Private Banker First Republic Bank Sells a Preferred Issue
By: Tim McPartland,
Private banker, First Republic Bank (ticker:FRC), has sold an investment grade preferred offering.
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.
The issue begins trading tomorrow on the OTC temporarily. The temporary ticker is FREPP.