Coupon is fixed at 7.875% until 5/15/2023 after which it will float at a rate of 3 month Libor plus a spread of 4.919%
DCP has been acquired by Phillips 66 effective 6/15/2023
Type: Floating Rate
Valley National Bancorp 5.50% Fixed-to-Floating Rate Non Cumulative Preferred Stock, Series B
Coupon is fixed at 5.50% until 9/30/2022 at which point the coupon floats at 3 month Libor plus a spread of 3.578%
Only redeemable on a dividend payment date
Energy Transfer Partners 7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
4/21 Ticker Changed.
Coupon will be 7.375% until 5/15/2023 and then will float at 3 month Libor plus a spread of 4.53%
Enbridge Inc. 6.375% Fixed-to-Floating Rate Subordinated Notes 2018-B Series due 2078
Coupon is fixed at 6.375% until 4/15/2023 after which it will float at a rate of 3 month Libor plus a spread of 3.593 until 4/15/2028. After 4/15/2028 until 4/15/2043 the coupon will be 3 month Libor plus a spread of 3.843%. From 4/15/2043 until 4/15/2078 the coupon will be 3 month Libor plus a spread of 4.593%.
Zions Bancorporation, 6.95% Fixed-to-Floating Rate Subordinated Notes due 2028
Coupon is fixed at 6.95% Until 9/15/2023 and will begin to float after that date at a rate of 3 month Libor plus a spread of 3.89%.
Ticker changed from ZBK to ZIONL
CAI International 8.50% Series A Fixed-to-Floating Perpetual Preferred Stock
CAI International acquired by Mitsubishi Capital effective 11/22/2021. Preferreds are no longer trading
The coupon will remain at 8.50% until 4/15/2023 after which the coupon will float at a rate of 3 month Libor plus a spread of 5.82%.
Raymond James Financial Inc 6.75% Fixed-to-Floating Rates Series A Non-Cumulative Perpetual Preferred Stock
Originally issued by Tristate Capital which was merged with Raymond James Financial effective 6/1/2022
Shares Shall be fixed rate at 6.75% until 4/1/2023 at which time they will float at a rate of 3 month libor plus 3.985%
Only redeemable on a dividend payment date
GasLog Partners LP, 8.625% Series A Cumulative Redeemable Perpetual Fixed-to-Floating Rates Preference Units
Shares shall carry a coupon of 8.625% until 6/15/2027 at which time the coupon will float at the rate of 3 month libor plus a spread of 6.31%.
Investors in this security will receive a 1099 NOT a K-1 as GasLog Partners has chosen to be taxed as a C-Corp.
GasLog Partners merged with Gaslog LTD on 7/13/2023. Gaslog LTD is the surviving company, but Gaslog Partners preferreds remain outstanding. Gaslog LTD had previously done a ‘take private’ deal and thus is not publicly traded.
This issue will trade with SOFR + .2616% replacing LIBOR. So 3 month SOFR + .2616 will be added to a spread of 6.31%
Compass Diversified Holdings 7.875% Fixed-to-Floating Rate Cumulative Preferred Shares
Effective 9/1/2021 CODI is classified as a ‘c’ corporation instead of a partnership. Dividends forward will be qualified.
Coupon will remain at 7.875% until April 30, 2028 at which time it will float at 3 month libor plus a spread of 4.985%.
PennyMac Mortgage Investment Trust 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Coupon is fixed at 8.125% until 3/15/2024 after which it floats at a rate of 3 month Libor plus a spread of 5.831%