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Banking Giant Truist Financial to Sell Preferred Issue

Banking giant Truist Financial (TFC) has announced a new issue of $25 preferred stock.

The issue will be non-cumulative, but qualified. I expect it will be investment grade rated by both Moodys and Standard and Poors.

Truist is the surviving company from the merger of BB&T and Suntrust late last year and has assets of over $500 billion.

Truist has 5 outstanding preferred issues and the company disclosed they ‘may’ call some preferred stock. The only issues redeemable at this time have coupons of either 4% or 5.20% (2 issues at this level).

‘yield talk’ on the issue is 5% per EarlyBird who was on top of this one.

The preliminary prospectus can be read here.

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