CEF AllianzGI Convertible & Income Fund to Issue Preferred

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.

The preliminary prospectus can be found here.


7 thoughts on “CEF AllianzGI Convertible & Income Fund to Issue Preferred”

    1. SPM–you are probably right–the filing hasn’t hit the SEC–but they are slow sometimes to get things posted. That would be a bonus rate compared to the last one at 5.50%.

      1. will be interested to see if it impact(s)the price of NCZ.PR.A, the day low was $24.77, closed at $24.85

    1. This may trade quickly. The symbol is active on Fidelity today but you cannot trade yet (quote only)

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