Argo Group Prices New Preferred–Update–OTC Ticker

Insurer Argo Group International Holdings (AGRO) has priced the previously announced resettable fixed rate preferred.

The pricing will be 7% and when it begins to reset in about 5 years it will reset at the 5 year treasury plus a spread of 6.712%. The 1st reset is on 9/15/2025–and then every 5 years there after.

The pricing term sheet can be read here.

34 thoughts on “Argo Group Prices New Preferred–Update–OTC Ticker”

  1. Isn’t just 7% coupon on just a single BB rating too little reward for the risk? Why not buy some of the other fallen angels trading below $23s?

    1. I’d be interested to know of any BB rated preferreds you find with a yield higher than 7% other than ones with a lot of Covid risk such as the SITC preferreds. The only one I can think of is ESGRO (BB+) who’s yield is the same 7%.

      1. Yield? Current yield, yield to call, or YTM?

        You are right there are not that many 7% YTC….. I thought otherwise but just ran a list BA3/BB and higher 7 YTC came in with only 13 issues.

    1. I just used the Trade option at the top of the accounts home page- used ARGHF – no problem. Now 24.60

  2. Fido allowing an online buy with extra $50 foreign trade fee (too much for me at the tiny volumes I’m looking at). No extra fee at WF. Showing 24.73 as I write.
    Well, never mind. WF cancelled order w/o explanation.

      1. No, but early on, I find it doesn’t show if you put symbol in the box top right, but will show if you just do a trade ticket (clicking button upper Left black band on my screen). Still charging the extra $50.
        Able to purchase through WF Advisors w/o extra.

        1. While Fidelity says upfront there is an extra $50 fee for a foreign security, they did not charge it on my purchase of ARGHF

            1. “Foreign settlement fee” showed all day 7/8 if I started a trade ticker. Wasn’t there yesterday. I’ve run into this before on first day or 2 of trading, when I guess they have to go through some small, foreign middleman?

        2. There shouldn’t be a fee for buying a foreign security on a US exchange. I bought it through Fidelity at $24.50 without a fee.

          1. Tim,
            Both Etrade and TDA state that the zero commission is for U.S. listed stocks. Foreign based or non-listed (ie, pink sheet preferreds) will likely have a trading fee, in my case $5 per trade.
            Best,
            furcal
            Note: $0 commission applies to exchange-listed U.S. stock, domestic and Canadian ETF, and option trades. $0.65 per options contract fee, with no exercise or assignment fees. A $6.95 commission applies to online trades of over-the-counter (OTC) stocks (stocks not listed on a U.S. exchange).

            1. Couldn’t figure out what you were talking about since all the Bermuda companies I’ve bought & sold all seem to be traded/listed on the NYSE, then realized (duh) although the stock WILL trade on the NYSE we’re buying it here early, on an OTC basis. So, it’s the exchange listing and not the domicile of the issuer that is affecting fees….

      1. Hi @Timdman I tried on TDA and my order gets rejected with no explanation. I am using symbol ARGHF. TDA recognizes the symbol and lets me enter the order but later rejects it. How did you enter it? Thanks.

        1. I was successful on TDA with ARGHF about two hours ago, just through the normal process with no problems. Weirdly I had my limit set at 24.68 but it was filled at 24.64. It does come with a 6.95 commission.

          1. Thanks @Charliee. Something must have changed in last 2 hours. I have traded OTC BB issues before with no problems, so it is not entitlement issue. I will try and call them to see what’s going on. Thanks again.

          2. Charliee, as someone else has mentioned here, if you have a decent-sized account value, TDAm may very well lower their $6.95 commission on OTC/Grey/Pink trades. One gentleman said they put it at $3.95 for him, but when I asked they lowered it to $4.95, which is still better than $6.95. Just write to them and ask.

        2. Hi. I use the trade” tab on top, then click on stocks/etfs, input symbol, and the bid/ask comes up. TDA does this with new symbols for a few days, then you can find it normally.

        3. RajN
          Just responding as I have not attempted to purchase on TDA. Try the snap ticket in lower left hand corner, or ThinkorSwim.com using online direct access ( not through the website ), if you have trouble purchasing on the site itself using the normal quote screen. I bought Granite Reit ( Canadian ) recently using the ThinkorSwim direct access recently, as the two symbols on the normal site would not allow a buy to be made. Hope this helps.

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