The OTC Grey market ticker is changed to DUEKL.
Giant utility Duke Energy (NYSE:DUK) has priced a new offering of preferred stock with a fixed coupon rate of 5.75%. The early redemption period start in 6/2024.
The company is offering a massive 40 million shares (a cool billion dollars worth).
The OTC Grey market ticker is DUEK–and it is trading now on that marketplace–we see 104,000 traded today but at an unspecified price.
As we expected the issue is rated investment grade – Baa3 by Moodys and BBB by S&P. Fitch assigns it a BBB-.
It is likely this will be a popular issue–and we are considering a small amount, but we need to consider whether the baby bonds at 5.625% (DUKB) would be a better buy being slightly higher rated and trading at $25.15 right now.