December 20, 2025 Briefing: Customers Bancorp (CUBI) Draws Fresh Institutional Interest as CUBI-F Preferred Redemption Hits; Rogers Sugar RSI.DB.F Signals Raise Data-Quality Questions; Japan Expands F-35A Basing at Chitose

December 20, 2025 Briefing: Customers Bancorp (CUBI) Draws Fresh Institutional Interest as CUBI-F Preferred Redemption Hits; Rogers Sugar RSI.DB.F Signals Raise Data-Quality Questions; Japan Expands F-35A Basing at Chitose

December 20, 2025 brought a busy mix of market and security headlines: Customers Bancorp (CUBI) saw new institutional positioning and a steady “Moderate Buy” consensus as the bank completed the redemption of its Series F preferred (CUBI-F). In Canada, an AI trading note circulated for Rogers Sugar’s RSI.DB.F debentures even though the TSX previously flagged the issue’s June maturity and delisting. Meanwhile, Japan’s defense modernization pushed forward with plans to base F-35A jets at Chitose Air Base in Hokkaido, reshaping airpower near Russia.


A day where “signals” mattered—on Wall Street, Bay Street, and in the Indo-Pacific

December 20, 2025 produced an unusually telling snapshot of how modern decision-making works across finance and geopolitics: investors weighed analyst ratings, institutional flows, and capital-structure moves in U.S. regional banking; Canadian traders were reminded that not every “ticker update” is equally reliable; and defense planners in Japan moved another step closer to a major basing shift for the F-35A—one with clear implications for regional deterrence. [1]

This is what stood out across the three storylines—Customers Bancorp / CUBI and CUBI-F, Rogers Sugar / RSI.DB.F, and Japan’s expanding F-35 footprint—as reported or updated on and around December 20.


Customers Bancorp (CUBI): institutional positioning meets a steady “Moderate Buy” Street view

A December 20 filing-focused update pointed to a notable shift in positioning around Customers Bancorp (NYSE: CUBI): Assenagon Asset Management S.A. increased its stake by 29% to 290,919 shares, valuing the position at roughly $19.0 million and representing about 0.92% of the company, according to the report. The same write-up also cited institutional ownership around 89.29%, a data point that tends to matter for liquidity, volatility, and the “who’s really holding” conversation that follows fast-moving banks. [2]

The analyst backdrop: positive, but not euphoric

On the ratings front, a widely referenced consensus snapshot continued to frame CUBI as a “Moderate Buy,” based on 11 analyst ratings, with an average price target of $83.67 (and a range cited from $68 to $95). The breakdown listed 5 holds, 5 buys, and 1 strong buy—a very “constructive, but still debating” profile rather than a one-way bullish stampede. [3]

The same December 20 institutional-flow story also highlighted a market reality investors often wrestle with in a rally: insider selling can coexist with institutional buying. The report noted CEO Jay S. Sidhu sold 128,185 shares in early December and that insiders, in total, sold 211,900 shares over the prior three months (values cited in the report). That doesn’t automatically negate the bull case—executives sell for many reasons—but it often becomes part of the narrative when a regional bank has been climbing. [4]

Why the timing mattered in late December

CUBI’s momentum going into late December was hard to miss. A December 19 valuation-focused analysis noted the stock had climbed about 20% over the past month and more than 60% over the year, pushing investors to revisit the same question that shows up in nearly every “quiet winner” story: is it still undervalued, or has the market already priced in the next leg of growth? [5]

A separate technical-style update (also refreshed on December 19) described CUBI as upgraded to a “Buy Candidate” and pointed to a recent close around $75.83 (Dec. 19) after a down day, while still characterizing the broader short-term trend as rising. [6]

Put together, the December 20 picture for CUBI looked like this:

  • Institutions were active (including a specific, measurable stake increase). [7]
  • Analysts broadly stayed constructive (Moderate Buy consensus, targets above spot). [8]
  • The stock’s strong run forced a valuation debate, not just a momentum chase. [9]

But Customers Bancorp’s story on December 20 wasn’t only about the common stock.


