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Preferreds edge up; Fortress prices; SunTrust, BBVA, BNP eye deals; Rexford, AT&T up
By Cristal Cody
Tupelo, Miss., Nov. 7 – Preferreds ended Tuesday modestly better.
The Wells Fargo Hybrid and Preferred Securities index closed up 6 basis points.
The U.S. iShares Preferred Stock ETF gained 8 bps.
Primary action picked up with one deal priced early in the session and other issuers announcing plans to tap the primary market.
Fortress Biotech, Inc. sold $25 million of 9.375% $25-par series A cumulative redeemable perpetual preferred shares (Egan-Jones: A-) early Tuesday.
SunTrust Banks, Inc. is offering depositary shares that represent a 1/100th interest in a share of the company’s series H fixed-to-floating rate perpetual preferred stock.
Banco Bilbao Vizcaya Argentaria, SA plans to price non-step-up non-cumulative contingent convertible perpetual preferred tier 1 securities.
Also, BNP Paribas SA is marketing $750 million of perpetual fixed-rate resettable additional tier 1 notes with initial price thoughts in the 5.625% area, a source said.
In new issue trading, Rexford Industrial Realty, Inc.’s $75 million of $25-par 5.875% cumulative redeemable preferred shares (//BB) that priced on Monday closed up at $25.05 on Tuesday in over-the-counter trading.
The preferreds were freed to trade on Monday under the temporary symbol “RXXFP.”
Rexford plans to list the preferreds on the New York Stock Exchange under the ticker symbol “REXRPrB.”
The Los Angeles-based real estate investment trust sold 3 million shares in the offering.
In other new issue trading, AT&T Inc.’s $1.15 billion of 5.35% $25-par global notes due Nov. 1, 2066 gained about 9 cents to head out at $25.34.
The Dallas-based telecommunications company sold the notes on Oct. 25.
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