The debentures will bear interest (i) from and including the date of original issue to, but excluding, March 15, 2027, at the fixed rate of 5.875% per annum and (ii) from, and including, March 15, 2027, during each Reset Period (as defined below), at a rate per annum equal to the Five-Year Treasury Rate (as defined below) as of the most recent Reset Interest Determination Date (as defined below) plus 4.140% to be reset on each Reset Date (as defined below). We will pay interest on the debentures quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2022. We may defer interest payments during one or more deferral periods for up to five consecutive years each as described in this prospectus supplement. See “Description of Debentures—Option to Defer Interest Payments.” The debentures will mature on March 15, 2062.
SiriusPoint Ltd 8% Resettable Fixed Rate Preference Stock, Series B
Coupon is fixed at 8% until 2/26/2026 at which time it will reset to a coupon of the 5 year treasury plus a spread of 7.298%–resetting on every 5th anniversary. Issue is redeemable starting 2/26/2026 and on each 5th anniversary
Enbridge Inc. Cumulative Redeemable Reset Rate Preference Shares, Series L
Minimal Data is available for this issue
Coupon is set at 4.959 until 9/1/2022. Coupon is reset every 5 years at the 5 year treasury plus a spread of 3.15%
New Residential Investment Corporation 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock
Coupon is fixed until 11/15/2026 after which it will reset at the 5 year treasury plus a fixed spread of 6.223%. There after it will reset every 5 years.
Western Alliance Bancorporation 4.25% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
ConnectOne Bancorp Inc. 5.25% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series A
Coupon is fixed at 5.25% until 9/1/2026 at which point the coupon is reset at the 5 year treasury plus a spread of 4.42%. Rate is reset every 5 years thereafter.
Textainer Group Holdings Limited 7.00% Series A Cumulative Redeemable Perpetual Preference Shares
Coupon is set at 7.00% until 6/14/2026. On 6/15/2026 the coupon is reset at 6.134% plus the 5 year treasury. The issue resets on every 5th anniversary.
Fortress Transportation and Infrastructure 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Stock
Coupon is fixed until 6/15/2026 at 8.25% after which it will reset at the 5 year treasury rate plus a spread of 7.378%. There after the coupon will reset every 5 years.
This is a K-1 issuing security
On 4/26/2022 the company transferred to the NASDAQ from the NYSE and all tickers of preferred shares changed
Wesco International 10.625% Fixed Rate Reset Cumulative Preferred Stock
Coupon is fixed until 6/22/2025 after which it is reset every 5 years at the 5 year treasury rate plus a spread of 10.325%. The issue is only redeemable on a reset date–i.e. every 5 years.
WesBanco Inc. 6.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A
Coupon is fixed at 6.75% until 11/14/2025. On 11/15/2025 the rate will be the 5 year treasury and a spread of 6.557% which is reset every 5 years.
Athene 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C
Merged with Apollo Global Management 1/3/2022
The coupon will be fixed until 9/30/2025 at 6.375% after which point the rate will be reset at a rate of the 5 year treasury plus a spread of 5.97%–reset every 5 years.
Argo Group 7.00% Resettable Fixed Rate Preference Shares
Coupon will be fixed at 7% until 8/15/2025 after which the coupon will reset at the rate of the 5 year treasury plus a spread of 6.721%. To be reset every 5 years thereafter
Heartland Financial USA Inc. 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Coupon is fixed at 7% until 7/14/2025. On 7/15/2025 the rate will be the 5 year treasury and a spread of 6.675% which is reset every 5 years.
American Equity Investment Life Holding Company 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B
The coupon will be fixed until 9 /1/2025 at 6.625% after which point the rate will be reset at the 5 year treasury plus a spread of 6.297% and there after reset every 5 years
Wintrust Financial Corporation 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E
Coupon will be fixed until 7/15/2025 after which it will be reset at the 5 year treasury plus a spread of 6.507%. Every 5 years there after the coupon will reset at the 5 year treasury rate plus the spread
May only be redeemed on a dividend payment date
American Equity Investment Life Holding Company 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A
The coupon will be fixed until 12/1/2024 at 5.95% after which point the rate will be reset at the 5 year treasury plus a spread of 4.322% and there after reset every 5 years
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.
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
NiSource 6.50% Series B Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Stock
Coupon is fixed until 3/15/2024 at which time the coupon will be reset at a rate of the 5 Year Treasury plus a spread of 3.632%. It will again be reset on each 5th anniversary until 3/15/2044 at which point an additional 1% will be added to the coupon.
Tennessee Valley Authority Reset Rate Series A Power Bonds due 2029
Please read the prospectus. These reset bonds can be reset lower, but NOT higher. Note that anytime the coupon is reset lower you have the right (not obligation) to ‘put’ you baby bonds back to the company
As of 6/6/2020 the dividend is reset to 2.216%
Coupon is reset each 6/1 at the 30 year constant maturity treasury plus a spread of .94%.
Tennessee Valley Authority Reset Rate Series D Power Bonds due 2028
Please read the prospectus. These reset bonds can be reset lower, but NOT higher.
Note that anytime the coupon is reset lower you have the right (not obligation) to ‘put’ you baby bonds back to the company
As of 6/1/2020 the coupon is 2.13%.
Coupon is reset each 6/1 at the 30 year constant maturity treasury plus a spread of .94%