Midday Commentary: New issues rolling in again post-Sandy; City National, Everbank on tap

By Stephanie N. Rotondo

Phoenix, Nov. 5 - The preferred stock market kicked off the week with a potentially active new issue calendar.

City National Corp. announced plans to issue series C noncumulative perpetual preferred stock on Monday. A trader said the size is expected to be $150 million, with pricing coming between 5.5% and 5.625%.

The trader also noted that he had heard Everbank Financial Corp. was getting ready to price its previously announced offering of series A noncumulative perpetual preferreds.

The company had originally proposed the sale on Oct. 12.

The deal is expected to be at least $100 million, with pricing coming around 7%.

Both issues were trading at $24.80 in the midday gray market, the trader said.

"They're doing well, but not crazy," he said. "The yields should be pretty good on both."

Pricing could come as soon as Monday, though that was not was not confirmed, the trader remarked.

"I'm still hearing it should be an active [primary] market through the end of the year," he added.

© 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.