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Banker Keycorp Selling New Fixed Rate Reset Preferred Issue

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”

  1. Forget the fed pivot, at this time the bond market is still pricing in .75 hike in September.

    1. 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….

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