Giant banker JPMorgan Chase (JPM) will be selling a new preferred issue.
Of course we all know this new issue will be at a rock bottom coupon. The company will be redeeming their 5.45% JPM-A issue with the proceeds. You can see here that we had plenty of snoozers on this one as the issue closed yesterday at $26.00
The new issue will be lower investment grade so I am thinking a coupon in the 4.80% area, but as Gridbird reminds us “names count” and there is no bigger name than JPMorgan Chase.
Of course the issue will be non-cumulative, but qualified.
Thanks to C Malcolm ferreting this one out on the Reader Initiated Alerts page.