Brighthouse Financial Prices New Preferred

Insurance company Brighthouse Financial (BHF) has priced their new issue of non-cumulative preferred stock.

The issue is split investment grade (investment grade per S&P, but not per Fitch or Moody’s).

The issue will trade today on the OTC grey market under temporary ticker BHFBL.

The pricing term sheet can be found here.

15 thoughts on “Brighthouse Financial Prices New Preferred”

  1. Schwab is showing it – hitting trade will take you to it, & quotes as usual, but when reviewing before purchase, it says: “This order cannot be accepted because the security symbol is not valid.” Offers a phone number.

    1. Gary, This can often-times be solved by calling the broker desk and asking them to add the symbol to their DB. This has worked twice for me – once overnight and once in about ten minutes while hanging on the phone.

    2. Log into the old schwab.com platform instead of streetsmart. Sometimes that site offers them sooner.

  2. Trying to buy at Fidelity and my limit orders got passed over several times. More grey market nonsense.

      1. It may indeed by grey market nonsense. It can certainly be annoying. But it is probably still better (perhaps by a noteworthy amount) than waiting a week or two for the permanent ticker and a “normal” trade. It’s also annoying that these trades aren’t free (on TD Am) — costs the old/typical $6.95. Oh well…

        1. Dave, They may lower your cost structure if you ask. Before it went “free” we were at $3.95. Nickels, but it’s just one of those things.

          1. Yes. I called TDA a few months back and got them to lower my fee on grey market and pink sheets from $6.95 to $3.95. I have 4 accounts linked there and they only changed it for the one. I had to call back a couple more times to get it changed on all 4. If you have multiple accounts, make sure you mention that so they can adjust all at the same time.

            1. They must not like me as much as they like you. I contacted TDAm, as suggested. They lowered my grey & pink fee to $4.95. Not as nice as $3.95, but better than $6.95.

  3. A split investment grade at 6.75%, under par, hard to resist, nabbed a partial position at 24.65, and that’s enough for me. The odd thing is that I really don’t like what they sell — annuities and cash-value life insurance. I’d never buy their products, but others can if they wish, and if I get 6.75% on it, hey, works for me.

    1. Dave – I sure agree on the annuities and cash value life insurance. I don’t buy them but others sure do.

      I own cannabis and tobacco, too. And some Mustang Ranch for that matter.

      1. That’s a real problem for Brighthouse. Where will they find returns for those annuities, how many deaths are actuarial reserved, etc. Could lose the rating.

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