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Morning Commentary: Gladstone, New York Community to tap market; Wells Fargo improves
By James McCandless
San Antonio, Nov. 1 – The preferred primary space saw more activity as the secondary market started Thursday mixed, with the Wells Fargo Hybrid & Preferred Securities Financial index losing 0.01% at the start of the session.
Gladstone Capital Corp. plans to price a $40 million offering of $25-par notes due 2023 with a coupon of 6.125%.
Keefe, Bruyette & Woods, Inc. and Janney Montgomery Scott LLC are the joint bookrunners.
Ladenburg Thalmann & Co. Inc. is the lead manager.
New York Community Bancorp Inc. plans to price 10-year fixed-to-floating rate subordinated notes.
The $1,000-par notes feature a par call.
After five years, the notes will convert to a floating rate based on a spread over Libor. There is a 0% Libor floor.
The bookrunners are Goldman Sachs & Co. LLC, Sandler O’Neill + Partners, LP, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Jefferies & Co.
In the secondary market, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were rising slightly as trading started.
The preferreds (NYSE: WFCPrQ) were up 1 cent to $25.61 on volume of about 184,000 shares.
Elsewhere in the financial space, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock also saw early gains.
The preferreds (NYSE: BACPrK) were up 5 cents to $24.97 with about 77,000 shares trading.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were down.
The preferreds (NYSE: JPMPrD) were off 3 cents to $24.85 on volume of about 67,000 shares.
Meanwhile, in the insurance sector, MetLife, Inc.’s 5.625% series E non-cumulative preferreds started Thursday gaining.
The preferreds (NYSE: METPrE) were up 12 cents to $24.88 with about 29,000 shares trading.
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