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Morning Commentary: Prudential prices $25 par notes; U.S. Bancorp taps market; CAI prices
By James McCandless
San Antonio, Aug. 7 – Prudential Financial, Inc. priced $500 million of $25-par junior subordinated notes due 2058 with a coupon of 5.625%.
The deal, which has a $75 million greenshoe, was announced Monday morning.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
Also in primary news, U.S. Bancorp announced plans to price an offering of $25-par series K non-cumulative perpetual preferred stock.
Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., BofA Merrill Lynch, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
After the close Monday, CAI International, Inc. priced a $42.5 million offering of $25-par series B fixed-to-floating rate cumulative redeemable perpetual preferred stock with a dividend of 8.5%.
The dividend came in line with talk set at 8.5% and the size was increased from the initial amount of $25 million.
The dividend will reset on Aug. 15, 2023 to Libor plus 568.7 basis points.
RBC Capital Markets, LLC, B. Riley FBR, Inc., Janney Montgomery Scott LLC, Oppenheimer & Co. Inc. and William Blair & Co., LLC are the joint bookrunners.
The preferreds, trading under the temporary symbol “CAIIP,” were spotted trading below par at $24.65 on volume of about 116,000 shares.
Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferred stock gained, leading early trading.
The preferreds (NYSE: WFCPrR) were up 1 cent to $27.54 on volume of about 408,000 shares.
Oaktree Capital Group, LLC’s new $235 million of 6.55% series B preferred units remained flat despite active trading.
The preferreds, trading under the temporary symbol “OKTGP,” were at $24.80 with about 208,000 shares trading.
The deal was priced on Aug. 2.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06% in early trading, reversing a 0.03% gain at market close Monday.
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