As expected the new preferred issue from Capital One Financial (COF) has priced at low levels.
The non cumulative, split investment grade issue, prices at 4.375%.
The issue trades immediately on the OTC grey market under temporary ticker COFPL.
The pricing term sheet can be read here.
Capital One’s version of GS & MS 4.00% never-callers.
Newbie question:
COFPL trading spikes at 11:17am EST ($25.60) & 12:09pm EST ($25.00) …are those narrow trading spike windows due to somebody buying COFPL as a market order rather than limit order? or something else??
Thanks for your insight.
You have to be careful watching those type of spikes. They may be errors in reporting. Or they may be special situations where somebody got taken.
Thanks!
Tim. A must buy…$24.55 this is a to big to let fail , company.. but. very low rate..
COFPL would have to trade at 24.20 to match the current yield of COF-K.
J pulls ahead with a C 4.80 Y 4.72 and YTW 4.28 on a ’25.
Might actually get called too.
Very weak opening…not that I’m complaining….$24.62-$24.65
Golly. I figured low, but 4.375%?!? I’m trying to calculate — that one may not rise much about $25, if it even gets that high… (?)
COF/PRK the 4.63% coupon, and callable 2025 traded above mid-$26.5s so why not this trade to mid/high $25s?
Also the JPM/PRK (rated higher) with a 4.55% coupon and next callabl;e Jun 2026 currently trading $26s and yielding 3.6%. So if I owned that I may be better off buying this COF 4.375% at or a bit below $25…
I will likely be looking to buy some, especially if below $25