As noted by StackingNickels in comments the OTC ticker for the new 8.25% fixed-rate reset preferred from Merchants Bancorp (MBIN) is MBIPL.
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11/21/2024
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Bought MBINM at 24.87 after selling MBINO 24..04. Seems like a good exchange. Lower reset rate in 5 years, worth it for the higher rate now.
MBINM begins trading on NASDAQ today
Treasuries are thousand dollar increments, 1000 dollar minimums thru many primary dealers
I told myself no more banks but if anyone cares to know I called Ally today to attempt to buy 200 shares of MBIPL. They tried to put in the order. Failed. They spoke to a supervisor who tried to put in the order. Failed. I asked why it failed and they said their market makers are not accepting orders. I asked when it would become available and they were unsure.
Now I know OTC has it marked as grey but I wanted to see if that was just a label because MBIN does report everything as it is a more mainstream company. I was able to buy AGCGL on 9/13 with it’s temp symbol but it was pink with info.
So I am still unclear of the timing of all of this when a person can buy and cannot buy. I will watch MBIPL and as soon as it turns pink, if it does, I will call them again and that could be my final clue of how I can proceed.
Basically I was trying to push things a bit faster with Ally to learn if being on the grey but obviously has info was still buyable. Just the system was slow to update it or something. Ally did not refuse to try which was a plus!
FWIW, Schwab is accepting orders. So, it’s an issue with your broker.
Why am I not surprised Ally is most likely at fault. Interesting Schwab allowed purchases off the grey. You can actually see bid/ask values at Schwab? I cannot even see them at otcmarkets.com.
When you say accept did you buy some or just popped in a lowball order to test it?
Note that Schwab is charging $6.95 commission on gray market purchases.
Does TD require US notes to be bought in large chunks? Tnx
Tropical–not sure on TD—I know Fido requires mostly 20,000 and up for tbill and notes. etrade has 1 bond trade minimum most of the time.
Just bought a 6 month T bill on TD, only $5000. The individual bonds usually have a minimum order for each bond.
I have purchased 10 of tbills on TD.