Bank of Hawaii (BOH) has announced a new issuance of non cumulative preferred stock–price talk is in the 8.125% area.
BOH has a current preferred outstanding with a 4.375% coupon (BOH-A) which trades around $15.58 with a current yield of around 7%.
NOTE that the outstanding preferreds were downgraded by Moodys in 2023 (from Baa2 to Baa3) and just last month they were put on ‘credit watch’ (for potential downgrade) by Moodys for having a high concentration of commercial real estate loans.
The preliminary prospectus is here.
Thanks to J for the heads up and for others chiming in with additional data.
Is there a temporary symbol for this yet and if so what is it? thx
I am told it’s a done deal, will price at 8%, and the allocations are a few
hundred shares per each 10,000 indicated.
Priced
https://ir.boh.com/node/23431/html