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.
Huntington has other issues outstanding which can be seen here.
J was right on top of this one.