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%
Sector: Banking
Raymond James Financial 6.375% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B
Originally issued by Tristate Capital which was merged with Raymond James Financial effective 6/1/2022
Shares Shall be fixed rate at 6.375% until 7/1/2026 at which time they will float at a rate of 3 month term SOFR plus a tenor adjustment of .2616 (was LIBOR) plus 4.088%. This is an odd duck in that it becomes callable on 7/1/204, but the floating rate doesn’t kick in until 7/1/2026.
Only redeemable on a dividend payment date
Regions Financial Corporation 5.70% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C
Coupon is fixed until 8/15/2029 after which point it will float at the rate of 3 month Libor plus a spread of 3.148%
May only be redeemed on a dividend payment date
KeyCorp 5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series G
First Horizon National Corporation 6.10% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock Series D
IberiaBank merged with First Horizon National on 7/1/2020 with First Horizon National surviving. New shares of First Horizon Preferred have been exchanged for the old IberiaBank preferred–all terms remain the same.
Coupon is fixed at 6.10% until 4/30/2024 after which it will float at the rate of 3 month Libor plus a spread of 3.859%. When the security enters the floating rate period dividends will be paid on a quarterly basis on 2/1, 5/1, 8/1 and 11/1
Dividend is paid only 2 times per year on 5/1 and 11/1–that is why it is not in the grid below. Also the grid below shows a quarterly dividend of .763 cents/quarter–this is the semi-annual payment.