Coupon is fixed at 7.75% until 10/15/2027 after which it will reset at the 5 year treasury yield plus a spread of 4.39%. Coupon will then reset on the anniversary every 5 years.
Type: Fixed-Rate Reset
Merchants Bancorp 8.25% Fixed Rate Reset Series D Non Cumulative Perpetal Preferred Stock
Coupon is fixed until 10/1/2027 at 8.25% after which it is reset at the 5 year treasury plus a fixed spread of 4.34%. The coupon will be reset every 5 years
May only be redeemed on a dividend payment date
Midland States Bancorp 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series A
Coupon is fixed at 7.75% until 9/30/2027 after which it will reset at the 5 year treasury plus a spread of 4.713%. Coupon is reset every 5 years.
Keycorp 6.20% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series H
Initial fixed dividend is 6.20% until 12/15/2027 at which point it will reset based on the 5 year treasury plus a spread of 3.132%
Issue may only be redeemed on a dividend payment date
Pacwest Bancorp 7.75% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock Series A
Coupon will reset every 5 years starting 9/1/2027 to the 5 year treasruy rate plus a spread of 4.82%
Kemper Corporation 5.875% Fixed-Rate Reset Junior Subordinated Debentures due 2062
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
On 8/12/2021 an addition 2.48 million shares were sold by holders–no proceeds to the company
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%
Rithm Capital (New Rez) 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock
Name changed 8/1/2022–Previously New Residential Investment. Tickers changed.
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