MITT - New Preferred Stock And Exchange Traded Debt IPOs May 2024

2024-06-03 21:03:52 ET

Summary

• M&T Bank, Citizens Financial Group, AG Mortgage Investment Trust, Chimera Investment Corporation, and Southern California Edison priced new offerings of preferred stock and senior notes.
• The new shares and notes were rated by various credit rating agencies and traded temporarily on the OTC before moving to permanent symbols on the NYSE.
• Investors can purchase newly introduced preferred stock shares at wholesale prices on the OTC, potentially avoiding capital losses if prices drop.

New offering summaries:

M&T Bank Corporation ( MTB ) priced an offering of $750 million worth of new series J non-cumulative preferred stock, offering a fixed dividend rate of 7.5%. The new shares were rated by all four of Moody’s, S&P, Fitch, and DBRS, at Baa3, BB+, BBB- and BBB, respectively. The new shares traded temporarily on the OTC under symbol MTDJV before moving to permanent symbol MTB-J on the New York Stock Exchange....

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