Rhode Island headquarter banking company Citizens Financial Group (CFG) will be selling a new fixed rate preferred stock. The issue should be rated BB+ by Standard and Poors–a notch below investment grade.
The bank has a fixed to floating rate issue outstanding with a 6.35% coupon which trades strongly and can be seen here.
The issue will be non cumulative and will become eligible for optional redemption in 2025. The issue can only be redeemed on a dividend payment date once early redemption is available.
mcg was right on top of this filing in reader initiated alerts.