We all knew this was coming and it has–First Bancorp (FBP) has called for redemption of ALL of their monthly paying preferreds. The redemption date is 11/30/2021.
There are 5 issues outstanding which can be seen here. All of these have been redeemable for over 10 years.
The 8.35% FBPRO issue is taking a shellacking – off $1.76 today.
FBP has gone through rocky times in Puerto Rico, but more recently their financials have become much improved and it was only a matter of time before these high yield preferreds were redeemed.
Fred was right on top of this one this morning.