First Interstate, First Midwest price; Stifel under par; MetLife preferreds weaker

By James McCandless

San Antonio, May 13 – In the middle of the week, the preferred space continued along a negative trend.

In primary activity, First Interstate BancSystem, Inc. priced a $100 million offering of $1,000-par 10-year fixed-to-floating rate subordinated notes at par with an initial coupon of 5.25%.

Also, First Midwest Bancorp, Inc. priced a $100 million offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock at par with a dividend of 7%.

At the end of secondary trading, Stifel Financial Corp.’s new $200 million 6.125% series C non-cumulative preferred stock finished its first day under par.

The preferreds, trading under the temporary symbol “STFLL,” closed at $24.90 on volume of about 2.1 million shares.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined by 55 cents to close at $21.22 with about 547,000 shares trading.

Sector peer Wintrust Financial Corp.’s recent 6.875% series E fixed-rate reset non-cumulative perpetual preferreds shaved off 20 cents to close at $24.85 on volume of about 479,000 shares.

Insurance provider MetLife, Inc.’s 4¾% series F non-cumulative preferreds chalked off 2 cents to close at $24.53 with about 432,000 shares trading.

Meanwhile, telecom services name AT&T Inc.’s 4.75% series C perpetual preferreds lost 9 cents to close at $22.80 on volume of about 304,000 shares.

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