Morning Commentary: Synovus’ new issue gains; First Republic Bank’s recent issue rises

By James McCandless

San Antonio, June 14 – Synovus Financial Corp.’s new $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock led early trading with about 143,000 shares exchanged.

The deal, announced Tuesday morning, was upsized from $150 million and came in below talk for a dividend of 6.375% and 6.5%.

The preferreds, which trade under the temporary ticker “SYNVP,” made another jump as they gained 40 cents to $26.00.

First Republic Bank’s recent $300 million series I noncumulative perpetual preferred stock was close behind with about 101,000 shares trading.

The preferreds (NYSE: FRCPrI) were up 9 cents to $24.84.

Chicken Soup for the Soul Entertainment, Inc. launched a $25 million public offering for $25-par series A cumulative redeemable perpetual preferred stock at the market close on Wednesday.

Ladenburg Thalmann & Co. Inc. is the bookrunning manager for the offering, which comes with a $3.75 million greenshoe.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in early trading, climbing back from a 0.12% loss at the market close on Wednesday.

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