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.
mcg was on top of this one and razorbackea posited ‘yield talk’