Giant property and casualty insurer Allstate (ALL) has announced a new issue of preferred stock.
The issue will be a fixed rate issue and will join a number of issues already outstanding which can be seen here.
Thanks to EarlyBird for the heads up.
The issue is expected to be rated BBB/Baa2–investment grade. Coupon should be between 7.375-7.625%–pretty tasty. The issue will be non cumulative, but qualified.