Bank of America Announces 6.625% Preferred Offering
By: Tim McPartland,
September 3, 2014 7:45 am
Bank of America has announced a new issue of non cumulative preferred stock with a coupon of 6.625%.
Because this issue is perpetual (and is non cumulative) we have no interest in the issue at this time. We are trying to shorten durations of our holdings and buying ‘perpetual’ issues is contrary to where we are going at this point in time.