Photo by Financial Times
NYCB’s Stock and Bonds Rally as Bank Swaps Preferred Stock for Common Stock
November 27, 2024
Source: MSN
New York Community Bancorp disclosed a conversion of preferred stock into common stock, causing an initial jump in the stock price of 9.1%. The move will allow for more cash to pay back debt and issue dividends to shareholders. The Company also inked three share exchange agreements with former Treasury Secretary Steven Mnuchin’s private-equity firm Liberty Strategic Capital, as well as Hudson Bay Capital Management LP and Reverence Capital Partners LP
