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Morning Commentary: CIT to tap $25-par market; Synchrony at par; Northern Trust down
By James McCandless
San Antonio, Nov. 7 – The preferred market extended the week’s negative run with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.17%.
The primary market remained steady as CIT Group Inc. announced plans to price an offering of $25-par series B non-cumulative perpetual preferred stock.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after Dec. 15, 2024 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event.
Meanwhile, in early secondary activity, Synchrony Financial’s new $750 million 5.625% series A non-cumulative perpetual preferred stock was seen trading at par on its first day.
The preferreds, trading under the temporary symbol “SNFI,” were trading at $25.00 on volume of about 3.3 million shares.
Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were under water.
The preferreds (NYSE: COFPrI) were losing 10 cents to $24.89 with about 99,000 shares trading.
Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were relatively active but unchanged as the morning began.
The preferreds (NYSE: CPrN) were holding level at $27.43 on volume of about 91,000 shares.
Asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock was following the negative trend.
The preferreds (Nasdaq: NTRSP) were shaving off 2 cents to $25.28 with about 66,000 shares trading.
Insurance name Maiden Holdings Ltd.’s 8.25% series A non-cumulative preference shares saw a decline.
The preferreds (NYSE: MHPrA) were off 8 cents to close at $5.75 on volume of about 50,000 shares.
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