Giant REIT storage company Public Storage (PSA) is coming with a new preferred offering. It is never a surprise when PSA sells a new issue in a refi transaction and it is highly likely they will call the PSA-A 5.875% issue which becomes redeemable on 12/2/2019.
PSA just sold PSA-I 4.875% preferred in September–so you know this one will be around 4.75%. The PSA-I issue has traded very strong–up to $26.50 before setting back to the $25.85 area.
The new issue will be cumulative, non qualified and investment grade.
Thanks to those that flagged this one right away in various spots on this website.