Northern Trust Corporation (NTRS) has priced their new previously announced preferred.
The issue will have a fixed rate coupon of 4.70% and of course will be qualified, but non cumulative.
The issue should trade immediately on the OTC Grey market under temporary ticker NTREL.
I personally would love to own some of the NTRS preferred, BUT it will need to trade down quite a bit from $25–the company is a very well run company and I love quality.

The pricing term sheet can be found here.
I sold my NTRSP and used the proceeds to buy SLMNP
The coupon on this new issue is just too weak
Horrible. If interest rates recover as they should based upon US treasuries., as a non cumulative issue may be very hard pressed to see $25 or get out of this issue without losses.
I am frankly not interested at even a below par purchase but I have passed on all these low rate issues
They are all non cumulative
NTREL can only be bought with a broker at Schwab with a $25 transaction fee.
Was now able to buy NTREL online without a broker or fee.
$25.08
Yes oldred–should never be an extra fee on this one–if you run into it again you should call them out on it.