Northern Trust Corp Sells a New Preferred
By: Tim McPartland,
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).
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Details of the issue are here.
Thanks to our reader Joe L who gaves us the ‘heads up’ on this issue.
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Tim McPartland
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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.
