| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Goldman Sachs Group, Inc. > News item |
Midday Commentary: Citigroup plans $1,000-par deal; Goldman's $25-pars get reporting symbol
By Stephanie N. Rotondo
Phoenix, April 23 - More new preferred stock issues were hitting the tape on Wednesday, as Citigroup Inc. announced plans to sell $1,000-par series M fixed-to-floating rate noncumulative preferreds.
However, a trader wasn't seeing the issue in the gray market early in the day.
"These deals are big enough that they don't need any help putting them away," he said. "There is very little retail interaction."
Citigroup Global Markets Inc. is the bookrunner. Joint lead managers include ABN Amro, Barclays Capital Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC, ING, JPMorgan Securities LLC, Morgan Stanley & Co. LLC, Natixis, RBC Capital Markets, Societe Generale, TD Securities and UBS Securities LLC.
Among other recent deals, Goldman Sachs Group Inc.'s $700 million issue of 6.375% $25-par series K fixed-to-floating rate noncumulative preferreds were assigned a reporting symbol, according to a trader.
The deal priced and freed on Monday. The reporting symbol is "GSSCL."
The trader saw the issue trading at $25.05 bid, $25.10 offered at mid-morning.
As for Morgan Stanley & Co. Inc.'s $500 million of 6.625% $25-par series G noncumulative perpetual preferred stock - a deal that priced and freed on Tuesday - that paper was pegged around par.
Along with the Citigroup deal, a trader said he was hearing that Regions Financial Corp. could be bringing a deal as well.
The bank reported earnings on Tuesday.
Overall, the preferred stock market continued to churn higher, as the Wells Fargo Hybrid and Preferred Securities Index was up 16 basis points as of mid-morning.
© 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.