Midday Commentary: NextEra Energy on tap; Allstate lists; Aflac weakens on downgrade

By Stephanie N. Rotondo

Phoenix, Jan. 15 - NextEra Energy Capital Holdings Inc. brought a new deal on Tuesday, which was being well received by investors.

The Juno Beach, Fla.-based power producer said it would issue $25-par series J junior subordinated notes due 2073, with price talk around 5%, according to a trader.

The trader quoted the issue at $24.72 bid, $24.77 offered in the gray market as of midafternoon.

The company intends to use proceeds to pay down commercial paper obligations and for general corporate purposes.

Meanwhile, Allstate Corp.'s 5.1% $25-par fixed-to-floating rate subordinated debentures due 2053 - the year's first preferred issue - listed on the New York Stock Exchange on Tuesday.

The ticker symbol is "ALLPB." Paper was trading at $25.55 at midday, up from opening levels of $25.54.

Elsewhere in the secondary, Aflac Inc.'s 5.5% $25-par subordinated debentures due 2052 (NYSE: AFSD) was falling along with its common stock after a downgrade from Sterne Agee.

The issue was down 39 cents, or 1.53%, at midday to $26.39. The common (NYSE: AFL) had lost 60 cents, or 1.14%, by midday to trade around $52.33.

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