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Associated Banc-Corp Sells Fixed-Rate Reset Baby Bonds

A quick note since I missed this one a day or two ago–fortunately J caught it and posted it this morning.

Regional banker Associated Banc-Corp (ASB) has sold a new offering of baby bonds (subordinated notes)

The prospectus is here.

The summary pricing term sheet is here.

This is an interesting issue because it has a short dated maturity in 2033–unusual for a bank.

The issue is not trading yet and the ticker has not been announced

10 thoughts on “Associated Banc-Corp Sells Fixed-Rate Reset Baby Bonds”

  1. No ticker and the bid/ask is as wide as a truck. A cusip has supposedly been generated

  2. I keep seeing 24.97 today. But didn’t get a live feed. Their other two preferred are trading with a much lower CY. And this deal is 12mm vs 4mm. May set up for a 26 handle

      1. It’s still in what some call the gray market. I believe tomorrow we should have a temp symbol that you might be able to trade. The one I see today doesn’t pull a quote….

  3. https://www.moodys.com/research/Moodys-assigns-PBaa1-senior-and-subordinated-shelf-ratings-to-Associated–PR_473261

    New York, January 26, 2023 — Moody’s Investors Service (“Moody’s”) has assigned provisional ratings to Associated Banc-Corp’s (Associated) shelf registration. The shelf was rated (P)Baa1 for senior unsecured debt, (P)Baa1 for subordinate debt, (P)Baa3 for non-cumulative preferred stock. The ratings are on review for downgrade.

    A complete list of ratings can be found in the 23 January 2023 press release: https://www.moodys.com/viewresearchdoc.aspx?docid=PR_473022.

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