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Morning Commentary: Allstate’s new $500 million preferreds active; Citigroup edges higher
By James McCandless
San Antonio, March 29 – The preferred market continued its high pace of activity in the final trading session of the week before the Good Friday holiday.
Allstate Corp.’s upsized $500 million issue of $25-par series G fixed-rate noncumulative perpetual preferred stock that priced on Tuesday saw more activity in Thursday trading.
The preferreds have a 5.625% dividend, which is payable quarterly beginning June 15.
Traders saw the preferreds trading just north of par at around $25.05.
Allstate is a Northbrook, Ill.-based insurance provider.
Citigroup Inc. saw more movement in its heavily traded preferred N shares after Wednesday’s announcement that the company will redeem all $121.3 million preference of its 8.4% fixed-rate/floating-rate non-cumulative series E preferred stock.
The securities will be repaid on April 30 at par of $1,000 along with the regular semiannual dividend of $42.00 per $1,000 payable on April 30.
Traders spotted the preferred N shares trading up 4 cents to $27.07 Thursday morning.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.08% in early trading, making up for the same percentage drop at market close Wednesday.
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