Morning Commentary: Cowen prices; MetLife’s issue leads mixed market; First Republic slides

By James McCandless

San Antonio, June 7 – Cowen Inc. priced $90 million of $25-par 7.75% senior notes due 2033 on Wednesday.

Morgan Stanley & Co. LLC, UBS Securities LLC and Cowen & Co., LLC are the joint bookrunners.

There is a $10 million over-allotment option.

The notes will be callable at par after five years.

The company intends to list the notes on the Nasdaq Global Select Market.

MetLife, Inc.’s recent $805 million issue of 5.625% series E non-cumulative preferred stock was a top-volume mover in early trading with about 701,000 shares changing hands.

The deal was priced May 30 at $700 million and was lifted to $805 million in a greenshoe exercise on Friday.

The preferreds, under the temporary ticker MTLLP, were up 12 cents to $25.40 in early trading.

First Republic Bank’s new $300 million series I noncumulative perpetual preferred stock was slower to start with about 162,000 shares exchanged.

The deal was announced Tuesday morning.

The preferreds, which trade with a temporary ticker of FFPPP, were down 4 cents to $25.00.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% in early trading, shaving off some of the 0.10% gain at the market close on Wednesday.

© 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.