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).
The preliminary prospectus can be found here.
mcg had this one on the Reader Initiated Alert page a couple hours ago.
CIT and SYF each game to market at 5 5/8 so not everything is 5 or lower
FINRA now reporting sales of institutional quantities at 24.83.
Hi Bob – where do you find that information?
https://quotes.freerealtime.com/quotes/AXQEL/Time&Sales
New preferred issues that start trading on the OTC will be reported by FINRA.
It’s not buyable yet. Maybe by mid-morning tomorrow, once the institutional crowd has been fed.
Thank you!
Now over $25.
5.25 coupon..
Source, please?
Jerry–thanks–better than I would have guessed—yeah.
Will it trade on the OTC? Any symbol yet.
Thanks
JB–yes it will–AXQEL
This must be a case of the first preferred from a company coming at a generous coupon. We’ve seen this recently with BXS-A and AQYVL. I’ll be buying this one if I can get it under par. 5.25% is good for BBB-. MS recently issued BB+ below 5%.