NextEra Energy Capital prices $25-par notes; Allstate admitted to NYSE; Aflac paper sinks

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 deal came at the expected 5%, with $425 million of the notes being sold.

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.

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.

NextEra issues 5% notes

NextEra sold $425 million of 5% series J $25-par junior debt on Tuesday.

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

After pricing, a trader said the deal was "doing well," seeing paper at $24.70 in the gray.

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

Allstate hits NYSE

Allstate's 5.1% fixed-to-floating rate notes due 2053 listed on the NYSE on Tuesday, under the symbol "ALLPB."

The issue came Jan. 4 and was the first preferred issue of 2013.

Paper was trading at $25.55 at midday, up from opening levels of $25.54. But by the end of the day, the securities had fallen to $25.47.

Allstate is a Northbrook, Ill.-based insurance provider.

Aflac notes under pressure

Aflac's 5.5% $25-par debt due 2052 saw above average trading on Tuesday following a downgrade of the common stock by analysts at Sterne Agee.

The notes (NYSE: AFSD) dropped 41 cents, or 1.53%, to $26.45. The straight equity (NYSE: AFL) was down for most of the day but managed to end up 8 cents at $53.03.

Sterne Agee cut the common stock to neutral from buy, citing downside risk in Japan due to a weaker yen.

Aflac is a Columbus, Ga.-based provider of supplemental insurance.

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