Finally the new US Bancorp fixed rate preferred issue has been priced–5.50%.
All terms are typical–qualified dividends, non-cumulative, quarterly dividends and optionally redeemable in about 5 years and strongly investment grade (A3 from Moodys).
The pricing term sheet is here.
I have passed on this (so far). I also passed on Key Bank recent offering UNTIL the price fell to below $24.60. If I hold for one year (long term capital gains) and sell at coupon that 7%+ on an investment grade. Works for me.
I doubt this one drops below $25 to create a similar situation.