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Container Leasing Company Triton International to Sell New Preferred

Large container leasing firm Triton International (TRTN) has announced a new perpetual preferred stock issue.

The issue will have a early call date of 3/15/2025. The issue will be cumulative. It is likely that S&P will rate the issue B+ (non investment grade-speculative)

The issue should trade on the NYSE under TRTN-D when it hits the permanent exchange. There will be OTC Grey market trading, but the ticker has not yet been announced.

The company has 3 issues outstanding already with coupons of 7.375% to 8.5% which can be seen here.

The preliminary prospectus can be read here.

Thanks to mcg and EarlyBird for being on top of this new issue. EarlyBird is hearing coupon talk in the 7% area.

Wells Fargo & Co Prices Preferred Issue

Wells Fargo & Co (WFC) has priced the previously announced new preferred stock.

The company will sell 70 million shares with a coupon of 4.75%. There will be 10.5 million shares available for over allotment.

The issue will be investment grade, non-cumulative and qualified.

The issue will trade immediately on the OTC Grey market.

The pricing term sheet can be read here.

Wells Fargo & Co to Sell New Preferred

Giant banker Wells Fargo & Co (WFC) will be selling a new issue of non-cumulative preferred stock. This will have a permanent ticker of WFC-Z when it hits the permanent exchange. The OTC Grey market ticker is not out yet.

The issue will no doubt be a large issue as giant banks sell giant preferred issues.

The company currently has 9 issues outstanding, with 3 currently callable and 1 becomes callable in September all of which can be seen here.

The issue will be non-cumulative, but qualified and will be investment grade.

The preliminary prospectus can be read here.

mcg had this very early with a estimated pricing around 4.875%. If you Prefer weighted in shortly after with the same price talk.

MetLife Prices Perpetual Preferred

MetLife (MET) has priced their new non-cumulative perpetual preferred with a rock bottom coupon.

The issue priced at 4.75%.

The issue is not the lowest we have seen in recent months, but at 4.75% I am not a likely buyer. Recently 2 recent issues from Public Storage (PSA) came at 4.70% and 4.75% and are trading in the high $25’s and the 4.70% issue from Northern Trust (NTRS) is trading at $25.93.

The issue is investment grade at Baa2 from Moodys, BBB from Standard and Poor’s and Fitch.

The pricing term sheet can be found here.

Thanks to Steve A for being on top of the pricing release and mcg for forecasting the coupon at midday today.

MetLife To Sell New Perpetual Preferred

Large insurance company MetLife (MET) will be selling a new perpetual preferred issue.

This issue will have an early redemption in 2025.

The company has 2 other perpetual preferreds outstanding which can be seen here.

The new issue will be investment grade so I think we are looking at another low coupon issue–we shall see.

Thanks to mcg and EarlyBird for being right on this one 15 minutes ago on the Reader Alerts page.

The preliminary prospectus can be seen here.