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.
Thanks to j for being right on top of this and EarlyBird for adding color.