New Apollo Global Management Preferred Trades Firm

Shares of the new Apollo Global Management 6.375% preferred (OTC:APGGP) is trading solidly on the OTC Grey Market right at $25 with volume of over 4 million shares.

The issue is investment grade, but is non-cumulative.

8 thoughts on “New Apollo Global Management Preferred Trades Firm”

  1. Disappointed to see APGGP today as non-cumulative perpetual. As rates move off the bottom of the LT yield curve, cannot help but wonder what % of issues will be imprisoned under-par well after call dates. The set up is amazing. Issuers are having a field day.

  2. Tim — Capital One has a 6% preferred COF-P which was callable 9-1-17 and is now callable at 6-1-18. Can you see this happening?The ratings are BB & BAA3.

  3. Hi GW–I take a pass because I am still in the mode of not buying many perpetuals.

    I think the 10 year is a bit crazy—based only on inflation which remains tame. I am still of the mind that the FED balance sheet runoff is going to keep the 2.8% floor in place. Next month the Fed is supposed to go to 30 billion a month in runoff versus the current 20 billion and at some point in time the reduced demand is going to start biting into rates. Or maybe the Chinese begin to sell some of their 1 trillion in holdings. For now Goldilocks prevails.

    1. As usual, thank you for the reply, Tim.

      You painted a somewhat bleak picture – but we’ ve seen this coming for some time now (which is why some of these market gyrations seem senseless). We start off up 100 and then drop 400 or maybe down this much and then up that much. Seems like someone is just constantly pulling the strings on this market for laughs…

  4. Hi GW–I think someone with a 200 share sell forgot to use a limit order. There were trades in the 24.80’s just before and just after.

    Makes the chart look scarier then it really is.

    1. Thanks Tim… Somebody got taken advantage of!

      You can be sure I have a new lowball order in for the low of the day in case this happens again anytime soon.

      Regarding the Apollo Global new issue, you stated you were taking a pass on it, correct? Thoughts on the 10yr falling back down now? Leaning down close to 2.83% now.

  5. Hi Tim,

    Question about RILYG. I just saw it flash crashed to 24.55 this morning. Any thoughts on what happened?

    1. Looks like somebody unloaded 2 lots of it within a very short period of time. It’s bouncing back now, but wow, what a good time to have had a lowball buy order in!

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