6/26/2024
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Below are the pricing details on the New York Mortgage Trust (NYMT) senior notes which were priced last night.
All of the details of the new issue are the typical terms and conditions for a baby bond.
New York community banker Dime Community Bancshares (DCOM) has announced they will be selling a new issue of Subordinated Notes that are a fixed to floating rate and will have a maturity in 2034.
DCOM has a 5.50% perpetual preferred currently outstanding.
The preliminary prospectus is here.
Thanks to J for always being on top of announcements.
Mortgage REIT New York Mortgage Trust (NYMT) has announced they will be selling a new issue of $25/share Senior Notes with a maturity date in 2029.
The preliminary prospectus can be read here.
The company has numerous outstanding issues of preferred stock which can be seen here.
Thanks to J for posting this issuance.
Below is the pricing detail on the new issue announced last night. The yield is juicy but the banking company has some potential issues with commercial (CRE) real estate–please do your due diligence before investing.
A complete credit analysis can be found on Morningstar at this link— FREE account is required.
Bank of Hawaii (BOH) has announced pricing on their new non cumulative perpetual preferred stock issue.
The issue is priced at 8.00% for 6.6 million shares. The early redemption date starts 8/1/2029.
The issue is rated Baa3 by Moodys (on negative credit watch) and BBB by Dun and Bradstreet.
Bank of Hawaii (BOH) has announced a new issuance of non cumulative preferred stock–price talk is in the 8.125% area.
BOH has a current preferred outstanding with a 4.375% coupon (BOH-A) which trades around $15.58 with a current yield of around 7%.
NOTE that the outstanding preferreds were downgraded by Moodys in 2023 (from Baa2 to Baa3) and just last month they were put on ‘credit watch’ (for potential downgrade) by Moodys for having a high concentration of commercial real estate loans.
The preliminary prospectus is here.
Thanks to J for the heads up and for others chiming in with additional data.
Mortgage REIT Redwood Trust (RWT) has priced a new issue of baby bonds. These were priced on Friday 6/14/2024.
The issue prices at 9.00% and will trade under ticker RWTO. It will likely be a week before the issue starts to trade.
The priced 3.4 million shares (bonds) plus an additional 510,000 for overallotment.
The pricing term sheet is here.
Thanks to Peppino for the reminder of this issue this morning. Others may have mentioned it last week and I may have missed it.
At the request of a read I am posting this tale from a week or so ago.
This chart was missed a week or so ago so am posting it now as requested by the reader.
Below are the details on the new NewTekOne baby bonds which just priced. At 8.5% the coupon looks pretty tasty–I say this only as I remember NEWT as a business development company (BDC) that used to primarily write loans as part of the SBA (small business administration) program. I have NOT looked closely at the company as a bank holding company and have to do so before I commit funds. Of course one needs to compare this new issue to the other outstanding issues before committing to the new one–coupon isn’t the only way to decide if it is suitable.
