Giant banker Bank of America (BAC) has announced that they will be selling a new issue of preferred stock.
The company has 11 current preferred issues outstanding ($25/share issues) and 5 are currently redeemable–BUT these 5 are low coupon floaters with current rates of either 3% or 4% so I would be surprised to see these called. The company may well redeem some of their untraded issues or $1,000/share issues.
The issue will be rated BBB- by Standard and Poors and Baa3 by Moodys.
‘Yield talk’ is in the 4.625%–so if things run as they have been the coupon may be 4.50%.
EarlyBird was right on this one with if you Prefer chiming in.