Allstate sells $500 million preferreds; GDL Fund announces results of public offering

By James McCandless

San Antonio, March 26 – The preferred stock market was quiet to start the holiday week, with traders expecting the rest of the week to be just as slow.

The Allstate Corp. brought an upsized $500 million pricing to market on Monday in $25 par series G fixed-rate noncumulative perpetual preferred stock.

GDL Fund announced the results of its offering for $131 million of series C cumulative putable and callable preferred shares.

Citigroup’s preferreds were active but remained around the same level.

After the market close, Allstate priced an upsized $500 million of $25 par series G fixed-rate noncumulative perpetual preferred stock (Baa3/BBB-), reports confirmed, with a yield of 5.625%. Dividends will be payable quarterly beginning on June 15, 2018.

Price talk had originally pegged the offering at $200 million.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

The preferreds will trade in the New York Stock Exchange under the ticker “ALLPrG.”

The Wells Fargo Hybrid & Preferred Securities Financial index, which was up 0.03% to start the day, closed down by 0.02%

The iShares US Preferred Stock ETF remained unchanged at $37.43.

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