The OTC grey market ticker is PASQV. Look for this to change in a day or so to PASQP (just guessing).
Storage giant REIT Public Storage (PSA) has priced a new issue of preferred stock.
The issue prices at 3.95% for 5 million shares with another 750,000 shares available for over allotment. This is not a typical PSA issue as it is much smaller.
Of course the issue is strongly investment grade with BBB+ from S&P and A3 from Moody’s.
The company may use the proceeds to redeem the 4.90% PSA-E issue which becomes redeemable on 10/14/2021, although the PSA-E issue is much larger than the new issue (14 million shares).
The OTC grey market ticker has not been announced.
The pricing term sheet is here.
The preliminary prospectus is here.
J was on this one early this morning.
I think this is now called PASQL. It is available on Etrade and is currently at $25.04.
This Symbol just came up on Fidelity and already trading at 25.72
Based on where that new JPM preferred is trading; this one should be under par out of the gate.
Thanks mbg for symbol. Ask price presently @$24.88.
https://otce.finra.org/otce/dailyList?viewType=Additions
Temp ticker PASQV
08/11/2021 09:40:54
08/11/2021 00:00:00
PASQV
PUBLIC STORAGE DEPOSITARY SH REPSTG PFD SH BEN INT SER Q
Other OTC
mbg,
How did you find that link at the FINRA website? That site in not very intuitive at all and I was not able to find it starting at FINRA initial web page…
Anyway, Thanks for the link…
Cheers,
KJN
You’re welcome, KJN.
I got it from another poster here, just as you got it from me.
Nice, isn’t it? Bypasses the search on FINRA’s site.
Yes, very nice, and it has a lot of other valuable OTC information easily available…
I have it bookmarked using the link:
https://otce.finra.org/otce/home
and then you can choose from the left hand column…
Thanks again!
KJN
Probably trades to $27 at the open…..
Seems unlikely if PSA-P is at $25.32. Been wrong before.
Guess I missed that one. Usually if it’s PSA or PSB it runs to the moon no matter what it pays.
I am done with PSA. Threw in the towel a few weeks ago on P after picking up maybe a quarter or slightly less per share. Tired of it spinning its wheels. And if rates are going to rise some, I dont exactly need this 4% perpetual as a permanent addition.
Thats funny Grid–I did the same thing–just wanted 1.5% or so. Finally took my 1% and exited.
Ok, Tim, you forced me to do the math. You thumped me, I got not quite 0.9%. Based on PSA-J, I has visions of a nice 3-4% flip. Lets just say that didnt happen, ha.
Aggravating when you can’t even get your flip done before the company is pumping out a new issue.
I’m still riding that horse. Going for the record of the slowest flip in history. I’m sure the new issue will pass PSA-P just to spite me.
FWIW, PSA-P seems clearly the best value of the PSA issues. For example, both PSA-N and PSA-O, with lower coupons and less call protection, are trading higher. I’m holding here too. We’ll see.