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Hancock Whitney Prices Baby Bond

The new baby bond from banker Hancock Whitney (HWC) has priced with a relatively tasty coupon of 6.25%. The issue is investment grade.

The permanent ticker will be HWCPZ, which will be used once trading begins on NASDAQ in the next week or so. There is no OTC grey market trading, but those anxious investors can potentially buy with the CUSIP by calling your broker.

The pricing term sheet can be read here.

Southern Banker Hancock Whitney Corporation Announces New Subordinated Notes

Banker Hancock Whitney (HWC) has announced a new $25 subordinated note issue.

The issue will be an investment grade issue—BBB- by Standard and Poors and Baa3 by Moodys.

The issue will have a permanent ticker on the NASDAQ market of HWCPZ when it finally begins to trade. No OTC grey market trading will take place, but when the CUSIP is known you can call your broker if you want to get it before exchange trading.

The company has 1 other baby bond outstanding with a coupon of 5.95%–it can be seen here. It becomes callable next month (6/15/2020).

The preliminary prospectus can be read here.

EarlyBird, If You Prefer and George M were all on top of this new issue.

Scorpio Tankers Announces Baby Bond Issuance

Following the saying ‘get it while the getting is good’ a new baby bond have been announced this morning.

Giant tanker ship owner Scorpio Tankers (STNG) has announced a new baby bond issue.

The senior unsecured note is due in 2025 and should trade under the permanent ticker of SBBA when it hits the NYSE. The issue will not trade on the OTC grey market, but those that want to buy sooner will need to call their broker with the CUSIP once it is announced.

The preliminary prospectus can be read here.

STNG has had decent earnings lately--but like all ship owners it can swing to poor earnings quickly–make sure to understand the risk with shippers.

STNG had a baby bond which matured on 5/15/2020 and thus is no longer trading.

mcg was right on this with EarlyBird chiming in.

American Financial Group Baby Bond Pricing Detail

Finally the detail on the new American Financial Group (AFG) has been released.

The issue should trade in the next week or so. You will have to check your broker website to see when it trades–or if you are impatient you can place a phone call to your broker with the CUSIP noted in the grid below.

The pricing term sheet can be read here.

American Financial Group Prices Baby Bond Issue

Insurer American Financial Group (AFG) has priced their new issue of subordinated notes. The SEC documents have not yet been filed so I will post further detail tomorrow morning.

The coupon will be 5.625%. The ticker will be AFGD. Standards and Poor’s rates the issue BBB- and Moody’s Baa2—both investment grade. They are selling 6 million shares.

Being debt this will not trade on the OTC grey market. Once the cusip is known investors can call their brokerage if they want it before exchange trading.

This issue has the potential for trading quite strongly – at least looking at the 5.875% issue that is currently outstanding and trading between $26 and $27 would seem to indicate potential to trade in the $25.50 to $26 area. I may have an interest at a fair price once exchange trading begins.

The company press release on this new issue can be read here.