As noted by af the OTC grey market ticker will be TGHPV tomorrow on the new Textainer Group Holdings (TGH) perpetual preferred stock.
Unfortunately the pricing for the issue has not yet been announced (as of 6pm central)
Additionally the TGHPV ticker will change after a day or two–V indicated ‘when issued’ (when, as and if issued) so it will change when the issue is actually issued. Obviously this is something new that the OTC has begun to implement as all new issues in the last month have come with a V–and then change after the issuance. Really such a pain in the ass–but I guess all we can do it update, update and update.
Still thinking about this one. But I see the wisdom of having two brokerage accounts. Fidelity gives quotes, but charges a $50 fee to trade. Schwab gives no quotes, but allows trading without a fee.
You mean I should give up 2 of my accounts 🙂
In the end the fee probably won’t be charged by any of them. But you won’t know until after the fact.
RB, I placed an order at Fido on Tuesday, it’s on the books today, no $50 fee. I don’t get it but you might want to look again.
https://investor.textainer.com/static-files/b0454b09-3f03-489a-8eff-f63a6efb31ae
$150 million at 6.25% — priced very rich
Looks like YTC for the TGH-A is 5.32% (ignoring reset) – then changes to reset at a higher div. So, maybe not too rich in comparison? Or is something else rich- relating to risk, or…?
There are many savvy posters on this website that understand yield dynamics much better than I do. I just flip IPOs and secondary offerings. By using the term rich, I meant that it was priced to be more expensive than the initial indication of 6.375% to 6.50%.
As far as looking at the YTC of the outstanding issues for both Textainer and PennyMac, the new issues appear to compare favorably. However, as of late many issues have been trading below the offering price, so I have become far more selective — too much retail supply? I am only interested in short term price, as opposed to fundamental value.