Morning Commentary: Associated Banc-Corp on tap; Chimera, Ladenburg Thalmann down

By James McCandless

San Antonio, Sept. 19 – Associated Banc-Corp said it plans to price an offering of $25-par series E non-cumulative perpetual preferred stock.

BofA Merrill Lynch and UBS Securities LLC are the joint bookrunners. Citigroup Global Markets Inc. and Keefe, Bruyette & Woods, Inc. are co-managers.

The preferreds are redeemable after five years. Prior to that, they are redeemable within 90 days of a regulatory capital treatment event.

In secondary trading, Chimera Investment Corp.’s new $250 million of 7.75% series C fixed-to-floating rate cumulative redeemable preferred stock fell.

The preferreds, trading under the temporary symbol “CIMPP,” were down 1 cent to $24.90 on volume of about 191,000 shares.

Ladenburg Thalmann Financial Services Inc.’s 8% series A cumulative redeemable preferred stock dropped as Wednesday trading began.

Recently, the Securities and Exchange Commission filed a lawsuit against chairman Phillip Frost, alleging his involvement in a “pump-and-dump” penny stock scheme that garnered more than $27 million in unlawful stock sales.

The preferreds (NYSE: LTSPrA) were down 38 cents to $23.90 with about 64,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.11% in early trading after a 0.01% gain on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.