New York banker NewtekOne (NEWT) has priced their previously announced new baby bond.
The issue prices at 8.625% The issue is rated BBB+ by Egan Jones. The maturity will be 10/15/2029.
The pricing term sheet can be read here
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Barry Sloane talking his book, but the common isn’t listening.
https://investor.newtekbusinessservices.com/news-releases/news-release-details/newtekone-inc-closes-offering-750-million-8625-fixed-rate-senior
FYI, NEWTH is trading $25.05/$25.15 — size on both sides.
Anybody notice how poorly the common stock is acting? Did Barry Sloane make too many alternative loans? I sold my NEWTG right before it went ex, but the NEWTH I bought at issue price settles Monday.
NEWTG was a top pick yesterday at $24.90
Already got a full pocket of NEWTG. Not going anymore with Mr. Newt…
I thought this was a buy and have 500 sh at 25.02 ; it’s mispriced compared to the NEWTI ; but the price has not gone up as I anticipated ,yet .
What makes you say NEWTG is misspriced compared to NEWTI as opposed to NEWTI being misspriced compared to NEWTG (and now NEWTH as well?) imho it’s I that’s worth acting on if you own it…
Since NEWTG divvy matches the new one closely I would say NEWTI is mispriced low. Unless there is some clause I don’t know about. If NEWTH opens at par.
NEWTI is 8% and it’s trading higher price than NEWTG 8.50% due 9 months later…. Please explain what I’m missing……..
You’re missing the fact that said low when I meant NEWTI is mispriced high paying low.
H is ever more weird. The only reason it’s still close to par might be some sort of overhang. I added to H yesterday.
I swapped my I’s for G’s yesterday. No brainer in my opinion. 2 more years of call protection….getting 8.5% until 2027 at a minimum.