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Capital One Financial to Sell New $1000 Preferred Issue

Capital One Financial (COF) will be selling a new Fixed Rate Reset perpetual preferred with a liquidation preference of $1,000/share.

The issue is non-cumulative, qualified and split investment grade.

As many of you know a Fixed Rate Reset preferred typically has a fixed rate for about 5 years and then is adjusted in the 5th year and every 5 years thereafter. The reset rate is determined by a ‘spread’ plus the 5 year treasury rate.

COF has numerous outstanding preferred issues, but none are currently redeemable.

The preliminary prospectus can be read here.

4 thoughts on “Capital One Financial to Sell New $1000 Preferred Issue”

  1. COF has one other institutional preferred outstanding, but it was issued 6 years ago and now floats off 3mL and is yielding 3.77%.

    COF has 2 exchange traded issues that become callable in December, so you may want to watch the prices on the carefully.

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