Finally we get someone stepping forward to sell a new issue of preferred stock-it is almost a month since we have seen a new issue.
mREIT Chimera Investment Corp (NYSE:CIM) is selling a new $25 issue of fixed to floating preferred.
Of course no details are out yet on the new issue but the company has 2 fixed to floating rate issues outstanding already plus 1 outstanding fixed rate issue. The 2 fixed-to-floating rate issues have initial coupons of 7.75% and 8% while the fixed rate issue has a coupon of 8%. You can see the current issues on the mREIT preferred page here.
Seems logical that the new issue will price at 7.875% or 8%.