Wow–I knew the new utility preferred from natural gas company Spire (NYSE:SR) would be a good issue, but not certain that I expected it to close at $25.70 on day 1 when the issue was fairly sizable at 10 million shares.
Buyers had to “pay up” to get a hold of some of these shares as public trading opened up around $25.45. I personally didn’t buy shares–I may pick up sock drawer volumes yet, but I know that many readers picked some shares up.
It is amazing that all of the preferreds sold by utilities in the last 6 months of so have been so sought after given the modest coupons of the issues. On the other hand just looking at the Master List of Utility baby bonds and preferreds one can see why a 5.90% coupon is so attractive.