Smaller bancorp Customer Bancorp (CUBI) has 4 fixed-to-floating rate preferreds outstanding of which 1 issue is currently floating–the 7% CUBI-C is floating.
The other 3 issues all become floating in 2021 and based upon the current yield of the 7% issue it looks like all of the 3 issues are trading 3% to 7% too high and holders can expect to have no return during 2021 if held too long.
CUBI-D has just one more dividend at 6.50% before it begins to float in March. This issue should trade around $24 and currently trades at $24.74–current yield is 6.58%, but this will need to adjust to the 5.3% area–so look for it to drift lower over 3 months–or maybe take one quick plunge.
Anyone holding the D issue should consider moving to the C issue. The other 2 issues will drift lower as well over time.