Insurance company Selective Insurance (SIGI) will be selling a new issue of preferred stock.
It has been quite a while since SIGI has had an outstanding baby bond or preferred stock–they had a baby bond redeemed on 3/26/2019 and nothing since then.
I am not seeing new ratings on this issue, but I believe it will be a notch or so below investment grade.
The issue will be non cumulative, qualified and will have the normal optional redemption date in about 5 years–12/15/2025.
The permanent ticker will be SIGIP–it should trade on the OTC Grey market tomorrow, but the ticker is yet unknown.
The preliminary prospectus can be read here.
mcg was on this one.
I’m not seeing a FWP on Edgar. Am I missing it?
SLIG. Anyone know the rate?
Bob,
It priced @ 4.60
8 million shares
200 million
I’m on the wait list.
SIGIP should be the symbol.
On NASDAQ
Settles 12-9-20
RB – I am amazed. The BBB rated senior debt was trading at 4% yield. 60 bps spread for a perp pref? Ugh.
Already traded as high as 25.75. It’s a feeding frenzy, folks.
The current ask is $25.00 on this one.
It had traded to a low of $24.45 last week Jan 12th when ^TNX was reaching for 1.18.
I would rather buy better rated ones that traded just below $25 then (and I did buy WFC-PA, COF-PJ, COF-PK etc. – just too few in retrospect as most up nicely now)
Thanks. Can you explain how the wait list works if the issue has already been priced and allocated?
Price talk is 4.60
Is IG
Ballpark 5% coupon QDI…Small deal ~150mil
Tku, Tim.