The final pricing term sheet for the new Citizens Financial Group (CFG) fixed to floating rate preferred issue has finally been posted.
The issue will trade with a fixed coupon of 6.35% until 4/5/2024 after which it will trade at a floating rate of 3 month Libor plus a spread of 3.642%.
There are 12 million shares being offered. The offer is rated BB+ by Standard and Poors and BB- by Fitch.
The issue, of course, is non-cumulative but is qualified for preferential tax treatment.
Shares are currently trading on the OTC Grey market and last changed hands at $25.20. The temporary ticker is CFGLL. The permanent ticker will be CFG-D when it moves to the NYSE.
We have bought a full position of the issue.