MetLife Prices Perpetual Preferred

MetLife (MET) has priced their new non-cumulative perpetual preferred with a rock bottom coupon.

The issue priced at 4.75%.

The issue is not the lowest we have seen in recent months, but at 4.75% I am not a likely buyer. Recently 2 recent issues from Public Storage (PSA) came at 4.70% and 4.75% and are trading in the high $25’s and the 4.70% issue from Northern Trust (NTRS) is trading at $25.93.

The issue is investment grade at Baa2 from Moodys, BBB from Standard and Poor’s and Fitch.

The pricing term sheet can be found here.

Thanks to Steve A for being on top of the pricing release and mcg for forecasting the coupon at midday today.

6 thoughts on “MetLife Prices Perpetual Preferred”

  1. I picked up 200 shares earlier today at $25.01 with the intention of flipping. This one is almost identical to ALL-I, which is currently around $25.90. Should hopefully be able to show Mrs. Tex a nice night on the town after I sell 🙂

    1. Tex- I had the same thought about ALL-I which I scooped up at $24.79. Now that I have the steak money to treat out my husband, I just can’t seem to pull the trigger. No where else to put this money.

      1. Good one Hster–guess your steak dinner will have to wait until you find the right time–tell the hubby to be patient

  2. Seems to available to buy at TD but not Schwab or Fidelity!
    Trading between $24.95-$25.04. I bought a small position

  3. MetLife is a great company, but sad to see rates so low on issues like this.

    How low can we go ??? Hopefully not much further.

Leave a Reply

Your email address will not be published.