Sound Point Meridian (SPMC) a newer closed end fund and owner of CLOs has announced a new issue of term preferred stock with a redemption date of in 2029.
I am not familiar with the company which just completed their IPO in the last few months. I will have to do some digging and see if this one is worth a look.
The pricing term sheet for the new preferred can be read here.
Thanks to Peppino for pointing this out this morning.
At least twice today it traded below my limit order and i didn’t get a fill. OTC market is not retail friendly they take care of their own sharks.
B. Riley is one of the deal’s book runners. Hard pass.
If reaching for yield and thinking about your next gambling play, why not invest in the SPMC cef? Granted its all new, but it is > 14% and juicy.
Last price at Wells Fargo Advisors shows to be $24.60.
Currently trading on Fidelity
Thanks Gary
Fidelity shows the listing but won’t trade. “Your order cannot be processed at this time”
Same with ally. It is double diamond (expert market) at the OTC thus I can enter an order but it won’t do anything.
Agreed- just showing.
order accepted at schwab, did not have to call.
did they charge comission?
Schwab charges $6.95 per trade on SPMCV as an OTCBB commission. If you get an expert market only error while placing the order, call the trading desk and explain that it is incorrectly coded as expert, because it is the preferred of A REPORTING ENTITY that in fact is a CEF that requires a safe 200% coverage ratio on the preferred, this explaination gave me the green light and Schwab’s trading desk placed the trade for me for 575 shares at $24.60. I requested ALL OR NONE, and that is important because Schwab will charge you the $6.95 OTCBB commission on each fill, meaning if you get 20 shares, then a few seconds later 80 more shares, each trade carries the $6.95 OTCBB commission. So, I used ALL OR NONE, and it took less than 10 minutes to fill the entire 575 share order at $24.60 . all in one clean swoop. Hope that helps!