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.

34 thoughts on “Hancock Whitney Prices Baby Bond”

    1. Well, TDAm was a little slow this time, which is unusual — it wasn’t available even end-of-day on 6/17, but it was there first thing today (6/18), and still a bit under par, so nabbed some.

    2. I sold this morning for a 5-6 steak dinners ( I brought it several weeks ago – premarket). Too many small bank preferred’s recently. I expected this to be better accepted since it is double IG.

  1. Tried my hand at buying via CUSIP (first time) at Vanguard. Got it @24.90. Hoping it will open higher when listed.

    What do you guys think? Will it list higher than the other Hancock Whitney note

    1. Jay, I was going to buy it and then flipped over to the Atlantic Union preferred. Its probably fine in the context of any bank preferred, but they have a decent amount of energy exposure and the bank (Midland if memory serves) they acquired a year or so ago had even more exposure (oil services and such).
      Its bad enough I dipped into bank issues, not adding with energy, lol.

      1. Grid, I also bought the Hancock Whitney for a flip. HWCPL is trading over 26 and has a lower coupon so it seems worth the risk for a short term trade. I bough the Atlantic Union as well! Was there a correction in the first quarter?? 😉

        1. Kapil, it depends on what issues. Some of mine never traded let alone corrected, ha. That is why I said its as good as any. No one knows what is on the books of any bank. I just pick and choose, being I dont have the money to buy everything anyways. Im still distracted from my multi month flipping these PCG preferreds rotating on the price differences. It keeps my brain engaged, and like anything it will work until it doesnt.

        2. Kapil, If I had a brain I probably should be liquidating about everything instead of moving forward collecting coins on the roadside. Its just amazing how the market moves up and on while info like this below is playing out…
          And millions of people are getting help from all kinds of lenders. According to the latest available numbers from the credit bureau TransUnion, about 3 million auto loans and 15 million credit card accounts are in some kind of program to let people skip or make partial payments. Those are probably low estimates. According to the analytics company Black Knight, 4.75 million homeowners — or 9% of all mortgages — have entered into forbearance plans.

    1. No OTC trading on baby bonds–would have to call you broker bond desk with the CUSIP.

    1. Schwab called back. I was able to place the order, waiting to see if it is filled at the price desired

  2. Tim, I’m on pullback alert. This move higher in Spx is looking full to me and we are very overbought. I’m looking for a reversal in the 3030 – 3063 area. I’m not buying any longs at the moment. ATB.

  3. I grabbed some of this deal…their other listing carries a lower coupon at 5.95% and is at a premium so I figured this should move to a premium.

      1. just call your bond desk and mention the cusip, pretty straightforward. Looks like its trading in the 24.5 range

          1. I’m trying Fidelity now … transferring me to their “fixed income desk”.
            We’ll see ..

            1. Fidelity cannot obtain any shares until approx. June 2nd. They just now called me back with this information.

                1. Mike -No luck. I tried the fixed income desk again yesterday to no avail.
                  Tried to do a buy order this morning, and still not listed with Fidelity.
                  I’m going to keep trying. Will let you know when it works.

                  1. Just got an order filled on this thru Vanguard Fixed Income desk at 24.80.
                    Took a while for it to go through …

                  2. bigbear–it should hit the exchange this week sometime I would think and likely will be available at a decent price.

                  3. Bigbear;

                    I tried this morning as well to do a buy order with Fidelity before I had to go to work. Had the same result as you. Certainly appreciate your response. This site has such great people that help others.

                    Mike Havel

          2. I just tried the TDAm fixed income desk, they said it closed yesterday (5/26), so cannot purchase by CUSIP now. They said I have to wait a few days for the ticker to become active on their site. He also said when it traded yesterday, it was at par.

        1. I guess I chose the wrong broker…. My call to Fidelity Fixed Income, after 30 minutes on hold, was met with the equivalent of, “Don’t worry, we can’t do anything now but in 30 days once it’s trading under the symbol, you’ll be able to buy it.” I’m not interested enough to keep trying…. Anyone successful at TDA?

            1. Just tried e-trade. etrade fixed income desk will only do it if $1,000 issue, anything less they say I have to buy under ticker when it is open.

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