First Republic Bank Selling New Preferred Issue

First Republic Bank (FRC) is selling a new issue of preferred stock.

The issue is non-cumulative and qualified. The issue will be investment grade.

FRC has 4 current issues outstanding with coupons ranging from 4.25% to 5.50%–none are currently redeemable.

I have posted the company press release below since FRC is regulated by the FDIC and they do not publish on the SEC website.

Thanks to EarlyBird and later aview for catching this one. razorbackea says the issue has priced at 4.00% with strong demand being shown.

Issue will trade OTC grey market under temporary ticker FRBSV

7 thoughts on “First Republic Bank Selling New Preferred Issue”

  1. This is BBB- right? Makes PSA-P look better in comparison…along with a bunch of other stuff.

    1. FRC prices with the best of them. The first comparison an investor in any new issue must do, is to compare it to their existing issues. First Republic has a 4 .125 and 4.25 outstanding.

      Next Q is…How many rated pfds do we have with a 4%YTC? And does it fit w current portfolio. As long as yields don’t jam up this might work……I did see a San Fran muni that was 2% for 20….coming to market over par!

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