Arizona banker Western Alliance Bancorporation (WAL) has announced they are selling a new issue of fixed-rate reset preferred stock.
The company has mentioned the possibility of calling their WALA 6.25% subordinated notes which are outstanding and have been optionally redeemable since 7/21.
The preliminary prospectus can be read here.
EB was on top of this one and posits a 4.50% initial fixed portion.
The common looks highly regarded. 10 billion market cap.