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Morning Commentary: Regions Financial to tap market; KeyCorp, Energy Transfer lower
By James McCandless
San Antonio, April 23 – Tuesday morning in the preferred space saw much of the focus on newer issues as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.05%.
Regions Financial Corp. plans to price a $300 million offering of $25-par series C fixed-to-floating rate non-cumulative perpetual preferred stock with an initial dividend in the 5.875% area.
Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC and Regions Securities LLC are the joint bookrunners.
The preferreds are redeemable on or after May 15, 2029 at par. Prior to that, they are redeemable any time after a regulatory capital treatment event.
The dividend is fixed until Aug. 15, 2029, then converts to a floating rate of Libor plus a spread.
The company’s existing 6.275% series A non-cumulative perpetual preferred stock was being pushed lower at the open.
The preferreds (NYSE: RFPrA) were down 12 cents to $25.53 on volume of about 47,000 shares.
Elsewhere, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares were also headed lower early on.
The preferreds, trading under the temporary symbol “KEYLL,” were lower by 7 cents to $24.79 with about 2 million shares trading.
In oil and gas, Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also on the negative side.
The preferreds, trading under the temporary symbol “ETPEP,” were off by 1 cent to $24.89 on volume of about 1 million shares.
Communications name Qwest Corp.’s 6.5% notes due 2056 were gaining as the trading day began.
The notes (NYSE: CTBB) were up 4 cents to $22.85 with about 63,000 notes trading.
Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 were also on a positive trend.
The notes (NYSE: LMHB) rose 5 cents to $24.40 on volume of about 36,000 notes.
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