Synovus taps market; Saratoga plans for more $25-par notes; NiSource jumps higher

By James McCandless

San Antonio, Jan. 31 – Amid an active primary space, the preferred secondary market saw robust volume and mixed results.

Synovus Financial Corp. priced $300 million of $1,000-par 10-year fixed-to-fixed rate subordinated notes at par with an initial coupon of 5.9%.

Saratoga Investment Corp. said it plans to sell more of its $25-par 6.25% notes due 2025.

In the secondary, NiSource Inc.’s 6.5% series B fixed-rate reset cumulative redeemable perpetual preferred stock climbed higher.

The preferreds (NYSE: NIPrB) were up 91 cents to close at $27.38 on volume of about 2.5 million shares.

Elsewhere, in telecom, Qwest Corp.’s 6.125% notes due 2053 were also shooting higher.

The notes (NYSE: CTY) gained $1.54 to close at $21.59 with about 2.1 million notes changing hands.

Meanwhile, in finance, Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were negative.

The preferreds (NYSE: CPrN) were lower by 23 cents to close at $25.94 on volume of about 1.9 million shares.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds declined.

The preferreds (NYSE: GSPrD) dropped 46 cents to close at $18.65 with about 1.7 million shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock followed the downward path.

The preferreds (NYSE: JPMPrD) shaved off 12 cents to close at $24.90 on volume of about 1.4 million shares.

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