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TCF Financial Corporation Message Board

  • roulloullou roulloullou May 18, 2011 12:49 PM Flag

    tcb-a to be called very soon

    they will go through with this soon. See what's happening to FTB-C to understand today.

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    • my yield to date is 10.46% - that's not a 'shrug' number ....
      holding to the call date, that % won't decline. Pretty good return over the past 2+ years ...

    • The point is that they CAN do it (I'm not saying that they will). "What can't you understand about that?" Don't call people out when you don't know what you're talking about.

      The worst case scenario is they get permission to call early, you get the Feb 9 payout and wind up with a net loss of 36 cents/share (-1.38%).

      More likely scenario is it gets called on schedule and your yield-to-maturity is around 7.9%. *shrug*

    • point ? There has been no 30 day notice -- at this point in time - and until notice is served, they're still paying 10%+.....

    • Page S-35 of the prospectus supplement:

      ---

      The junior subordinated notes:

      "...are redeemable at our option, subject to the approval of the Federal Reserve, in whole but not in part, any time prior to August 15, 2013 at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest to the date of redemption, within 90 days after the occurrence of a "capital treatment event" or a "tax event," each as defined below;"

      And further down...

      "For purposes of the above, a "capital treatment event" means the reasonable determination by TCF that, as a result of any:"

      "...official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the issuance of the junior subordinated notes; "
      ---

      The official administrative decision / regulation is the stress test, and the Wells Fargo case shows the Fed is willing and able to let banks call in their trust preferreds early to improve cash flow, balance sheet, etc...

    • check out what kmwwk posted & and your reference -- 2013, what can't you understand about that date -- and like kmwwk posted -- TCB's redemption will be with 30 days notice - following 8/15/13 ... I know it's hard but check out the call dates before posting this cr@p ....

    • Can't be called before 8/15/2013 as that is the call date with a mature date of 8/15/2068. But I assume they will call that as soon as possible as they are paying 10.75% on it and the can raise capital and offer debt a lot cheaper.

      Many of the higher yielding , higher priced financial prefs were hit down hard today. Mainly do to interest rate hike talks.

 
TCB
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