Truist sells $500 million preferreds; Fortress plans reopening; Comerica wraps investor calls

By Cristal Cody

Tupelo, Miss., May 19 – Truist Financial Corp. priced an upsized $500 million of perpetual non-cumulative preferred stock on Tuesday on the tight side of talk.

The deal follows Brighthouse Financial Inc.’s upsized $350 million offering of $25-par 6.75% perpetual series B non-cumulative preferred stock that priced on Monday on the tight side of talk.

Meanwhile on Tuesday, Fortress Biotech, Inc. marketed an add-on to its 9.375% $25-par series A perpetual preferred stock.

Comerica Inc. wrapped a two-day session of fixed income investor calls on Tuesday for an offering of perpetual preferred stock (Baa2).

Preferred stocks remained mostly stronger over the session.

The Wells Fargo Hybrid and Preferred Securities index headed out up 0.45% after closing 0.65% better in the previous session.

The U.S. iShares Preferred Stock ETF closed up 2 cents, or 0.6%, at 33.94 after closing Monday up 48 cents, or 1.44%.

Fortress Biotech’s 9.375% preferreds (Nasdaq: FBIOP) softened 80 cents, or 4.12%, to $18.50 a share on trading volume of about 20,000 shares on Tuesday.

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