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.
![](https://innovativeincomeinvestor.com/wp-content/uploads/2021/08/psaq.jpg)
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.