Insurance/asset manager AXA Equitable Holdings (EQH) has announced a new issue of non-cumulative, fixed rate, perpetual preferred stock.
No doubt this will be another low coupon issue–readers are guessing 4.75% to 5%.
The issue will be lower investment grade–S&P has the rating at BBB-.
This will be the 1st preferred for AXA (at least for many years).
mcg had this one on the Reader Initiated Alert page a couple hours ago.