The new Landmark Infrastructure (NASDAQ:LMRK) Floating to Fixed convertible preferred is trading and the results of this unique issue are not good thus far.
The issue is trading on the OTC Grey Market under the ticker LMMKP and the last trade was at $23.90. Yesterday the first posted trade of 70,000 shares went off at $25–may be the last time this one sees $25 for a while if trades since that time are any indication.
This issue is floating now at the greater of 7% OR 3 month libor (now at 2.3%) plus spread of 4.698%.
When we wrote last night we mentioned that new preferreds with a K-1 attached to it (such as this issue) have traded weakly recently and it appears that this continues.