Truist exercises $75 million 5.25% greenshoe; Brighthouse, First Horizon gain

By Cristal Cody

Tupelo, Miss., May 22 – Preferred stocks headed out on Friday mostly stronger following an active week in the primary market.

Truist Financial Corp. exercised a $75 million over-allotment option of its new 5.25% perpetual series O non-cumulative preferred stock on Friday.

Truist’s shares were admitted for over-the-counter trading under the symbol “TFCLL.”

In other new issue trading, Brighthouse Financial Inc.’s new preferreds priced at the start of the week improved over Friday’s session.

First Horizon National Corp.’s $150 million of 6.5% $25-par perpetual non-cumulative preferred stock (Baa3/BBB) priced Wednesday climbed 15 cents, or 0.61%, to $24.72 on trading of about 386,000 shares over the afternoon.

Meanwhile, Fortress Biotech, Inc. began marketing an add-on to its 9.375% $25-par series A perpetual preferred stock on Tuesday that remains in the deal pipeline.

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