For a week we have had a good til cancelled buy order in for 100 shares of the Gabelli Go Anywhere Fund Cumulative Puttable Preferred shares (AMEX:GGO-A) and it executed at $42/share today. We will put these shares in the Medium Duration Income Portfolio.
We had written about this issue previously here. At $42 per share the current yield is around 4.8%–the coupon is 5%. The coupon remains at 5% for about another year at which point it floats at 200 basis point over the 10 year treasury (which would make it about 4.95% if it were floating now).
The issue is a bit funky–so to get the details you can read at the previous link or go the the security page here.
While this issue is unrated we consider it investment grade.