As noted by Chuck P yesterday new issues continue to be dominated by banking companies and today is the same.
South eastern community bank United Community Banks (UCBI) has announced an offering of new non-cumulative preferred shares.
This bank is smaller bank of $13 billion in assets and has banking branches throughout Georgia.
The permanent NASDAQ ticker will be UCBIO after it trades on the OTC grey market for a short while (OTC ticker to be announced later today).
The preliminary prospectus can be found here.
Had some free time tonight so decided to read some past posts on a preferred I own .. NI-B. Found this comment exchange from June 2020. As a recap, there was a heated exchange regarding if NI-B, priced at the time around $26, with a 2024 reset using 5yr Treasury was a smart purchase (full disclosure, I own with a cost basis about 24.50, so I am down a smidge) . Rates have significantly changed since then and if my numbers are correct, a reset based on todays rate would be 3.63 plus a 5 yr rate of 3.94 … a potential new yield of 7.57. Of course nobody knows where rates will be in 2024. My point is .. everyone has there own logic and strategy. Let’s hope in the end we all end up where we want to be. Hope 2023 brings prosperity to all.