FHN.PR.H: A 6.75% Preferred Stock IPO From First Horizon

First Horizon Corporation (FHN) recently issued the 6.75% non-cumulative preferred stock, Series H (FHN.PR.H), raising $400 million. FHN maintains strong capital adequacy ratios and robust dividend coverage, with common distributions covering preferred dividends more than six times. FHN-H offers the highest current yield among FHN's fixed-rate preferreds but lacks relative value 'alpha' versus sector peers, especially in a rising yield environment.