Private Banker First Republic Bank Sells a Preferred Issue

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Private banker, First Republic Bank (ticker:FRC), has sold an investment grade preferred offering.  

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Being a bank the issue is non-cumulative.  The issue is investment grade rated and has a coupon of 5.70%.

While the quality of this issue is high the reward is not attractive to us, plus it is perpetual and we have no interest in perpetuals at this point in time.

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The issue begins trading tomorrow on the OTC temporarily.  The temporary ticker is FREPP.

Details of the issue are here.

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Tim McPartland

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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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