As I suspected might happen the new Arbor Realty Trust 6.375% perpetual preferred has blasted into trading with shares now trading on the OTC grey market under ticker ABRRP. “Chatter’ around the web on this issue has been relatively heavy.
Shares are now at $25.57. I had an interest in this issue, but am not going to chase it–if it floats back down I may take a position.
The hunger for a decent yield continues as the 10 year treasury floats lower and lower – now at 1.55%. The inflation scare is over–for now–for how long no one knows (but we all have opinions).