Below are some fairly recent bank presentations from some of the regional and community banks which have preferreds outstanding which have been crushed in the panic sell off.
I am getting very antsy — I want to buy more, but would like to see this debt crisis resolved — then we can move on to the next ‘worry’, which is the potential recession ahead. Last week I did nibble a bit–will post what I did this weekend.
May 12 Bridgewater Bank (BWB)
May 16 Western Alliance (WAL)
May 24 Dime Bancshares (DCOM)
May 11 Atlantic Union Bancshares (AUB)
May 10 Heartland Financial (HTLF)
As I was reminded by one of our readers/commenters there is a Goldman Sachs Fixed to Floating rate issue (GS-J) which has now entered the floating period which has a high ‘potential’ coupon of around 9%. The issue is just shy of investment grade. This issue is at risk of a call and is trading around $25.08 now so you don’t want to pay more than that level. It is highly likely this issue will trade no higher than $25 plus accrued dividends. Will they call it now or will they let it hang around a few quarters?