This one was totally missed by me. If you Prefer noted last night.
Insurer Lincoln National (LNC) has sold a new perpetual preferred with a sky high coupon of 9%.
The issue is non-cumulative, but qualified for preferential dividend payments.
The issue will trade with the ticker of LNC-D after a stint on the OTC grey markets under LNCDL. The issue is trading at $6.50.
The company has ‘issues’ so do your due diligence. They just took a relatively massive write down and large quarterly loss.