Morning Commentary: Ladenburg Thalmann plans deal; Barclays down; KeyCorp improves

By James McCandless

San Antonio, Aug. 9 – Ladenburg Thalmann Financial Services Inc. plans to price an offering of $25 par senior notes due 2028 with an initial size of $50 million and talk for a coupon between 7.25% and 7.375%.

The deal was announced Thursday morning.

Morgan Stanley & Co. LLC, UBS Securities LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.

In trading, Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares started Thursday trading with a sharp decline.

The preference shares (NYSE: BSCPrD) were down 37 cents to $26.19 on volume of about 122,000 shares.

KeyCorp’s 5.65% series F fixed-rate perpetual non-cumulative preferred stock improved.

The preferreds (NYSE: KEYPrJ) were up 4 cents to $24.61 with about 59,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.05% in early trading after rising 0.04% in trading Wednesday.

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