Federal Agricultural Mortgage Corp (also known as Farmer Mac) (AGM) will be selling a new non-cumulative preferred stock.
Few details are know on the new issue as of this moment as Farmer Mac doesn’t file with the SEC in the same manner as most companies. Farmer Mac was chartered by the federal government in 1987 and is regulated by the Farm Credit Administration–thus they follow rules that different from the run of the mill company.
Farmer Mac has 4 other preferred stock issues outstanding which can be seen here. The outstanding issues have coupons ranging from 5.70% to 6% with the 6% issue being a fixed to floating rate.
We will post further details as they are known.
mbg chimed in that the new issue will trade with the OTC ticker of AGMFP (always subject to change before trading begins).
EarlyBird was on this issue at 9 am this morning with Potter jumping a bit later. Yield talk is in the 5.375% to 5.50% area.
2whiteroses mentioned that he/she is unable to find prospectuses for the Farmer Mac issue. If you go to the individual security page on this site we have the link to the Certificate of Designation of Terms and Conditions for each issue.