Synovus Financial Corp (NYSE:SNV) has announced a fixed-rate reset preferred issue.
Of course the issue is non-cumulative (being a banking issue) and will have a fixed coupon until 2024 . After this point in time the rate will be reset at the 5 year treasury plus a spread (as of yet unannounced).
Shares will trade under ticker SNV-E when they finally trade on the NYSE–they will initially trade on the OTC market under a yet to be announced ticker.
We think these will be rated BB- (junk) by S&P.