Regions Financial to Sell Perpetual Preferred

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.

8 thoughts on “Regions Financial to Sell Perpetual Preferred”

    1. 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

      1. Correct – RFPEL not yet seen at Vanguard, Schwab or Fidelity.
        Usually these appear on TOS before at big brokerages…

Leave a Reply

Your email address will not be published.