Giant insurer Allstate Corporation (ALL) has announced a new non cumulative, perpetual, qualified preferred stock issue.
The issue will have an early redemption period starting in January, 2025.
The issue will be investment grade and thus we expect this issue to have a sub 5% coupon.
The company has stated they may redeem preferred stocks with the proceeds of this new issue. All of their outstanding issues can be seen here–and you can see the ‘snoozers are losers’—big time on the ALL-A issue which had traded as high as $26.70 recently and now has plunged down to $25.55.
Thanks to Eugene and If you Prefer for being right on this one.