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Morning Commentary: Northern Trust preps offering; JPMorgan declines; Ellington weakens
By James McCandless
San Antonio, Oct. 29 – The preferred market opened on the wrong foot again with the Wells Fargo Hybrid & Preferred Securities Financial index starting down by 0.06%.
In primary activity, Northern Trust Corp. announced plans to price a $250 million offering of $25-par series E non-cumulative perpetual preferred stock with a dividend in the 4.875% area.
Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after Jan. 1, 2025 at par. Prior to that, the preferreds are redeemable after a regulatory capital treatment event at par.
Northern Trust’s established 5.85% series C non-cumulative perpetual preferred stock, which is being redeemed using proceeds from the new preferreds, was falling in early secondary trading.
The preferreds (Nasdaq: NTRSP) were down 28 cents to $25.28 on volume of about 353,000 shares.
Elsewhere, in the finance space, JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds were also under pressure.
The preferreds (NYSE: JPMPrF) were losing 10 cents to $25.70 with about 63,000 shares trading.
Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were following the morning’s trend.
The preferreds (NYSE: COFPrI) were declining by 7 cents to $25.16 on volume of about 40,000 shares.
Mortgage company Ellington Financial, Inc.’s 6.75% series A fixed-to-floating rate cumulative redeemable preferreds started the session weaker.
The preferreds (NYSE: EFCPrA) were dropping 3 cents to $25.22 with about 32,000 shares trading.
In telecom, AT&T, Inc.’s 5.35% global notes due 2066 moved similarly.
The notes (NYSE: TBB) were off by 9 cents to $27.06 on volume of about 28,000 notes.
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