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.
Preliminary information on the new issue can be found here.
This issue will NOT be investment grade.
I’ve got the SF-A and seems to be holding up pretty well, but then it does go ex-div on 2/28. Thought about unloading it in hopes of some volatility when details of the -B are available, but guess I’ll sit tight since those kind of maneuvers usually don’t work out for me.