Banking company Keycorp (NYSE:KEY) will be selling a new fixed rate preferred issue. Of course being a banking company the new issue will be non-cumulative. The new ticker is KEY-J. The OTC Grey Market ticker will be KYYCP.
Details of the new issue have not yet been announced.
The company has a fixed-to-floating rate issue outstanding right now that has a coupon of 6.125% and is not redeemable until 2026. These shares are trading very strongly in the $26.88 area.