Private banker and investment firm First Republic (FRC) has announced the issuance of a new series of non cumulative preferred stock.
The coupon on this one will be low–5% or below–and will be qualified. The issue should be rated BBB- by Standard and Poors and Baa3 by Moodys
NOTE–for due diligence you should go to the company’s investor relations page here. Alternatively you can go to the FDIC website here and search for First Republic. The company is NOT under supervision of the SEC so filings will not be found there.
Thanks to mcg for being on this one.