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Morning Commentary: Customers Bancorp lists on NYSE; Deutsche Bank up, RBS down post-earnings
By Stephanie N. Rotondo
Seattle, April 29 – The preferred stock market had a slightly weaker tone to it early Friday as the space prepared to wind down for the month.
The Wells Fargo Hybrid and Preferred Securities index was down 5 basis points at mid-morning.
Customers Bancorp Inc.’s $50 million of 6.45% series A fixed-to-floating rate noncumulative perpetual preferreds – a deal priced April 21 – listed on the New York Stock Exchange on Friday.
The ticker is “CUBIPE.” Paper was trading at $25.06 at mid-morning, down from $25.10 at the open.
Away from recent issues, European bank preferreds were being eyed in the wake of earnings.
Deutsche Bank AG’s 7.6% trust preferred securities (NYSE: DTK), for instance, were trading up 5 cents to $25.75, while Royal Bank of Scotland Group plc’s 6.25% noncumulative guaranteed trust preferred securities (NYSE: RBSPI) were down 8 cents at $24.56.
Both banks put out their first-quarter results on Thursday. Deutsche, for its part, saw its net profit dive 58% during the period to €236 million as revenue declined 22% to €8.1 billion.
RBS meantime reported a loss of £968 million, which compared to a loss of £459 million the year before. Revenue was off about 13% at £3.06 billion.
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