Capital One Financial Announces New Preferred Offering

Capital One Financial Corporation (NYSE:COF) has announced an offering of new $25/share preferred stock.

Being a financial firm the offering will be non-cumulative, but qualified. Early redemption will start in 2024.

The permanent ticker symbol will be COF-I when it begins to trade on its permanent exchange. The issue will trade on the OTC grey market–likely tomorrow, but the temporary ticker has not been announced. We will post the ticker when announced.

The company has 6 other issues outstanding which can be seen here.

The preliminary prospectus can be read here.

17 thoughts on “Capital One Financial Announces New Preferred Offering”

  1. We’ll be lucky to see a flat 5%.
    I notice these are QDI which for me would be in a taxable account. I think this is a prudent use of margin funds: if I enter an order and get a fill then I can go back and immediately disgorge a bloated issue, otherwise just hold. Starting to look like a poker game…we will see at the end of the night.
    Had two holdings in IRAs get taken out by a jump up buyer and was kind of taken by surprise. Should have moved out the stops in this ‘drive-by market’, but have been preoccupied.

    1. Wish they had listed a stinking dollar amount on this offering so that we could ‘guess’ at what was being called. I am holding the P and C flavors. Last I looked, just to call in the D and C flavors (two highest yielders), they would need to issue ~ 1 billion+ worth of this new issue. Each of those 2 were ~ 500 million dollar offerings.

      1. Looks like they are issuing 60M shares of I (~$1.5 B). If that’s accurate D & C are both likely to get called. although D is not callable until DEC 1.

          1. bloolmberg. it’s preliminary info and may change.. nothing on coupon yet. cusip is 14040H824 and OTC symbol is COFOL.

          1. These recent issuances remind me of people rushing from the table so they don’t get stuck with the check.
            Are there signs that the credit markets are tightening up or that rates are set to soar?

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