Insurance company Equitable Holdings (EQH) has priced their new preferred stock issue announced yesterday.
The issue prices at 4.30% (which razorbackea stated yesterday early on). Issue is split investment grade, non-cumulative, but qualified.
This is an incredibly low coupon for an issue that is not solidly investment grade, but insurance company issues have been in huge demand of late and the issue will be gobbled up.
The issue will be trading on the OTC grey market immediately under ticker EQHIL.
The pricing term sheet can be read here.
Can’t pull this one up anywhere. Will call broker.
With such a large move in rates today and with this issue apparently having been priced for perfection as of yesterday’s rates, it’s quite amazing it’s at 25 still as we speak…. good indicator for the preferred space in general at least for now. imho of course
I’ve been with the Equitable for my insurance needs since they were called AXA. For folks that enjoy finance + history there is a great book about The Equitable that can be found at link below. James Hazen Hyde was quite the character!
https://www.amazon.com/After-Ball-Patricia-Beard-ebook/dp/B0793TT76N/ref=sr_1_1?dchild=1&keywords=after+the+ball+hazen+hyde&qid=1609944978&s=digital-text&sr=1-1
Ultimately, the buyers create the demand. Sellers will continue to seek that premium. You gotta know who your in bed with…or suffer. Wall Street is NOTHING but a broker and cute, eye-catching cheerleader. They OWN nothing but projections. They WILL create some disaster/reversal soon.
Quit buying stinko product even if it has some underwritter’s laboratory seal of rating on it. If I had a spot for an issue like this in a never-sell- annuity- lockbox, then maybe.