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Morning Commentary: Preferreds up; Huntington Bancshares to price; Wells Fargo active
By Abigail W. Adams
Portland, Me., Feb. 27 – Preferreds continued to see gains Tuesday morning as the broader equity markets struggled at the opening.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09%.
The U.S. iShares Preferred Stock ETF was up 0.02%.
The primary market was active on Tuesday with a new deal announced prior to the market. Huntington Bancshares Inc. announced an offering of series E fixed-to-floating rate non-cumulative perpetual preferred stock.
The preferred stock will be sold as depositary shares with a liquidation preference of $1,000 per share, representing a 1/100th interest in the series E preferred stock, according to the preliminary prospectus.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Huntington Capital Markets are the joint bookrunners for the offering.
Dividends will be payable quarterly upon the authorization of the board of directors. The depositary shares will carry a fixed dividend until April 15, 2023.
It will then switch to a floating rate of Libor plus a spread, according to the preliminary prospectus.
Wells Fargo & Co.’s preferreds were again active on Tuesday with the depositary shares up in high-volume trading. Wells Fargo’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual preferred stock was up 4 cents, or 0.13%, to $26.52 shortly after noon ET.
Wells Fargo’s depositary shares representing 8% series J non-cumulative perpetual preferred stock were up 2 cents, or 0.08%, to $25.79.
Wells Fargo depositary shares were up as its common stock was down about 0.5%. Wells Fargo was again in the headlines on Tuesday with Sacramento filing a federal lawsuit against the San Francisco-based banking and financial services holding company alleging discriminatory lending practices and the bank closing one of its branches in Charlotte, N.C.
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