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Morning Commentary: Truist on tap; AT&T preferreds drop; Southern Co. $25-pars slide
By James McCandless
San Antonio, July 30 – Moving into the last half of the week, the preferred market opened with weakness as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.25%.
The primary space kicked off the day with Truist Financial Corp. announcing plans to price an offering of $25-par series R non-cumulative perpetual preferred stock.
BB&T Capital Markets, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
The preferreds are redeemable on or after Sept. 1, 2025 at par.
The company’s established 5.25% series O non-cumulative perpetual preferred stock was quickly losing ground.
The preferreds (NYSE: TFCPrO) were down 31 cents to $26.65 on volume of about 59,000 shares.
At the top of the secondary market’s early slide, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was under water.
The preferreds (NYSE: TPrC) were shaving off 4 cents to $25.00 with about 89,000 shares trading.
Sector peer Qwest Corp.’s 6.5% notes due 2056 were seen trailing.
The notes (NYSE: CTBB) were dipping 15 cents to $24.31 on volume of about 19,000 notes.
Elsewhere in the banking and finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was declining.
The preferreds (NYSE: JPMPrC) were losing 3 cents to $28.67 with about 57,000 shares trading.
Utilities provider Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 followed the morning’s trend.
The notes (NYSE: SOJA) were shedding 11 cents to $25.51 on volume of about 21,000 notes.
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