Small Banks Turn To Pooled Deals

Santini, Laura
June 2003
Investment Dealers' Digest;6/9/2003, Vol. 69 Issue 23, p12
Trade Publication
Aiming to take advantage of low interest rates, regional and community banks in the U.S. are raising debt capital whether or not they need the cash. These banks are utilizing a pooled instrument, trust preferred securities, to raise the debt capital. Sandler O'Neill & Partners LP; Keefe, Bruyette & Woods Inc. and other investment banks that specialize in financial institutions said they have seen greater interest from clients in pooled trust preferred securities, in which groups of banks create a trust of collateral and then issue securities, usually in a private placement. From an issuer's point of view, funds from trust preferred securities offer the regulatory advantage of allowing the banks to boost so-called tier one capital reserves, the strictest level of required capital.


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