New Preferred Stock And Exchange-Traded Debt IPOs, June 2024

Core Insights - The article discusses recent offerings of preferred stocks and exchange-traded debt securities, highlighting investment opportunities for individual investors using wholesale prices [5][9]. Summary by Category New Offerings - Bank of Hawaii priced an offering of $165 million in new series B non-cumulative preferred stock with a fixed dividend rate of 8%, trading at $25.67 [9]. - Brookfield Infrastructure issued $150 million in new exchange-traded subordinated notes due 2084 with a fixed coupon of 7.25%, trading slightly below par [9]. - NewtekOne priced $71.875 million in new exchange-traded senior notes due 2029 with an 8.5% fixed dividend rate, trading slightly above par [9]. - Redwood Trust offered $85 million in new exchange-traded senior notes due 2029 with a 9% fixed coupon, trading at $24.70 [9]. Market Trends - The article notes that many preferred stocks and exchange-traded debt securities have been trading below their par values, with a CDx3-compliant basket trading at a discount of approximately 4% [5][8]. - The tracking of past offerings that have dipped below par provides insights into market opportunities for investors [6][7]. Trading Symbols - Preferred stock trading symbols lack standardization across different brokers, which can lead to confusion for investors [5]. - The article provides a cross-reference table for preferred stock symbols used by various brokers [5]. Investor Insights - The article aims to keep fixed-income investors informed about new and past offerings, emphasizing the importance of monitoring securities that trade below their initial offering prices [8][14].