Mortgage REIT New Residential Investment Corporation (NRZ) has announced they will be selling a new issue of fixed-rate reset preferred.
Fixed-rate reset preferreds adjust every 5 years to the 5 year treasury rate plus a fixed spread–generally the spread is quite large and FRR preferreds have been well accepted by the marketplace.
NRZ has 3 fixed-to-floating rate issues currently outstanding which can be seen here. None of the 3 are currently redeemable.
Kent was right on top of this one with EarlyBird chiming in with yield talk on the resettable around 7%.