Fulton Financial (FULT) has priced the previously announced issue of investment grade preferred stock.
Shares priced at 5.125%. Shares are rated Baa3 by Moody’s and not rated by Standard and Poor’s.
Dividends are qualified, but non cumulative and have an early redemption period starting 1/15/2026 (on redeemable on a dividend payment date).
The issue will trade on the NASDAQ under ticker FULTP after a stint on the OTC grey market starting immediately under the temporary ticker FULPP
The pricing term sheet can be read here.
FULPP already trading@25.45 https://www.otcmarkets.com/stock/FULPP/overview
With price action like this, doesn’t it make Baa2 rated BSA 5.125% note (not preferred) due 8/1/31 @ $25 interesting???? Granted it’s a financial not a bank and it’s currently callable just past x-div date, but I like these characteristics and BSIG has been hitting 52 week highs to boot.
BSA is a good low risk candidate, best for a Roth.
There was no early bird for this one. Unless you count the first 5 minutes of trading