National Rural Utilities sells $25-par notes; Duke Energy improves; KeyCorp strengthens

By James McCandless

San Antonio, April 29 – Activity in the primary preferred market served as the backdrop for positive secondary movement.

National Rural Utilities Cooperative Finance Corp. priced a $250 million offering of $25-par 5.5% junior subordinated notes due May 15, 2064 at par.

J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the joint bookrunners.

Leading in the secondary, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock improved.

The preferreds (NYSE: DUKPrA) were up 7 cents to close at $26.00 on volume of about 1 million shares.

Meanwhile, in banking and finance, KeyCorp’s recent 5.625% series G non-cumulative redeemable preferreds were also gaining.

The preferreds, trading under the temporary symbol “KEYLL,” added 7 cents to close at $24.99 with about 850,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD and 6.125% series Y non-cumulative preferred stock closed mixed.

The series DD preferreds (NYSE: JPMPrD) moved up 8 cents to close at $26.65 on volume of about 553,000 shares.

The series Y preferreds (NYSE: JPMPrF) lost 9 cents to close at $25.80 on volume of about 500,000 shares.

Regions Financial Corp.’s recent 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock, trading under the temporary symbol “RXFCL,” fell by 4 cents to close at $25.40.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.