First Horizon Prices New Preferred Issue

Banker First Horizon Corporation (FHN) has priced the previously announced preferred stock issue.

The issue prices at 4.70%–about where expected given the recent offering from other bankers.

The issue 2 notches below investment grade.

The issue trades immediately under OTC grey market ticker FHNNP.

The pricing term sheet is here.

4 thoughts on “First Horizon Prices New Preferred Issue”

  1. Did a nice one day flip on this one. Taking the wife out for a great dinner tonight!

  2. FHNNP traded $24.70 lows! Any thoughts on why so much lower than $25 for not too shabby, a 4.7% coupon? Is it the two notches below Ba2 ratings or the fact that it is a perpetual?

    Did buy some, aiming for a flip in $25s.

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