Newtek Business Services Notes Should Trade Soon – Updated – Now Trading
By: Tim McPartland,
We have had many messages from readers on whether the new 7.5% notes from Newtek were trading yet. The answer is no they have not yet traded.
Over the weekend we see that eTrade and Fidelity are now listing the shares (ticker:NEWTZ) in their symbol database which likely indicates they will trade either today (Monday) or tomorrow.
We noticed also that Newtek has sold the issue and the overallotment–and it is a small issue. In total there were just around 400,000 shares sold so if demand is good it may be difficult to secure shares.
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We intend to add shares to the Yield Hunter portfolios if we can buy some – but patience may be required.
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Tim McPartland
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Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
