Citizens Financial Group (CFG) has announced the pricing for their previously announced new fixed rate perpetual preferred.
The issue will have a fixed rate coupon of 5.00%. The issue is rated BB+ (a notch below investment grade). This coupon is a bit skimpy as recent issues that were rated BBB- (BAC for example) – had 5% coupons, but just the same this will eventually trade above $25–although it would seem $25.30 would be the ceiling.
As of 8 a.m. central time the SEC pricing sheet has not been posted so some info is missing in the chart below–we will update it when the data is posted by the SEC.