As I expected the new 5.375% preferred from Entergy Texas (OTC:ETREP) opened strongly in the $25.25 area and is now trading around $25.50.
This is trading on eTrade, but I don’t see it even queued up yet at Fido.
I put in a small limit order at $25.50–if it doesn’t execute I will await the next opportunity–I am not going to chase it.
It appears this is listed on the NYSE. Does anyone know the symbol? I tried ETRPRA, but it does work.
Thanks
ETI.PR last trade $26.23
Bought some at 25.70.
Schwab has it. $25.56. No div. listed yet.
Ron–likely they won’t list a dividend on a new issue until the 1st one is “declared” bu the board.
I decided to chase and bot a small position at 25.70. The other ETR bonds are trading very rich and I feel this one might join them.
vanguard had it available at opening….25.25
25.60 available on schwab. Another pass
Expensive, but Fidelity has it. Bid $25.70 Ask is $25.75
Your comment yesterday about small size of this issue got me thinking. Could this be a trial balloon similar to what NRZ did a few months back? Then they’ll come out with a second lower coupon issue if this one takes off?
That makes two of us. I don’t know but plenty of sub 5% utes were issued back in the day.