US Bancorp to Sell New Non Cumulative Perpetual Preferred

US Bancorp h(USB) has announced they are selling a new US Bancorp–it will be USB-S when issued and trading on the NYSE.

USB has numerous other preferreds outstanding which can be seen here.

The issue will have a early redemption period starting in April, 2027.

The preliminary prospectus can be found here.

EarlyBird was right on top of this one. Yield talk is posited at around 4.625%.

6 thoughts on “US Bancorp to Sell New Non Cumulative Perpetual Preferred”

  1. I noticed this is not trading yet….I’ve been trying to find some information on BACLX the new BofA Preferred. It was on the OTC and then disappeared. Any additional information on either of these two?

    1. USBOV will show up very temp and probably turn into USBOP on the otc. Then when it gets off the otc it will be USB-O.

      BACXL will be moved off the OTC soon and become BAC-S.

      For some reason the main preferred share websites kind of missed BACXL and I do not see it listed anywhere so it is kind of confusing. USB though the prospectus is linked above clearly stating USB will be USB-O soon. I would expect USBOV/P to be on the otc this week. You can use their website to look up the exact ticker.

      I am not sure if the whole V to P thing is still around. Buying early on the OTC has become much more difficult except for these really big name issuers.

      1. FC……Thanks for the information. I totally agree about buying early on the OTC. I used to feel like Preferreds were my own private playground now it feels like you are in competition with everyone. It almost seems that the better strategy is to sit tight and wait for the frenzy to subside before you buy. Last I saw (two days ago) BACXL was at $25.14.
        I was just comparing a possible USB purchase at par with JPM-M at $23.02 and 4.2%. Over a five year period JPM-M generates more income per share.

      1. Two days ago it was there and the day after the symbol brought up nothing. Though curiously it was on my brokers website. I thought it was one of those instances where they changed the symbol. But I guess not

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