Credit Lyonnais on Wednesday launched a $100 million issue of perpetual preferred stock in the private placement market.

The issue by the French bank will carry a high dividend because only a limited number of investors can purchase the securities in the private market.

The offering is registered under Securities and Exchange Commission Rule 144-a, which lets the securities be traded among large investors. A Lyonnais official declined to comment.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.