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
Sector: Banking
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%
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