Banker First Horizon Corporation (FHN) has announced they will be selling a new preferred issue with the intention of redeeming the 6.20% FHN-A issue.
The new issue is non-cumulative and likely will be rated a notch below investment grade.
Once again investors are caught with their pants around their ankles as FHN-A has fallen by 3-4% in the last 2 days. With the froth in the markets this is getting to be a regular occurance.
FHN has a total of 5 issues currently outstanding, which includes 3 issues outstanding from Iberia Bank which FHN merged with in July 2020.
J was right on this one.