Morning Commentary: Huntington Bancshares prices add-on; IberiaBank adds new deal to calendar

By Stephanie N. Rotondo

Seattle, May 3 – The preferred stock market’s primary space began to show signs of life on Tuesday as IberiaBank Corp. announced a new deal and Huntington Bancshares Inc. priced an add-on offering.

IberiaBank, a Lafayette, La.-based bank, said it was selling series C fixed-to-floating rate noncumulative perpetual preferreds. The issue was being talked around 6.625%, according to a market source.

The source said he had yet to see any markets for the new issue. However, the bank’s 6.625% series B fixed-to-floating rate noncumulative perpetual preferreds (Nasdaq: IBKCP) were off a dime at $25.56 in early trading.

Keefe Bruyette & Woods Inc. and BofA Merrill Lynch are running the books.

Meanwhile, Huntington Bancshares said it sold an additional $200 million of its 6.25% series D noncumulative perpetual preferred stock (Nasdaq: HBANO).

The Columbus, Ohio-based bank announced the offering late Monday. Huntington initially sold $350 million of the preferreds on March 14. Another $50 million of a $52.5 million greenshoe was exercised, lifting total issuance to $400 million before the add-on.

On word of the add-on, the preferreds declined 18 cents to $25.84.

Wells Fargo Securities LLC ran the books on the add-on deal. BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and the Huntington Investment Co. were joint lead managers.

© 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.