Synchrony Financial (SYF) will be selling a new issue of fixed rate, non cumulative preferred stock.
The issue will be non cumulative, qualified and I think it will be rated just below investment grade (maybe BB+), but right now I find no current rating. This will be the first preferred offered by SYF. SYF is a company that was spun off from GE Capital back in 2015.
This could be an interesting issue for yield hunters–we’ll see.