Ally Financial (ALLY) has announced they will redeem 53.2% of the ALLY-A 8.125% fixed-to-floating rate trust preferred shares outstanding. The redemption date is 5/24/2021.
The company sold a $1,000/share 4.70% fixed rate reset preferred to finance the redemption.
J noted this redemption in the Reader Alerts section.
I’ve got heavy exposure here. I can’t see sandbox due to technical reasons. So what’s the deal, 53% of everyone’s holdings….or just a scattered approach with unequal dist?
The way it’s trading is confusing! I saw it at 30 cents over strip and gaining. I figured it’d be collapsing towards P + I…….
Tim, When will the redeemed shares be allocated so that any shares purchased will be post call?
Hi…Tim would you know symbol for $1000 4.7% preferred
The Series B Preferred Stock will not be listed or displayed on any securities exchange or interdealer market quotation system.
https://www.sec.gov/Archives/edgar/data/40729/000119312521124942/d112949d424b2.htm
See post of 2 days ago under “Sandbox”.
ok ..TY