Giant banker Wells Fargo & Co (WFC) will be selling a new issue of non-cumulative preferred stock. This will have a permanent ticker of WFC-Z when it hits the permanent exchange. The OTC Grey market ticker is not out yet.
The issue will no doubt be a large issue as giant banks sell giant preferred issues.
The company currently has 9 issues outstanding, with 3 currently callable and 1 becomes callable in September all of which can be seen here.
The issue will be non-cumulative, but qualified and will be investment grade.
mcg had this very early with a estimated pricing around 4.875%. If you Prefer weighted in shortly after with the same price talk.