Wells Fargo (WFC) has announced the redemption of the series T and V issues of $25 preferreds stock. Both carry 6% coupons.
The series T had previously had a partial call on 2/12/2020 of 26.7 million shares leaving 5.28 million shares outstanding.
The series V issue was 36 million shares with 4 million over allotment shares.
The calls are effective 12/15/20 (a normal dividend payment date).
The SEC filing with the call is here.
A4i was on this one earlier.
A and Zs… 4.7 and 4.31 I’m pairing off the Qs cause of 2013 libor float
I have ‘some’ exposure to 1 of these. Wells is near the top of the heap of interest rates, indicative of financial stress. Lets face it when you have the highest rates you are perceived to have the high risk too. They have 2….. what A’s and V’s (?) …..near 4.75 ytc Good alternatives