Finally the Priority Income Fund new 6% term preferred stock issue OTC grey Market Ticker is announced.
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4/26/2024
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I guess the late bird got the better price worm for PRIFH. I just nabbed 200 shares for 24.66 Don’t mean to crow about it:-)
I decided to buy PRIF-F instead at 25.27. X-div is about a month away and 2 years of call protection.
AFTER DOING THE MATH, I’M SORRY TO HAVE BOUGHT H AND NOT THE F Issue.
The math does not support the H issue unless you buy it below 24.25 or so.
Oh well, Leap and learn.
Maybe some ETF or Fund will help raise the bid in the next few days.
All I can say is FFIRP.
@Newman
I bought both the F and the new H.
The F was the better deal, but the new H may attract new buyers for a fast flip into the 25plus where I can sell for a profit as I got some for 24.66….
The low interest environment and high preferred prices are making us do some “acrobatics” to get some yield.
@ Malka,
Yeah, I get your drift.
I intend to flip too.
As for Acrobatics, I’m working without a net.
I can’t complain though, It seems any system works in this market.
We all have been riding a winning streak this year.
Good Luck.
24.66 may be safe but I doubt H will go over 25 bringing the dividend below 6% since all their other preferred are paying over 6%.
So what actually happened to PRIF-B???? After all the confusion, it looks as though it actually WAS called today – no extension to June 7 or any other date…. Seems as though this was poorly handled by PRIF, but I would expect nothing else but.
Mine got redeemed today at Barfdelity at par. Last dividend was sucky too, probably should’ve just sold. You snooze you lose I guess.
What was the confusion? They announced a conditional call 4/8 for 5/7, was pretty straightforward.
Like you say, all they announced was a conditional call with a possibility of an extension of up to an month beyond the earliest date and once they made that first announcement, they never announced they fixed the date… Market was confused enough that I got to sell all shares I bot in anticipation of the call at a price above the call price and got it done a week in advance..
the condition was satisfied with the issuance of prif-h so away it went
Picked up some @24.90. Focusing on term preferred’s at or over 6% so it met my criteria.
I was able to trade on Schwab and picked some up at $24.95
It only took 30 minutes with the Fidelity bond desk to place an order. At least I was able to get some shares at par. What a pain in the you know what….sheesh
Neither Fid or Merrill are trading -H online as of noon today. 🙁 Too much to do and so dont have time to listen to elevator music for 30 minutes unfortunately. Will have to wait and hope this stays at or below par. The volume on the other PRIF prefers is zero to little. I was also hoping to move out of -C and into a longer call play of PRIF like -F,
? I was able to place order on Fido a few minutes after NWGG’s comment (although not a few minutes before), and it was completed. By waiting, you may get a better price than we did.
It is drifting lower. Have been picking up some on the way down. Last I had filled was $24.80.
CR thanks – I tried again and all good I picked up 200 shares at 24.82 on Fidelity. looks to have a slow leak and sinking hopefully will bounce once the IPO is flushed out.