In a new twist for Duke Energy (NYSE:DUK), the giant utility, will sell a new perpetual preferred issue.
In recent time Duke has issued a couple of baby bonds, but they do not have any perpetual preferreds outstanding.
In September, 2018 the company issued a baby bond with a coupon of 5.625% (ticker DUKB) which has traded above $25 recently. The issue which can be seen here.
Previously the company sold a baby bond issue with a coupon of 5.125% back in 1/2013. This issue, which can be seen here, trades in the $24 to $25 range.
The new perpetual preferred stock should be rated investment grade. Moodys has a rating of Baa3 and S&P will likely rate it BBB or BBB-, although they have not yet published their rating.
Ticker symbols have not yet been published.
If this issue prices in the 5.75% to 5.875% range it will likely be a popular preferred stock issue.