Huntington, Truist, Pinnacle tap market; AT&T gains ground; Brighthouse preferreds rise

By James McCandless

San Antonio, May 27 – At the end of the preferred session on Wednesday, top traders were in a better position.

In a busy primary space, Huntington Bancshares Inc. priced a $500 million offering of $1,000-par series F non-cumulative perpetual preferred stock at par with a dividend of 5.625%.

Also, Truist Financial Corp. priced a $1 billion offering of $1,000-par series P fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 4.95%.

Pinnacle Financial Partners, Inc. sold a $120 million offering of $25-par series B fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 6.75%.

On top of secondary activity, AT&T, Inc.’s 4.75% series C perpetual preferred stock gained ground.

Meanwhile, insurance company Brighthouse Financial Inc.’s 6.75% series B non-cumulative perpetual preferred stock rose with the rest of the market.

Elsewhere, in the finance space, Truist’s 5.25% series O non-cumulative perpetual preferreds improved.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities received a boost.

JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock finished the afternoon on the positive side.

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