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 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”
ASBA to trade march 3rd
STILL not seeing this trade
No ticker and the bid/ask is as wide as a truck. A cusip has supposedly been generated
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
Could you tell me the ticker?
Looks like it’s trading at 25.55 in the grey market.
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….
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.