Comerica Inc. recently came to market with an issue of $250 million in adjustable-rate preferred stock that has an unprecedented fixed-rate term of five years.

The offering, one of the largest adjustable-rate preferred issues, is "the beginning of a new trend toward restructured capital by regional banks, who have formerly not used preferred stocks in their capital structures," said Rick Schwartz, principal from Morgan Stanley & Co., one of the underwriters of the deal.

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