RiverNorth Opportunities Fund Preferred Approved for NYSE
The new Rivernorth Opportunities Fund 6.00% preferred (now RIVOP) has been approved for trading on the NYSE. This is a Moody’s A1 rated issue.
Let’s hope we see it Monday/Tuesday.
17 thoughts on “RiverNorth Opportunities Fund Preferred Approved for NYSE”
RIV.PR.A now trading on NYSE.
Etrade reconizes the symbol and shows a valid bid ask (23.66 / 23.80), not 0 bid ask, but still says it’s expert or grey market and won’t allow trading.
Thanks Tim, I only have a couple perpetuals, but with an A1 rating this will be a good addition. Thanks so much for all your hard work making this the best site for preferred stocks and BB’s on the internet.
It does feel like the IG issues fall every day, regardless of what treasuries do. At these prices, I’ll swap my junk for your investment grade. It’s hard to step into a falling market, but it’s impossible to predict rates. And, although it’s difficult to fathom with scary inflation prints, investment grade/ treasuries can rally during recessions.
I think there are some pretty decent deals out there in IG issues. I bought some JPM-C this morning for 24.92. It pays 6% and matures in 3/21/24. Pretty much the same as buying an IG grade bond that matures in 2 yrs. Don’t care if the market price drops in the interim. My personal inflation rate is small, no house payment, no car payment, no loans, just me and the wife so 6% is actually very good.
Bill, just to be sure, this is not a bond and it doesnt have a maturity date. Maturity date and call dates are not the same. If it actually had a maturity date in 2 years, I think we all would be fine buying a big slug!
Grid: Yeah, I should have checked the prospectus and not relied on what Schwab had on their summary page:
Maturity Date Mar 21, 2024
CUSIP 48128B648
Common Stock of Issuer JPM
I usually do go to the prospectus and verify. lesson learned today, don’t get lazy 🙂
I know Schwab sometimes bone things up a bit, so not too unusual. Like with OXLCM which really does have a maturity date Schwab has this: Amount at Issue $25.00
Maturity Date —
CUSIP 691543508
Common Stock of Issuer OXLC
Even though JPM-C down today I only bought 200 shares so I think I will hang on to it, totally into the income mode so if it drops a buck or two a share no worries.
Good job..a little scary how little investors actually know about basic
Investing premises…..but then cathie woods has thousands of minions
Following her to zero
Bill – It looks as though you are getting your info from QOL and looking at call date rather than maturity date… I’ve done that before too… – We are offering 74,000,000 depositary shares, each representing a 1/400th interest in a share of our PERPETUAL 6.00% Non-Cumulative Preferred Stock, Series EE, $1 par value, with a liquidation preference of $10,000 per share (equivalent to $25 per depositary share) (the “Preferred Stock”)….
Prospectus also says “We MAY REDEEM, out of assets legally available therefor, the Preferred Stock on any dividend payment date on or after March 1, 2024.” I’m not quite sure where QOL comes up with 3/21/24, but this is from the link to the prospectus they provide
2whiteroses: Even worse, I didn’t verify the Schwab information. Unless rates go back down in 2024 a lot, I doubt JPM will be calling this, but 6% IG is ok for me as a bottom limit.
RIV.PR.A now trading on NYSE.
Etrade reconizes the symbol and shows a valid bid ask (23.66 / 23.80), not 0 bid ask, but still says it’s expert or grey market and won’t allow trading.
Etrade said it’s working on a fix to make it tradeable, and may get it done by end of today, or by tomorrow.
mbg–it is finally posted on etrade–but you still get the ‘grey market’ warning–expect it will be tradable today yet.
Whoops–sorry I posted exactly what you posted earlier
TDA has it all messed up too. Type in RIVOP and it says symbol has changed to RIV-A. Type in RIV-A and it doesn’t know what it is.
Was able to just now buy on Fidelity.
RIV-A will begin trading on the NYSE on Wednesday May 4th
JPM-C does not mature in 2024. That is simply the first possible call date. JPM-C is a perpetual
This is what Schwab had, I should have checked the prospectus to verify.
Maturity Date Mar 21, 2024
CUSIP 48128B648
Common Stock of Issuer JPM
Lesson learned, thanks !
Thanks Tim, I only have a couple perpetuals, but with an A1 rating this will be a good addition. Thanks so much for all your hard work making this the best site for preferred stocks and BB’s on the internet.
I look forward to the price coming down before jumping in. Hard to see the excitement for investment grade in the current environment
It does feel like the IG issues fall every day, regardless of what treasuries do. At these prices, I’ll swap my junk for your investment grade. It’s hard to step into a falling market, but it’s impossible to predict rates. And, although it’s difficult to fathom with scary inflation prints, investment grade/ treasuries can rally during recessions.
I think there are some pretty decent deals out there in IG issues. I bought some JPM-C this morning for 24.92. It pays 6% and matures in 3/21/24. Pretty much the same as buying an IG grade bond that matures in 2 yrs. Don’t care if the market price drops in the interim. My personal inflation rate is small, no house payment, no car payment, no loans, just me and the wife so 6% is actually very good.
Bill, just to be sure, this is not a bond and it doesnt have a maturity date. Maturity date and call dates are not the same. If it actually had a maturity date in 2 years, I think we all would be fine buying a big slug!
Grid: Yeah, I should have checked the prospectus and not relied on what Schwab had on their summary page:
Maturity Date Mar 21, 2024
CUSIP 48128B648
Common Stock of Issuer JPM
I usually do go to the prospectus and verify. lesson learned today, don’t get lazy 🙂
I know Schwab sometimes bone things up a bit, so not too unusual. Like with OXLCM which really does have a maturity date Schwab has this: Amount at Issue $25.00
Maturity Date —
CUSIP 691543508
Common Stock of Issuer OXLC
Even though JPM-C down today I only bought 200 shares so I think I will hang on to it, totally into the income mode so if it drops a buck or two a share no worries.
Thanks !
Good job..a little scary how little investors actually know about basic
Investing premises…..but then cathie woods has thousands of minions
Following her to zero
Bill – It looks as though you are getting your info from QOL and looking at call date rather than maturity date… I’ve done that before too… – We are offering 74,000,000 depositary shares, each representing a 1/400th interest in a share of our PERPETUAL 6.00% Non-Cumulative Preferred Stock, Series EE, $1 par value, with a liquidation preference of $10,000 per share (equivalent to $25 per depositary share) (the “Preferred Stock”)….
Prospectus also says “We MAY REDEEM, out of assets legally available therefor, the Preferred Stock on any dividend payment date on or after March 1, 2024.” I’m not quite sure where QOL comes up with 3/21/24, but this is from the link to the prospectus they provide
2whiteroses: Even worse, I didn’t verify the Schwab information. Unless rates go back down in 2024 a lot, I doubt JPM will be calling this, but 6% IG is ok for me as a bottom limit.
Thanks,