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Huntington Bancshares Selling New Preferred Issue

Banker Huntington Bancshares (HBAN) has announced a new fixed-rate reset preferred issuance.

Dividends will be non-cumulative, but qualified for tax purposes.

The issue will have a 1st optional redemption date starting 4/15/2028 which is also the time the coupon will begin to be reset–to the 5 year treasury plus a yet to be announced fixed ‘spread’. The coupon will be reset every 5 years.

The preliminary prospectus can be read here.

Huntington has other issues outstanding which can be seen here.

J was right on top of this one.

5 thoughts on “Huntington Bancshares Selling New Preferred Issue”

    1. I’m so surprised (not) that Huntington Bancshares didn’t pay Egan Jones for a AAA rating 🤐 since Egan is so credible…

  1. Yes the yield curve in preferred and and baby bonds does not seem to tilt upward as the Fed raises rates? Not many new issues that can compete on a risk/ return basis for $Markets 4.5%.

  2. HBANM barely over 6%, They’ll need more than that to get my interest these days. I’d rather take my 4.5% and await developments.

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