US Bancorp (USB) will be selling a new preferred stock issue.
This highly rated bank will likely garner a A3 from Moody’s and BBB from Standard and Poor’s which is where there current issues outstanding are rated.
You can see the current issues outstanding here. The company has a 5.15% issue which is now redeemable (USB-O) which will likely be redeemed with the proceeds from the new issue–shares today in the ‘O’ are taking a shellacking–down 3-4%.
Yield talk is in the 4% area–plus or minus an 1/8% (more likely minus 1/8%)
The preliminary prospectus can be read here.
mcg was right on this one.