Trader hears talk of new Farmer Mac perpetual preferred offering

By Stephanie N. Rotondo

Phoenix, Jan. 14 - A preferred stock trader said he was hearing of a new deal from Federal Agricultural Mortgage Corp. on Monday.

"Farmer Mac," as the company is commonly referred to, is expected to issue at least $60 million of $25-par perpetual preferreds. Price talk is 5.875% to 6%, according to the trader.

Bank of America Merrill Lynch is the lead on the deal.

Farmer Mac is a Washington, D.C.-based provider of credit in rural America.

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