Office REIT Vornado Realty Trust (VNO) will be selling a new issue of $25 preferred stock.
The terms of the issue are typical–cumulative, optionally redeemable in about 5 years and non qualified.
The company has 3 other issues outstanding, 2 of which are currently redeemable with coupons of 5.7% and 5.40%. The company has NOT signaled an intention to call these, but one can never tell. Neither issue has much, if any call risk built into the price.
I believe this issue will be split investment grade–Baa3 by Moodys and BB+ from S&P.
EarlyBird was on this one right away.