Financial services company Stifel Financial Corp (NYSE:SF) will be selling a new fixed rate perpetual preferred issue.
Few details are available at this moment, but the issue will be non-cumulative, pay quarterly dividends and will trade with the permanent ticker of SF-B. There will be an early redemption option for SF startng in 2024. Dividends will be qualified payments.
SF has 1 other preferred outstanding, which is the 6.25% issue (SF-A) which currently trades at $25.21.
This issue will NOT be investment grade.