Financial firm Charles Schwab Corp (SCHW) has announced a new offering of non-cumulative preferred stock. The company intends to call for redemption the 6% SCHW-C issue which became redeemable last December with the proceeds of this issue.
The offering will be qualified for preferential tax treatment and will have an optional redemption period starting in 2026.
The new preferred will be investment grade.
SCHW has 1 other outstanding preferred issue which can be seen here.
J was right on top of this one with EarlyBird chiming in ‘yield talk’ in the 4.75% area.