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Western Alliance Bancorporation Announces New Preferred Issue

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.

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