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Preference Shares v Ordinary

Gilts, bonds, and interest-bearing shares
88V8
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Re: Preference Shares v Ordinary

#328386

Postby 88V8 » July 24th, 2020, 9:48 am

Wizard wrote:... was looking for 100k.....


A bit of pot luck involved perhaps.
What's around on the day.

At this moment I can buy ELLA up to 100,000 within the quoted spread.
But BWRA can't get a firm price even for 10,000 whereas I could yesterday.

NWBD yesterday was priced outside the spread. Quoted Buy was 155, but price to buy 1,000 was 158, 10,000 was 158.5 and 100,000 were at 159.
Today the quote is 155.5 and for 1,000 or 10,000 that's the price**. For 100,000 it's back to 159.

They were all pretty small issues. ELLA £106mio, BWRA £32mio, NWBD £140mio.
Don't know what's extant.

I guess one just has to keep pecking away. A hundred quid of commission for ten x 10,000 wouldn't really be noticeable, after all.

V8

edit** it was the price. But just now this second I bought 10,000 for 154.4. Keep pecking.

everhopeful
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Re: Preference Shares v Ordinary

#328485

Postby everhopeful » July 24th, 2020, 4:46 pm

Bought 20000 ELLA at 1.52 today with Barclays.

88V8
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Re: Preference Shares v Ordinary

#329979

Postby 88V8 » July 31st, 2020, 3:18 pm

NWBD 152p today.
Keep on pecking.

V8

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Re: Preference Shares v Ordinary

#330820

Postby Gan020 » August 4th, 2020, 11:58 am

It looks to me that up until about 2 weeks ago all sell volume coming on the market for the prefs was being absorbed very easily as if there was a fund or funds the MM's were supplying.

However, things seem to have changed in that prices are slowly dropping on low volumes. Also, it's often now possible to buy well within the spread.

The pref prices got a bit over-excited imho. I have no idea whether this is the start of a bigger move or it's just a bit of a small correction and some portfolio management going on.

88V8
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Re: Preference Shares v Ordinary

#331046

Postby 88V8 » August 5th, 2020, 10:44 am

As you say there does seem to be better availability.
However, II are still playing silly bs with some securities, still no firm online price for MBSR or BOI for example.

Also, they say they can't trade NATW because there is no KID available. So, whose responsibility is it to provide KID info?
The broker?
The issuer?

Meanwhile, just bought some BP.A 8% 1st Pref at 166. Unexciting yield, but safe. Unlike the orids.

V8


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