this is a preferred stock, not a closed end fund, but what a payer! | Closed-End Funds Message Board Posts

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Msg  18978 of 19822  at  7/19/2019 1:54:51 PM  by

ex_hacker202


 In response to msg 18977 by  lumpygravy
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Re: this is a preferred stock, not a closed end fund, but what a payer!

  You mentioned all the downsides I thought of when I looked at this - floating rate based on LIBOR, which is set to disappear in 2020 - then what happens to the yield? Even stranger, dividendchannel.com says Ally didn't get a dime from these preferreds - who did if that's true?
 
 
GMAC Capital Trust I 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 (ALLY.PRA)
Prospectus excerpt: The United States Department of the Treasury is selling the 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I. Ally Financial Inc. will not receive any proceeds from the sale of Series 2 Trust Preferred Securities by the Selling Securityholder.
 


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Msg # Subject Author Recs Date Posted
18980 Re: this is a preferred stock, not a closed end fund, but what a payer! lumpygravy 0 7/20/2019 7:45:01 AM






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