JP Morgan wrestles preferred crown from BofA

By David Rothnie
20 Feb 2020

JP Morgan grabbed the record for the lowest yielding preferred security issue this week, as investors continued to pour cash into the asset class.

JP Morgan printed the $1.5bn offering of non-call five year fixed-to-float preferreds at 4% on Wednesday, hitting a new record after Bank of America smashed the previous low last month with a trade that it priced at 4.3%.

CreditSights said the record low reflects the “brave ...

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