First Interstate on tap; Wintrust preferreds better; AT&T declines

By James McCandless

San Antonio, May 11 – The preferred space began a new week giving back some of last week’s gains, though top traders varied.

In the primary market, First Interstate BancSystem, Inc. said it plans to price a $50 million to $100 million offering of fixed-to-floating rate subordinated notes due 2030.

On top of secondary activity, Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock saw better levels.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities finished with a modest gain.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock trailed by the end of the afternoon.

Telecom services company AT&T Inc.’s 4.75% series C perpetual preferred stock declined with the rest of the market.

Meanwhile, REIT New Residential Investment Corp.’s 6.375% series C fixed-to-floating rate cumulative redeemable preferred stock dropped.

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