Bank and wealth management company First Republic Bank (FRC) has announced a new issue of preferred stock.
Issue will be investment grade, non-cumulative and qualified.
The company has stated it may use the proceeds to call all or a portion on the 5.50% non-cumulative FRC-G issue which becomes redeemable on 3/31/2021.
Yield talk is in the 4.375% area.
EarlyBird was early on this one.