Morning Commentary: Torchmark notes list; State Street active; Ally preferreds to be redeemed

By Stephanie N. Rotondo

Seattle, April 6 – The preferred stock market was edging higher in midweek trading.

The Wells Fargo Hybrid and Preferred Securities index was up 14 basis points at mid-morning.

Among recently priced deals, Torchmark Corp.’s $300 million of 6.125% $25-par junior subordinated debentures due June 15, 2056 hit the New York Stock Exchange, trading under the ticker “TMKPC.”

The deal priced March 29, coming upsized from $150 million.

A trader quoted the issue at $25.06 bid, $25.08 offered.

State Street Corp.’s $500 million of 5.35% series G fixed-to-floating rate noncumulative preferreds were meantime pegged at $25.55 bid, $25.60 offered.

That issue priced Monday and freed on Tuesday. It is trading under a temporary symbol, “SSTTP.”

Away from recent deals, Ally Financial Inc. announced plans for a senior notes offering on Tuesday, the proceeds of which will be used to retire the remaining 8.5% series A fixed-to-floating rate perpetual preferred stock (NYSE: ALLYPB).

The preferreds were up a penny on the news, trading at $25.50.

The former financing arm of General Motors Co. already redeemed $325 million of the preferreds on May 20, 2015. The redemption price at that time, including accrued dividends, was $26.65.

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