New Preferred Stock And Exchange Traded Debt IPOs, May 2024

PM Images 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. Citizens Financial Group (CFG) priced an offering of $400 million worth of new series H non-cumu ...