Banker Capital One Financial (COF) has announced they will be selling a new issue of preferred stock.
The company already has 5 issues outstanding which can be seen here. None of the these issues are currently redeemable.
The issue will be split investment grade (S&P below investment grade and Moodys investment grade).
The preliminary prospectus can be found here.
EarlyBird was right on this.
675 million at 4 3/8
There is a 6th COF issue, 14040HBH7. 3mL+3.80% paid quarterly. Last declared coupon was 4.03%. Bid/ask is 100.2000/100.4500, with last trade of 100.2600 for a 4.01 yld.
The issue is past call, resets quarterly, and keeps a steady price (except last March/April) at right around 100, meaning no call risk. It’s a reasonable cash sub. If I were buying I would look for 99.60.
COFPL otc ticker.
THANKS for the ticker
👍🙏
It will be just another low yielder.
Absolutely will be.