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.

5 thoughts on “Triton International Preferred Rockets Out of the Gate”

  1. Other Triton pfds have traded OK. It’s just not the type of risk I’d deal in. Anything tied to shipping can drop 75% without a reason. Principal is at risk.

  2. Disappointed in the current jump in price, but picked up 2000 shares as I am in desperate need of QDI issues that aren’t 90 miles above par.

    I also own both the B and C issues. Plan to hold all until call.

    Bought on E*Trade platform. $3.99 for OTC trades. No complaints.

    Quickmoney

  3. I am with you, Tim. I am willing to flip for a profit but I am not paying a big premium to do so.

    I am only at 50% of my portfolio in preferred issues but I will sit and wait.

    I have played the last card that I can think of by opening up OTC symbols for traditional fixed-rate Canadian high investment-grade rated preferreds. But I am self-limiting that to 7% of my net worth.

    I will continue to self-limit my Canadian reset-rate or floating to 10%.

    So until pricing changes, I guess I am done buying and just actively watching for a period of time.

    1. I trade on line at Fidelity and have not paid any commission on my several
      TRTN trades as late as yesterday.

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