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.
J was right on this one.