Indiana banker Merchants Bancorp (MBIN) will be selling a new fixed rate reset perpetual preferred.
MBIN has 3 issues outstanding now which can be seen here–2 are fixed to floating rate and 1 is a fixed rate issue.
The issue will trade with a fixed rate until 10/1/2027 after which time the coupon will be reset at the 5 year treasury plus a fixed ‘spread’ which is not yet know (tonight).
The issue is likely unrated.
RickS was right on this one with EarlyBird chiming in. Yield talk is 8% to 8.25%