Northern Trust Corp Sells a New Preferred

Banking company Northern Trust Corporation has announced the sale of a new preferred stock issue.  Being a banking issue the stock is both non cumulative and perpetual.  The coupon is 5.85%, reflecting the high quality of the issue (although no Standard and Poors or Moodys rating is found).

Given the lower interest rate on this issue and the perpetual nature of the duration we have no interest in this issue at this time, although for those looking for the top quality issues this is probably one that may be of interest.

The issue will trade on the OTC market beginning tomorrow (Thursday).

Details of the issue are here.

Thanks to our reader Joe L who gaves us the ‘heads up’ on this issue.