Giant mREIT AGNC Investment Corporation (AGNC) will be selling a new preferred.
The issue will be a fixed to floating rate issue and will have an early redemption option starting in April, 2025. This is also the date at which it will begin to float at 3 month Libor plus a spread (not yet announced).
The issue is cumulative and will be non qualified. The issue will be unrated.
AGNC has 3 other preferreds outstanding–all of which are fixed-to-floating and none of them are currently redeemable. These issues can be seen here.
The preliminary prospectus can be read here.
This issue will trade on the OTC Grey market–probably tomorrow, but the temporary ticker has not yet been released.
mcg was right on top of this issue 30 minutes ago.