Markel, CenterState, American Financial price; First Horizon preferreds flat; Brighthouse up

By Cristal Cody

Tupelo, Miss., May 21 – The preferred primary market remained active on Thursday with new deals.

Markel Corp. priced $600 million of perpetual rate reset non-cumulative preferred shares.

CenterState Bank Corp. sold $200 million of 10-year fixed-to-floating rate subordinated notes (Kroll: BBB) during the session.

Also, American Financial Group, Inc. brought an upsized $150 million of 40-year subordinated debentures to the primary market on Thursday.

The preferred stock primary market has been busy this week.

On Wednesday, First Horizon National Corp. priced $150 million of 6.5% $25-par perpetual non-cumulative preferred stock (Baa3/BBB/).

The company sold 6 million shares of depositary shares that represent 1/4,000th ownership interest in a share of the series E non-cumulative perpetual preferred stock.

Comerica Inc. also priced $400 million of non-cumulative perpetual fixed-rate reset preferred stock tighter than guidance following fixed income investor calls on Wednesday.

Brighthouse Financial Inc. priced an upsized $350 million offering of $25-par 6.75% perpetual series B non-cumulative preferred stock on Monday, while Truist Financial Corp. brought an upsized $500 million of 5.25% perpetual non-cumulative preferred stock to the market on Tuesday.

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