Large insurer Allstate (NYSE:ALL) priced their new preferred stock at 5.625% which is pretty much were we thought it would come in.
Of course the issue is non cumulative and perpetual and as such we have no personal interest in it at this time, although purely on a safety basis it is a decent issue.
The company has 5 other issues outstanding and they trade strongly between $25.59 and $26.33 with coupons of 5.62.5% to 6.75%.
The pricing term sheet can be found here.
The OTC Grey market ticker is ALLSP and likely is trading, but the ticker is not showing up yet on eTrade.