Morning Commentary: Allstate prices $500 million 5.625% preferreds; Citigroup active

By James McCandless

San Antonio, March 27 – The preferred stock market continued a relatively slow week as common stock remained mixed and few new issues hit the market.

The Allstate Corp. brought an upsized $500 million pricing to market on Monday in $25-par series G fixed-rate noncumulative perpetual preferred stock, with market sources confirming it carrying a yield of 5.625%.

Price talk had been at $200 million early Monday.

Dividends will be payable quarterly, beginning June 15, 2018.

Holders of the preferreds do not have preemptive or conversion rights.

The preferreds will be listed on the New York Stock Exchange under the ticker “ALLPrG.”

Allstate is a Northbrook, Ill.-based insurance provider.

Citigroup’s preferred N shares carried over much of the activity that they had experienced on Monday, a market source confirmed.

The preferreds were up 16 cents to start the day.

The Wells Fargo Hybrid & Preferred Securities Financial index traded up 0.15% this morning after closing down 0.02% at market close on Monday.

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