CUBI-F (a.k.a. CUBI$F / CUBI.PRF): the high-yield preferred story ends with a redemption check

The “CUBI$F” notation referenced in market chatter commonly maps to Customers Bancorp’s Series F preferred (often displayed as CUBI-F, CUBI^F, CUBI.PRF, or CUBI-PF depending on the platform). The security is a fixed-to-floating, non-cumulative perpetual preferred with a $25 liquidation preference, and it has been widely tracked by income investors because its floating-rate structure can make the yield look particularly attractive in certain rate environments. [10]

The key development investors needed to know: it was called and redeemed

Customers Bancorp announced (via a Business Wire–distributed company release dated Oct. 30, 2025) that it would redeem, in whole, all 3.4 million shares (about $85 million) of its Series F preferred on December 15, 2025 at $25 per share, while also paying a quarterly dividend of $0.5726314 per share on that same date to holders of record as of November 30, 2025. The release stated the redemption aligned with efforts to optimize funding and capital structure, and it explicitly noted that after the redemption, no Series F shares would remain outstanding and dividends would no longer accrue. [11]

Independent preferred-security reference material also flagged the same milestone—stating the Series F preferred was called for December 15, 2025—and reiterated the structure and redemption mechanics typical of this kind of instrument. [12]

What this means in plain English for holders (and for anyone reading old “buy” write-ups)

For preferred investors, a full redemption is a “hard stop” event:

  • If you held CUBI-F through the redemption date, the economic story shifts from ongoing yield to cash received at $25 per share (plus the scheduled dividend if you were a holder of record by the stated date). [13]
  • If you are reading commentary that still treats CUBI$F/CUBI-F as an ongoing “buy for income,” it may be stale unless it clearly acknowledges the December 15 redemption. [14]
  • In the days leading up to redemptions, preferreds often trade close to liquidation preference—one data snapshot showed a market price near $24.99 versus $25.00 liquidation preference (timing-dependent). [15]

In other words: on December 20, the meaningful “news angle” for CUBI-F wasn’t a fresh rating—it was that the redemption had already been executed, and income-focused investors were likely moving on to the next substitute.


Rogers Sugar’s RSI.DB.F: a December 20 “trading plan” collides with the security’s June maturity and delisting

The Canadian ticker in the second link—RSI.DB.F—has a crucial backstory that directly affects how any December 20 “signal” should be interpreted.

What circulated on December 20: AI-generated technical levels

A December 20 post published as an “On The My Stocks Page” note listed long-term trading plans for Rogers Sugar Inc. Seventh Series 4.75% convertible unsecured subordinated debentures (RSI.DB.F:CA), including:

  • Buy near 99.98, target 100.58, stop loss 99.48
  • Short near 100.58, target 99.98, stop loss 101.08
  • A “Neutral” rating across near/mid/long terms, plus a warning that triggers may already have occurred [16]

On its face, that reads like a typical technical note for a debt instrument trading near par.

The problem: the TSX had already flagged maturity and delisting for June 30, 2025

A TSX notice (carried by Stockwatch) stated that Rogers Sugar’s seventh series 4.75% convertible unsecured subordinated debentures (RSI.DB.F) would be halted at the open and delisted at the close on June 30, 2025, because the debentures matured on June 30, 2025. The notice further stated the company would pay $1,023.75 per $1,000 principal amount (principal plus accrued interest) and described the conversion terms (including a $8.85 conversion price) and timing for conversion elections prior to maturity. [17]

Why this matters (beyond this one ticker)

This mismatch is a real-world reminder for investors: a ticker can linger in databases even after a security has matured or delisted, and automated content can still publish “plans” that look actionable.

