The new issue from CEF Priority Income Fund is now trading. The ticker is PRIF-B and the issue carries a coupon of 6.25%.
The new issue is trading at a current price of $24.22 for a current yield of 6.45% and the issue has a mandatory redemption in December, 2023.
The CEF has an older 6.375% issue (PRIF-A) trading and it is at $24.68. This issue matures in June, 2025.
Priority Income Fund is a non traded Closed End Fund and has a history that has been fairly marginal. The preferred shares do have to have the 200% asset coverage ratio which helps lend some safety to the issue in spite of the marginal financials.