Finally the OTC ticker is announced and is ABBCL.
The previously announced new preferred from Associated Banc-Corp (ASB) has been priced.
The issue is priced at 5.625%. Investors should compare the coupon and terms of this new issue against pricing and terms of the 3 currently outstanding preferreds from ASB-they can be see here.
The issue is split investment grade, non-cumulative and qualified.
The issue will trade on the OTC grey market–but the ticker has not been announced as of 7:45 am (central).
Trading at 24.90 for a 5.68% yield. I would think that ASB-C, which becomes callable in a few days, is a gonner at some point. That said, the C is trading to yield 6.10% with very little call exposure (14 cents) so continuing to hold would not be silly.
None of my money is heading here.
temp ticker is ABBCL
https://otce.finra.org/otce/dailyList?viewType=Additions
mbg
thanks mbg