Washington Federal (WAFD), a smaller banking company, has announced they will be selling a fixed rate, non cumulative preferred.
This will be the first exchange traded issue by the company.
WAFD has assets of $19 billion, which makes them one of the smaller banking company’s to have a preferred stock issue outstanding.
The issue will be non-cumulative, qualified and unrated.
The preliminary prospectus can be found here.
EarlyBird was early on this one.
8 thoughts on “Seattle Banker Washington Federal Inc. to Sell New Preferred”
Priced @ 4.875
Sounds exactly right. Did it come with a rating?
Expected Ratings: Baa3 (Moody’s)
BBB- in S&P speak. Thanks for the post.
TDA will take orders but I’m not seeing prices yet.
Probably upper 4’s.
The cdx3 taking over retired Doug Le Du says Temporary symbol WSHAP, not recognized by Fidelity or QOL.com. No info on the coupon dividend either.
John – the ticker comes right from FINRA. A ticker can come out before an issue is trading and even before it prices.
It will start trading today but probably won’t show on brokerage platforms until tomorrow. TDA is usually the earliest of my 4 brokers.
The company has zero other paper than I can see so it should sell well for that reason alone.
If they get it rated I think it will come in at BBB- or BB+ or Moody’s equiv.