AT&T has priced the new previously announced perpetual preferred.
As expected the coupon is pretty low at 4.75% for 70 million shares
As you all know the company has a 5% perpetual outstanding which is trading around $25.97 after dropping yesterday on the new issue announcement–it had been at $26.40 or so. It can be seen here.

took some at @25.22…we’ll see
Given that its close cousin T-A with 5% coupon currently trades near $26, and yields 4.8%, this new issue should be a good candidate to buy here in low $25s and flip?
I am buying some today…
T-A went from under $25 to $26 in a hurry. I would expect the same thing here.
If investors pay $26 for it then go ahead and steal their money.
FYI—ATTXL is now trading on Schwab
IMHO. ATT has a lot of debt. I think TMobile/Sprint post merger competition will be somewhat costly for them. Their recent acquisition – Direct TV?- is a disaster. Div rate for this issue does not reflect these risks. This old man will pass.