In what has to be one of the largest knocks preferred investors have taken on a call in recent memory Popular Inc. (BPOP) has announced the redemption of their 6.70% Trust preferred issue (BPOPN). The call is for 11/1/2021.
Shares had traded just shy of $29/share yesterday and are now trading at $25.22.
Thanks to Fred for being on this early with Ken chiming in with this press release.
Investors need to be careful with the various Puerto Rican bank issues as these company’s have improved their financials greatly in the last 10 years and it is likely any high coupons are going to be called.