Citizens Financial Fixed-to-Floating Now Trading

We notice the new Citizens Financial Group (NYSE:CFG) are now trading on the OTC Grey market under the ticker CFGLL. Shares are pricing in the $25.15-$25.25 area right now.

The final term sheet seems to have not hit the SEC website–we know the issue has an initial fixed portion at 6.35%, but we do not know what the ‘spread’ will be when the issue begins to float in 2024.

Maybe the SEC is slowed by the partial government shutdown–not certain if they need to ‘bless’ the final term sheet on these issues or not.

I guess we continue to wait.

4 thoughts on “Citizens Financial Fixed-to-Floating Now Trading”

  1. So much for financial professionals cautioning you to read the prospectus.

    Honestly, the underwriters should be held to account for premature trading of the issues prior to a complete prospectus.

    I will wait to decide

    1. SteveA–I have noticed in the last couple of weeks the filings are getting slower and slower.

      I went ahead and purchased some at 25.21–I don’t really plan to hold for longer than 30 days, but as always who knows for sure. Probably more like a flip for a few steak dinners. These regional banker issues have traded really well over the course of the last year.

    2. Steve that is why they are on the Grey Market trading….Its the Wild West of buying issues. But like you, I want to see the kicker before I did anything. I suspecton a short flip like Tim’s it doesnt matter. But kicker ranges have been wide and not uniform.

Leave a Reply

Your email address will not be published. Required fields are marked *