Just last week the AllianzGI Convertible & Income Fund II (NASDAQ:NCZ) sold an issue of perpetual preferred stock–this week we have the sister (or is it brother) AllianzGI Convertible & Income Fund (NASDAQ:NCV) fund selling a new issue.
Given the coupon on the sister CEF of 5.5% there is no reason to believe this will be any different. The issue from last week is trading on the OTC market yet at $24.95 and came to market at $24.75—it should trade up another 30-40 cents when big board trading starts.
As a CEF the issue requires a 200% asset coverage ratio–so very safe and investment grade.
No OTC Grey market has yet been announced.