Signature Bank to Sell New Preferred

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.

20 thoughts on “Signature Bank to Sell New Preferred”

  1. This is trading today on the NASDAQ today under SBNYP (permanent symbol). It’s trading pretty strong so far.

  2. 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.

  3. 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

  4. I am being told that I have successfully purchased shares @ IPO, but
    still don’t have final pricing available yet.

  5. 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.

    1. 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.

  6. 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.

    1. 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!

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