Coupon is fixed until 10/1/2024 at 6.00% after which it begins to float at a rate of 3 month Libor plus a spread of 4.569%
May only be redeemed on a dividend payment date
Sector: Banking
Synovus Financial Corp Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Coupon is fixed until 7/1/2024 at which time the coupon will be reset at a rate of the 5 Year Treasury plus a spread of 4.127%. It will again be reset on each 5th anniversary.
Issue is only redeemable on a reset date.
Bank of America Corp 5.375% Non-Cumulative Preferred Stock, Series KK
Voya Financial Inc. 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
The coupon will be fixed until 9/15/2029 at which point the rate will be reset at the 5 year treasury rate plus a spread of 3.21%. The coupon will reset every 5 years on the anniversary date of 9/15/2029
May only be redeemed on a reset date
First Internet Bancorp 6.0% Fixed-to-Floating Rate Subordinated Notes due 2029
The coupon will be 6% until 6/30/2024 after which it will float at a rate of 3 month Libor plus a spread of 4.114%