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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.

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