Below are the details of the previously announced 4.625% non-cumulative preferred stock from Bank OZK (OZK).
We are looking for immediate trading under OTC ticker OZKKV (expect this ticker to change in a day or two)
Further details of this offering can be found here.
Symbol now OZKAP
Got a little today (11/5) on TDA, around $24.9x. May get a little more.
I owned the common earlier in the year, caught a nice ride up, and sold it. I believe the bank overall has a very good reputation.
I noticed OZKKP changed from Grey Market to Expert Market from Friday (10/29) to Monday (11/1) as displayed on otcmarkets.com. Was anyone successful in get an order filled on Monday (11/1)? If so, with what brokerage. Thanks and regards.
No, but fwiw I successfully placed an order with Schwab on 29 oct for OZKKV (which I believe is the current ticker for that issue).
The current ticker is OZKKP
Yes it is. Did that change happen overnight? When I checked on Monday night I found bids for OZKKV but nothing for OZKKP.
Never mind, I see that otcmarkets.com does indeed report it as an 02 nov change (so I’m not going insane, good to know).
Actually, I take back my initial statement: the Schwab trade confirmation from 29 nov shows “Bought” at the specified limit ($24.93), but shows all zero amounts. And in the Positions list it shows zero market value, zero cost basis. So I’m not actually sure anything was bought last Friday, despite the order having executed. I’ve bought plenty of issues on the grey market, but never seen this behavior before.
Can’t purchase on Vanguard platform
Fido quoted me 24.97, so I entered an order. It was filled. But …
no bid and no ask. What does this mean?
a) No one wants this issue because it is a dog?
b) FIDO has screwed up royally?
It is on the grey market. You cannot see bid/asks. Only brokers can.
I checked, and it is on the restricted list today, but certain brokers are trading it anyways ? as noted in the comments below. ( Rules are made to be broken ).
I experienced the same on this an another. Despite no bid/ask, at least showing up on FIDO’s ATP platform my order was filled. I entered what I was willing to pay and it was filled. Basically, flying in the dark
E-trade blocked me from the buy as OTC/Pink sheet…called e-trade and was told they were also not able to fill as a broker order…they are looking into it now know that others are trading grey mkt.
I cannot be the only one here who uses Tradeking (ally). It allowed me to put in an order. It is sitting there doing nothing. It won’t execute. I have been testing each new issue as it comes out to figure out my limitations so just putting in an order for a grey is a small improvement…. Sigh…
Question—why are you guys buying this issue? For a quick flip? If the market turns on a dime, which could happen (who knows), this stock will drop like a rock. I’m just curious as to your reasoning.
In a nut shell finding a QDI 4.625% at/near par in any viable quantity is not exactly easy. I am not being rude when I ask this but do you have a pick for us that pays > 4.75% QDI with a reasonable rating/quality?
I have been slowly adding some SI-A which is 5.3%. So I feel that is under rated as a choice. But I cannot easily name several choices.
fc—the alternative for me is cash. I don’t want to be holding issues under 5% if rates turn up. Just my preference.
Yup…..gemini coin and stairs app make sense for cash.
If the price drops I’ll buy even more. Back up the truck and put it in storage forever while the mailbox money comes in.
trading on Schwab at 25.01
Newbie…did you get a fill at Schwab?
scottH — sorry for delayed response, yes!
Previous commenters have said it all. TDA will not allow trading while in its current OTC grey market status. I just tried to make a purchase and it is a ‘no go’. Thanks
Got some at FIDO, $25.04
25.03 at Schwab
Got some on Fidelity @ 25.04
Trading on Schwab
Got it via Fidelity. $25.05
trading on fidelity -25.05
Last price $25.04 on Wells Fargo Advisors
Placed an order on Ally.com.
No orders on IB
“Trading in OTC Grey Market stocks is not supported.”
TDA will not take orders due to the Sec rule. Called the order desk and also not allowed. But, can probably buy after it is on regular market at a higher price. Has anyone found a way around the Sec ruling?
IB appears to prohibit most if not all OTC orders. Fidelity and some others allow as long as not “no info.” It is not the SEC rule but the brokerage.
My experience with TDA is that TDA is very slow on updating for new issues with the new rule. It will take TDA a day or 2 before updating so you can trade. The responses back from TDA are not helpful.