Valley National sells $1,000-par notes; Brighthouse improves; Truist preferreds boosted

By James McCandless

San Antonio, May 29 – As the week came to a close, the preferred space largely carried over the positive trend from the previous days.

In primary activity, Valley National Bancorp priced a $115 million offering of $1,000-par fixed-to-floating rate subordinated notes due June 15, 2030 with an initial coupon of 5.25%.

Finishing on top of the secondary, insurance provider Brighthouse Financial Inc.’s 6.75% series B non-cumulative perpetual preferred stock improved.

Elsewhere, in the finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was boosted.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock finished the afternoon following the trend.

Stifel Financial Corp.’s 6.125% series C non-cumulative preferreds were relatively active though finished unchanged.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock capped the week gaining ground.

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