Reinsurance company RenaissanceRE (NYSE:RNR) is selling a new preferred issue with a coupon of 5.75%. Terms are normal terms with an early optional redemption starting in 2023.
The issue is non cumulative but is qualified for preferential tax treatment .
The issue is investment grade.
The permanent ticker of the issue will be RNR-F, but the issue will start trading on the OTC Grey Market as early as today under the temporary ticker of RNREF.
Thanks to reader Jon for the heads up on this issue.