Giant banker JPMorgan Chase (JPM) will be selling a new issue of preferred stock in what is a ‘refi’ transaction.
The company has 6 $25 issues outstanding of which 2 are currently redeemable. The 6.10% JPM-G and 6.15% JPM-H issues were both called on 4/30/2021 for redemption on 6/1/2021 (thanks PTrader for the catch).
Of course the new issue will be non-cumulative, qualified and investment grade.
EarlyBird was on top of this one.