Regional Banker BancorpSouth Bank Sells New Preferred–Update

Update–link to FDIC site. Go to this page and search bancorpsouth (all one word).

Tupelo, Mississippi based banker BancorpSouth (BXS) has announced the issuance of a new preferred stock issue.

This issue is non-cumulative, qualified and has a 5.5% coupon.

The issue is rated Ba1 (junk) by Moodys. Note–junk doesn’t necessarily mean it is a bad issue.

The issue will trade OTC Grey market immediately under ticker BCSBP. The permanent ticker will be BXS-A when it moves to the permanent exchange.

The announcement can be found in this press release.

Details such as 1st call date, dividend payment dates etc have not yet been filed. The bank is regulated by the FDIC and filings follow a different process than with the SEC.

Thanks to mcg and Gary for being on this issue.

11 thoughts on “Regional Banker BancorpSouth Bank Sells New Preferred–Update”

  1. Was just a few weeks ago that COF issued BB+ at 5%. So 5.5% for this one is either generous or maybe preferred pricing has bottomed and yields are on their way up a little. 5.95% for the BB issue that priced today doesn’t seem bad either. That said, I prefer my CTBB with a 6.4% yield that’s rated BB. But you could argue that telecom should get a 40 bps discount to banks/insurance for the same credit rating.

    1. At the close Vanguard still not listing. One would think they would be on the ball since the investors friend still charges commissions!

      1. Yes, evil eye on Vanguard. Both TDA and Schwab had it active to buy. Alas, no money in either.

        Do I want to invest 30 minutes of my time tomorrow morning to get Vanguard to put it up?


  2. Bancorpsouth also issued a subordinated 10 year note yesterday with a 4.125 coupon rated BAA2.

    The note has a reset date after 5 years from issuance at US 3m +247 bp and is callable at that time

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