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Morning Commentary: Ares selling preferred units; Reinsurance Group $25-par debentures on tap
By Stephanie N. Rotondo
Seattle, June 1 – The first day of the month saw two new issues being added to the preferred stock and $25-par securities calendar.
Ares Management LP said it planned to price at least $150 million of series A preferred units.
Price talk is 7% to 7.125%, according to a market source.
Morgan Stanley & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC are running the deal.
Proceeds will be used to fund Ares Capital Corp.’s planned merger with American Capital Ltd.
Reinsurance Group of America Inc. also announced a deal, an offering of $25-par fixed-to-floating rate subordinated debentures due 2056.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo and HSBC are the joint bookrunners.
Proceeds will be used to pay off an upcoming maturity.
In the wake of the new issue announcement, the 6.2% fixed-to-floating rate subordinated debentures due 2042 (NYSE: RZA) were trading off 3 cents to $29.46.
From Monday’s business, NextEra Energy Capital Holdings Inc.’s $500 million of 5.25% $25-par series K junior subordinated debentures due 2076 had not freed as of mid-morning, according to a trader.
The trader pegged the issue at $24.78 bid, $24.82 offered.
The deal came upsized via BofA, Morgan Stanley, UBS Securities LLC and Wells Fargo.
In new listings, DTE Energy Co.’s $300 million of 5.375% $25-par 2016 series B junior subordinated debentures due 2076 began trading on the New York Stock Exchange on Wednesday.
The ticker is “DTJ.” The deal priced May 23 via BofA Merrill Lynch, UBS and Wells Fargo.
A trader pegged the issue at $24.80 bid, $24.84 offered.
Away from new and recent issues, a trader said activity was muted.
“There’s not a lot of movement in the secondary,” he said. “Hopefully this primary market stays pretty active.”
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