Dime Community Bancshares: New 9% Coupon Baby Bond Offers Attractive Income
DCOMDime(DCOM) Seeking Alpha·2024-08-01 23:51
cagkansayin Introduction Dime Community Bancshares (NASDAQ:DCOM) is a regional bank located in New York. The bank has struggled to manage the constraints of a higher interest rate market and an industry fight to preserve/attract deposits. Last year, I wrote about my avoidance of the bank’s preferred shares (NASDAQ:DCOMP). Recently, the bank announced a new fixed-to-floating baby bond (NASDAQ:DCOMG) with a 9% coupon until 2029, and then a floating rate of three-month SOFR plus 495.1 basis points until 20 ...