Indiana banker Merchants Bancorp (MBIN) has announced a redemption of their 6% fixed to floating rate preferred (MBINO) on 1/2/2025. This was generally expected when the company sold their new 7.625% non cumulative preferred last week.
The redemption announcement is here.
I think we can assume that MOST relatively stable companies with outstanding fixed-to-floating issues will call them when available. This does not include mREIT preferreds, which have let issues with a 10% reset ride. Interestingly both Customers Bancorp (CUBI) and Valley National Bank (VLY) continue to have very high yielding issues out there.
I have a mostly complete list of fixed to floating and floating rate issues here.
Users who liked this:
I’m very happy to have MBINO called away from me.
I have already sold CUBB and VLY preferred stocks I held for some time.
I am in full defense mode.
I bought it cheap in the 2023 spring panic. Now I’ll have a big tax hit. This making money thing is rough.
Late to comment today, but I own the CUBI-F in one account. It was up again today. It’s been one I have been looking at unloading as I’m concerned about them announcing a call. Without looking, anyone know when they can announce a call?
One unknown with CUBI is their being involved with crypto. Short term it maybe to their advantage if our government starts promoting it.
https://innovativeincomeinvestor.com/security/customers-bancorp-6-00-fixedfloat-non-cumul-perp-preferred-stock-series-f/
Ex-div on Friday 11/29