Pennsylvania banker Fulton Financial Corp (FULT) has announced the intention to sell a new issue of non cumulative preferred stock.
The regional banker, with $24 billion in assets, will sell a $25/share issue with typical terms–non-cumulative, qualified and optionally redeemable in just over 5 years (1/2026).
‘Yield talk’ is in the 5.375% area with a low investment grade from Moody’s.
The issue will trade under FULTP when it hits the NASDAQ.
The preliminary prospectus can be read here.
mcg was on top of this one and razorbackea posited ‘yield talk’
Priced @ 5.125
Done deal.
Thought it would come lower than 5.375%–wish they would come higher-not lower.
Good news, Tim: the 10-yr Treas is up to .848! Any day now debt/pref rates should take off!
Of course, mortgages are available at <2-1/2%… supply of homes for sale is at an all-time low…
and you need a magnifying glass to see the interest on your savings acct at the bank…
life today is not our father's Oldsmobile
Is there a temporary symbol for this issue?
randy, one can find temporary symbols by checking on the FINRA OTC daily additions website:
https://otce.finra.org/otce/dailyList?viewType=Additions
It does not currently show one for Fulton yet.
Thanks
NOT yet Randy–it will be this afternoon or evening.
temp ticker FULPP
https://otce.finra.org/otce/dailyList?viewType=Additions
10/22/2020 15:07:47
FULPP
FULTON FINL CORP PA Depositary Shs Repstg 1/40th INT Perp Pfd Ser A