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.