Large banker Keycorp (KEY) has announced a new issue of fixed rate reset preferred stock.
Fixed rate reset preferreds have a fixed rate coupon for about 5 years and will then reset based on the 5 year treasury plus a ‘spread’–then the issue will reset every 5 years.
The issue is expected to be split investment grade (IG from one rating agency and a notch below from another).
Keycorp has 3 other issues outstanding which can be seen here.
The preliminary prospectus can be read here.
Thanks to j for being right on top of this and EarlyBird for adding color.
6 thoughts on “Banker Keycorp Selling New Fixed Rate Reset Preferred Issue”
KEY 6.20% scheduled to list on NYSE 8/26/22 ticker KEY pfd L
Issue priced @ 6.20%
Thanks Razorbackea–long time no see.
Forget the fed pivot, at this time the bond market is still pricing in .75 hike in September.
TimH, I cant predict the long end, but I have been and continue to respect the Feds commitment to hiking the Funds rate…..And QT hasnt even started yet either….