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Triton International Preferred Rockets Out of the Gate

In just one more example of chasing yield the new 6.875% Triton International perpetual preferred has shot higher this morning in early trading. Last I looked it was trading at $25.40.

I had hoped to buy some of these shares for a quick ‘flip’, but am not going to pay this price for the shares so I will move on.

Potential buyers of this new issue can consider the 7.375% TRTN-C issue which has a current yield of 7.04%. Note the yield to worst is lower, but with almost 5 years to first call date this is a minor factor.

Folks are saying that Fidelity is charging an extra $50 charge on commissions for Triton being foreign. I know eTrade doesn’t charge this, but some others may.

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