Bank of America (NYSE:BAC) is coming to market with another preferred offering. Of course being a bank the dividends are non cumulative, but qualified.
The company had just offered a new preferred in June @ 5.375% (BAC-M) which as can be seen here has traded very strongly. Guess that tells us this new issue will have a lower coupon–for sure.
The issue will be low investment grade.
The new issue will have a permanent ticker of BAC-N when it hits the big board. The OTC Grey market ticker is not yet known.
Again mcg was right on this new issue 2 hours ago in Reader Alerts.