Thursday, August 29, 2019 12:10:51 PM
The juniors are not debt, they are equity. They are even non-cumulative so they count towards core capital.
Possible, but converting the juniors to commons and then issuing more is even better.
1) Issue $33.2B of new prefs to redeem the existing ones. Net effect on core capital: zero.
2) Convert existing juniors to commons and then issue $33.2B of new prefs. Net effect on core capital: +$33.2B.
The second is clearly better for FnF at a time they need to build capital.
I can tell that the prospect of a conversion distresses you, but that doesn't warrant posting incorrect information and wishful thinking scenarios that are worse for the companies than a conversion would be.
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