KeyCorp To Sell New Preferred-Updated and Corrected

Banker KeyCorp (NYSE:KEY) has announced a new fixed rate preferred issue is being sold.

Details of this issue have not been announced except that it will be non-cumulative (which of course we all know since it is a bank) and will have an early redemption period starting in 9/2024.

The preliminary prospectus can be read here.

KEY has 1 other fixed rate issue with a coupon of 5.65% which trades at $25.25/share. You can see it here.

4 thoughts on “KeyCorp To Sell New Preferred-Updated and Corrected”

  1. Might be a nice bucket to catch some recent prunings. Would like to see a few sell limits hit and watching C-N, way over call, as underlying securities are high coupon and may now see a call? Hard not let it run in this market with a hint at lower rates coming…may not happen after summer seasonality. Everyday is basically a guess.
    Blues up against the Ol’ (North)Stars??

    1. Most issues are much closer to 52-week highs then lows. Good time for patience.

    2. Joel, Blues currently are the favorites to win the Cup at 5-1 now…I got them at 50-1. I like 50-1 better than 5-1.

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