JPMorgan Chase has priced their new preferred stock with a fixed rate coupon of 6%–kind of skimpy.
This issue is investment grade. Dividends will be non-cumulative (as virtually all banks and insurance company issues are non-cumulative). Dividends will qualify for preferential tax treatment.
As we mentioned yesterday it would seem likely that the bank will call their 6.70% issue which is currently outstanding (there are 7 issues outstanding) and becomes redeemable on 3/1/2019.
The issue will likely trade OTC Grey Market today, but the temporary ticker has not yet been announced.