West Virginia banker WesBanco (WSBC) , which is a a bank holding company with $17 billion in consolidated assets, has announced that they will sell a new issue of non cumulative preferred.
The issue will be a fixed-rate reset issue. The issue will be sold with a fixed coupon for which will remain until 11/15/2025 after which the rate will be reset every 5 years at the 5 year treasury (now around .2%), plus a stated ‘spread’.
The issue will be unrated by the big 3 ratings agencies.
It is noted that a banker of similar size–Heartland Financial (HTLF) sold a fixed-rate reset recently which has traded very strongly–now at $26.98. The issue has an initial coupon of 7% with a spread of 6.675%.
mcg was on top of this one. EarlyBird chimed in with ‘yield talk’ in the 6.875%-7.00% on the new issue.