I say What the Hell!!
First Midwest Bancorp (FMBI) is selling a new issue of $25 preferred stock.
FMBI just sold a new issue 1 month ago–so this was a surprise. George M picked this one up early mid day. If you Prefer had it also.
The issue will be non-cumulative, qualified and rated BB- by S&P and Ba1 by Moodys.
The issue from last month carries a 7% coupon and is trading around $24.84 right now.