. They don’t know what it is. Even with the CUSIP. I ll keep you posted

        1. They can’t do it as of 1310 but they are calling to see about a market maker. Said it was grey market but I am supposed to get a call back

          1. Timdman,
            I was on the phone with both TD’s bond desk and equity desk this past Wednesday. Neither had a clue about the new issue. All I heard were “crickets”.
            Today I see a listing on TD for bond symbol AQNB but it’s not tradable yet. I hope it will be available next Tuesday at a reasonable price.
            Leslie Joy
            Leslie Job

        2. Timdman
          On TDA, use the snap ticket in the lower left hand corner to make a purchase.

      2. Interesting, as Schwab couldn’t find a seller for the 500 I wanted. I’m getting an inferiority complex here. ¯\_(ツ)_/¯

      3. Thank you, Amy. I called Schwab and asked them to place an order for 500 shares. They called me back in about 1 hour plus and offered a price of $25.43 promising me to refund the difference between online and broker trade fee in a few days. These days, it looks to me that this could be the only way to get some de facto SWAN. I gave up on chasing after the new TriState 6.375% Preferred. TRSXL with current bid of $25.71, which is insane. The old TSCAP (6.75% coupon) also gapped up. Sold 200 shares yesterday at $26.95. The last trade today is well over $27. I placed a limit order at Vanguard (different broker so that it will not be trade violation) at $26.9, unlikely to be filled.

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