The practical takeaway for readers on December 20 was straightforward:

  • Treat RSI.DB.F “signals” as something to verify, not something to follow blindly, because the TSX maturity/delisting notice indicates the listed instrument’s life ended in June. [18]
  • If you still see trading references, confirm whether they relate to a different venue, a residual claim, or simply stale data—and check directly with your broker or official exchange notices. [19]

Japan and the F-35A basing expansion: Chitose Air Base emerges as the next major node

Away from markets, the third link points to a defense modernization storyline that remained active through mid-to-late December: Japan’s plan to expand where it bases F-35A stealth fighters, with Chitose Air Base in Hokkaido identified as a major future site.

What was reported: Chitose becomes the third F-35A base, starting in FY2030

A Newsweek report published earlier in the week said Japan planned to expand the number of bases hosting F-35A jets and that Chitose Air Base—on Japan’s northern island of Hokkaido, near Russia—was set to become the third base for the country’s F-35A fleet, with deployment scheduled to begin in fiscal year 2030 based on a defense ministry document released December 10. [20]

Newsweek also underscored the scale of Japan’s F-35 inventory, describing Japan as the largest foreign operator outside the U.S. with 105 F-35As and 42 F-35Bs, and tied the program to broader defense reinforcement amid a “severe and complex” security environment involving threats from Russia, China, and North Korea. [21]

What December 20 added: broader context and a “basing-buildout” narrative

On December 20, The National Interest framed the same shift as part of a larger basing and force-structure expansion—stating that Japan operates both F-35A and F-35B variants and highlighting the plan to base another F-35A squadron at Chitose, with aircraft expected to begin arriving around 2030. [22]

Specialist defense reporting provided more operational detail. The Aviationist reported that Japan’s MoD selected Chitose after a review that cited factors like space for facilities, training conditions, and efficient aircraft replacement. It also said one of Chitose’s F-15 units would transition, with the base eventually hosting 20 aircraft, and noted planning work (surveys/design) anticipated in FY2026 with deliveries beginning FY2030. [23]

Why it matters strategically: geography, response time, and escalating regional air activity

Chitose’s location matters. Northern basing can reduce response time for air-defense needs tied to activity near Japan’s northern approaches, while also supporting a broader modernization cycle—replacing older F-15s with aircraft designed for modern contested environments. [24]

And it’s not happening in a vacuum. Recent reporting from Reuters and the Associated Press described elevated U.S.-Japan flight activity and regional air tensions in December, including drills involving U.S. bombers and Japanese fighters (including F-35s) as part of a broader posture message amid China and Russia military activity. [25]

Japan’s own defense ministry has also been publishing frequent December updates and statements related to regional incidents and defense engagements, underscoring how active the policy environment has been. [26]


One thread connects all three stories: verify the inputs, because decisions follow the data

December 20, 2025 offered three very different headlines—but the same underlying lesson:

  • For CUBI, institutional flows and analyst targets shaped the narrative, even as insider activity complicated it. [27]
  • For CUBI-F, the most important “signal” was corporate-action reality: the security was redeemed, changing the entire risk/return profile overnight. [28]
  • For RSI.DB.F, an AI-generated trading note collided with official exchange information showing the instrument had already matured and delisted months earlier—an unusually clear example of why investors should confirm a security’s status before acting. [29]
  • For Japan’s F-35A expansion, the input is strategic planning: basing decisions, modernization timelines, and an evolving security environment that continues to produce real-world activity and responses. [30]

References

1. www.marketbeat.com, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. simplywall.st, 6. stockinvest.us, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. simplywall.st, 10. www.preferredstockchannel.com, 11. www.customersbank.com, 12. www.quantumonline.com, 13. www.customersbank.com, 14. www.customersbank.com, 15. www.preferredstockchannel.com, 16. news.stocktradersdaily.com, 17. www.stockwatch.com, 18. www.stockwatch.com, 19. www.stockwatch.com, 20. www.newsweek.com, 21. www.newsweek.com, 22. nationalinterest.org, 23. theaviationist.com, 24. www.newsweek.com, 25. www.reuters.com, 26. www.mod.go.jp, 27. www.marketbeat.com, 28. www.customersbank.com, 29. www.stockwatch.com, 30. www.newsweek.com

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