Because of our continuing crushing workload we haven’t been able to always catch new issues.
Fortunately readers can catch them (they always do). Reader Jon notified us on a new Term Preferred with a mandatory redemption in 2025.
Closed end fund Priority Income Fund has sold the new issue and it has a coupon of 6.375%.. The issue is trading on the OTC market right now under ticker PIFNP and last priced at $24.55.
Note that the Priority Income Fund is not publicly traded. This is the second term preferred from a non publicly trade fund–the other being the issue from RiverNorth.
While we don’t have time to do due diligence at this moment we may be a buyer of this issue later in the week.