United Community Banks (UCBI) has priced their previously announced new preferred stock issue.
The issue priced at 6.875%. The issue is non-cumulative .
Kroll Bond Rating Service has rated the issue BBB-, but none of the big 3 ratings agencies have rated the issue.
The issue will trade immediately today on the OTC grey market under ticker UCBKL.
The pricing term sheet can be found here.
Schwab showing over 600k shares at 25.03, high 25.10, but NO bid /ask ???
TDA shows the same.
no bid ask on grey market names
11:55 – I see bid/ask on Think or Swim on UCBKL as 25.06-07
Was upgraded to pink sheets a bit ago, so it displays quotes now.
A little while ago I bought a small amount at $25.03. Mostly to amuse myself how it trades with the same coupon Atlantic Union issue I bought. Probably wont own long enough to need to sell it to buy a winter coat though.
Well Grid, filled the balance of my order for AUKL and still in the green even with closing at 25.14 Nothing on my bid at TDA for UCBKL by end of day. I think the book makers are trying to get above par. It shows after hours at 24.96 so I put in a lower bid so maybe when it opens tomorrow they will let some go at the lower price.
No problem with any fee at Schwab- went thru at 25.02
I just it in an order on TDA. has not hit yet but yes with a fee since it the otc grey market symbol. they do that on all grey market temp symbols
Fidelity not allowing orders for this. Anyone else having that problem? online trading platform issues this message: Opening transactions for Grey Market are not permitted because of the risks associated with these securities and all Microcap securities.
New policy?
Has anyone bought it elsewhere? TD Ameritrade wants a $6.95 trade fee
Fidelity and Vanguard are not allowing the trades as yet, showing the price at 25.10
ya, fidelity tells me they don’t ever allow the grey market trades.
Sometimes it takes a day for a grey market issue like this to be available on Fidelity
Interesting – Kapil bought AUBKL thru Fido.
“That’s our story, and we’re not sticking to it”
It is now tradeable online at Fidelity. As I posted earlier, sometimes takes a day, sometimes less for grey market issues to become available for online trading
Vanguard is always slow to put up new issues. I’ve had the conversation with them many times. They know the problem; they just don’t care.
There is a new issue that started trading on May 22 that still isn’t tradable yet. And it has its permanent ticker as of Monday.