Morning Commentary: Synovus redeems preferreds; Legg Mason off; Digital Realty up

By James McCandless

San Antonio, July 2 – Synovus Financial Corp. plans to pay about $130 million to redeem its outstanding series C fixed-to-floating rate non-cumulative perpetual preferred stock.

The preferred stock will be redeemed on Aug. 1.

Because the redemption date is also the dividend payment date, the redemption price of $25.00 per preferred excludes dividends (see related story elsewhere in this issue).

The preferreds (NYSE: SNVPrC) were last seen trading at $25.43 last Friday on trading of about 22,000 shares.

Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 led the start of the week in secondary trading as the Fourth of July holiday approaches.

The notes (NYSE: LMHB) were down 3 cents to $24.55 on volume of about 64,000 shares so far.

Digital Realty Trust, Inc.’s 7.375% series H cumulative redeemable preferred stock saw increased attention in early trading.

The preferreds (NYSE: DLRPrH) were up 1 cent to $26.05 with about 53,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.14% in early trading, adding to the 0.08% gain at the market close on Friday.

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