Giant banker JPMorgan Chase (NYSE:JPM) will be selling a new fixed rate, non cumulative preferred issue. Of course the dividends will be qualified for preferential tax treatment.
The issue will be investment grade rated.
Final pricing and the temporary ticker for OTC Grey market trading are not yet known, but will be posted when known.
We note that JPM has a 6.70% issue outstanding (JPM-B) which becomes redeemable on 3/1/2019 and may well be redeemed on 3/1 with the proceeds from this issue.