Banker Truist (TFC) has announced that they will be calling 2 issues of perpetual preferred stock.
They will be calling the TFC-G 5.20% issue and the TFC-F 5.20% issue on 3/1/2021. There are a total of 38 million shares outstanding.
The company press release can be found here.
TFC also is authorizing up to 2 Billion in share buybacks on the heels of a very strong Q4. If this is any indicator for the big banks I would expect more calls in the banking sector for sure during 2021.
Sounds like a very strong indicator TFC will also call TFC-H when it becomes callable on June 1st.
I bought copious amounts of the G after it became callable a couple years back and have hung on knowing that the party would end one day. Glad they let it hang out as long as they did. Their last big financing was a senior note at 1.125% last July so the writing was on the wall.
I would not buy remaining TFC preferred at present yields. I’d rather buy the common or sell puts on the common.
Typo .. called 3/1/2021 not 3/1/2022
Thanks Bob–always a hazard of working at midnight–corrected.