| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for Freddie Mac > News item |
Morning Commentary: Valley National alters noncumulative offering; Annaly trades off with market
By Stephanie N. Rotondo
Seattle, July 27 – The preferred stock market was still waiting for Valley National Bancorp’s planned offering of series B noncumulative preferreds to price early Thursday, though the company did release new information about the deal.
In a regulatory filing, the Wayne, N.J.-based bank holding company said it had added a fixed-to-floating rate feature to the issue. The dividend will be fixed until 2022, at which time it will begin floating at Libor plus a spread.
A trader saw the issue at par bid in the gray market.
Keefe Bruyette & Woods Inc. is running the deal.
Meanwhile, Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferreds – a deal priced Tuesday – continued to be actively traded in mid-morning dealings.
However, as the overall market was on the negative side, the recently priced issue was following suit, trading off a dime from the open to $24.85.
The deal freed Wednesday afternoon and began trading under a temporary ticker, “ANNPP.”
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, UBS Securities LLC, RBC Capital Markets, Citigroup Global Markets Inc. and Keefe Bruyette & Woods were the bookrunners.
In the secondary, Fannie Mae and Freddie Mac remained in focus. But the GSEs’ recent upward surge was stemmed in early trading, as the preferreds began to come back in.
Fannie’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) declined a dime, or 1.33%, to $7.40. Freddie’s 8.375% fixed-to-floating rate noncumulative preferreds (OTCBB: FMCKJ) slipped 11 cents, or 1.55%, to $6.97.
© 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.