Regional banker Regions Financial (RF) has announced a new issue of preferred stock.
Shares will be non-cumulative and they are rated 1 notch under investment grade by S&P and Moody’s (BB+ and Ba1).
The company currently has 3 issues outstanding of which 2 are fixed-to-floating rate. Only the fixed rate 6.375% issue (RF-A) is currently callable–and the banker intends to redeem some or all of this issue. It looks like shares will take a bit of a pounding today as it is trading at $26.19.
The preliminary prospectus can be read here.
J was right on this one.
https://www.sec.gov/Archives/edgar/data/0001281761/000119312521134412/d160332dfwp.htm
Priced @ 4.45
Done deal
RB
Current price talk is 4.45 to 4.50
RB
Anyone know the coupon on this one?
Callable after June 15, 2026
RFPEL otc ticker.
Thank you aview. Bought some for a flip.
Hopefully springs up quick like the QDI small bank FGBIL that took off and was trading $26.5x on the day it IPOed last week
Not on Vanguard yet as of close of market.
Correct – RFPEL not yet seen at Vanguard, Schwab or Fidelity.
Usually these appear on TOS before at big brokerages…