KeyCorp has priced a new fixed rate preferred issue with a somewhat miserly coupon of 5.65%.
The new issue will be non-cumulative, but dividends will be qualified for preferential tax treatment. The issue will be optionally redeemable in 12/2023.
The new issue permanent ticker symbol is KEY-J when big board trading begins. In the meantime the issue will trade on the OTC Grey Market under the temporary ticker symbol of KYYCP.
My best guess is that investors will be able to buy the issue on the OTC market for $24.85-$24.90. It is likely the issue will trade in the $25.25-$25.50 area once the issue trades on the NYSE for a month.
KeyCorp is a large regional bank with assets of over $137 billion. They are headquartered in Cleveland and serve a 15 state area.