Bank of America (BAC) has priced their previously announced non-cumulative preferred stock issue.
The issue prices with a coupon of 4.25% for 52 million shares.
The issue will trade immediately under OTC ticker BOAPV (look for a change in a day or two to a different ticker).
The pricing term sheet can be seen here.
Bought some at Schwab
Tried to buy some of the new BoA preferred (BOAPV) at TDA. Order was rejected due to new SEC rules. Very odd because yesterday I was able to successfully buy some of the new Morgan Stanley preferred (MNSLV) at Wells Trade. Talked to TDA – most likely will not be able to buy BOAPV until it leaves the OTC market and becomes BAC-Q. Inquired about the MNSLV at TDA. Was told that I would not have been able to buy it at TDA.
Bought this morning at Wells Fargo Advisors for $24.94. Up $.01 or $10.00. got lunch covered.
TDA rejected my order. However, Ally accepted my order. This is total nonsense. Furthermore, Ally appears to not charge a commission but, if accepted, TDA would have. Interested in other peoples’ observations.