New York banker Signature Bank (SBNY) has announced they will be selling a new issue of non-cumulative preferred stock.
Signature has $64 billion in assets. I am not finding a rating on the new issue at this time.
The banker, like Republic Bank, does not file with the SEC but instead files with the FDIC.
The press release for the issue can be found here.
EarlyBird was early on this one.
Your website provides astute information on active income investments. Thank you
Firoz Shroff
http://www.seconsortium.com
Tim….do we need call for… SBNYL or not yet, in market…
Trading under it’s permanent symbol SBNYP.
This is trading today on the NASDAQ today under SBNYP (permanent symbol). It’s trading pretty strong so far.
Rating Action: Moody’s affirms Signature Bank’s ratings and changes outlook to negative; assigns Ba1(hyb) to preferred stock
Global Credit Research – 10 Dec 2020
https://www.yahoo.com/finance/news/signature-bank-moodys-affirms-signature-000306034.html
https://en.wikipedia.org/wiki/Signature_Bank
Not the most usual place to get investing info: Wikipedia?
Interesting info down in center of article re: Ponzi scheme info, Trump and his daughter.
If you kept reading you’d see….With the approval of barney Frank!
Strange bedfellows indeed! Stinks of money in here.
I’m in for a microposition at $24.92 per share.
Able to buy it on Fidelity. It’s under par. This is going to be a flip; SBNY is a quality bank not getting crushed by the pandemic.
temp symbol is SBNYL
12/10/2020 13:44:40
12/10/2020 00:00:00
SBNYL
SIGNATURE BK NEW YORK N Y DEPOSITARY SHS REPSTG 1/40TH PERP PFD SER A Depositary Shares
It is set up to trade with Schwab.
able to buy on ameritrade just now
took a tiny position
Priced @ 5 percent.
Done deal
I am being told that I have successfully purchased shares @ IPO, but
still don’t have final pricing available yet.
Thanks Razor. Please let us know pricing when you find out.
SBNY issued a 4.125% sub note (going to 3mL+255.9) in Nov 2019 that trades thinly and with a wide bid-ask but appears to yield a bit under 4%. It’s (equiv) to BB rated.
A pref should come in at BB- and perhaps 4.5%. That’s a guess.
It’s a bit of a strange entity. Biggest surprise is they are coming to market with an exchange listed security. It’s not their habit.
Bob,
SBNYP on NASDAQ should be permanent symbol.
Low 5% coupon was price talk early this am
Non IG
QDI
Non Cum
As I posted recently, don’t know final pricing yet.
Per broker: 5% QDI. Morgan Stanley has a strong buy (of course, they’re selling it); BB rated; 7x cash flow to interest payments; $9/year/share profit.
Better than expected, for a change!
SBNYL.
In this market brokers are fighting to get pfd new issue market share. And generally ratings on common have nothing to do with pfd. AND WS will bring a bond to market regardless of their opinion on the common. …..Some times they bring bonds to market when they have strong sells on equity!!
The common itself is trading OK. It’s a 6 billion dollar market cap which is not like a 2 billion institution. I see there have been negative earnings releases of late. And we all know NY region is in general under real economic pressures. Looks like a bigger deal. Might trade OK! Caveat Emptor!