Who cares why?! That new pfd. traded today on the OTC, 2M shares, closed @24.90, non callable till 2020, qualifies for the special tax treatment. With WFC as the backer this is like a 5 year, 6% bond.
Interest rates are Not going up anytime soon, and if they ever do it will take a couple dozen 1/4 point pops to approach 6%.
When the Fed raises it normally waits at least 90 days in order to see if the raise has taken affect. These 6%ers are an early Xmas gift……..All Aboarrrd!