State Street Preferred: 6.7% From A Too Big To Fail Bank
STTState Street(STT) Seeking Alpha·2024-02-17 02:18

SlavkoSereda/iStock via Getty Images This is a guest post by Landlord Investor State Street Corporation (NYSE:STT) recently issued a par $1,000 preferred stock with a coupon of 6.7% that is attractive. Below are the key details of this fixed-reset preferred. CUSIP: 857477CH4. Coupon: 6.7% until March 15, 2029. Reset: On March 15, 2029, and every five years thereafter, the coupon will reset to 5-Year US Treasury plus a spread of 2.61%. For example, if the 5-Year is 4% at reset, the coupon will be 6.61%. Rati ...