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Morning Commentary: Wintrust on tap; Ally Financial improves; Qwest $25-par notes rise
By James McCandless
San Antonio, May 6 – As the preferred market opened Wednesday, top traders saw diverging activity as the Wells Fargo Hybrid & Preferred Securities Financial began down by 0.02%.
In primary activity, Wintrust Financial Corp. announced plans to price an offering of $25-par series E fixed-rate reset non-cumulative perpetual preferred stock.
RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The dividend is fixed until July 15, 2025, then resets every five years to the five-year Treasury rate plus a spread.
The preferreds are redeemable on or after July 15, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
Leading the morning’s secondary market volume, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were improving at the start.
The preferreds (NYSE: ALLYPrA) were up 10 cents to $22.25 on volume of about 55,000 shares.
Elsewhere in the finance space, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds were trailing.
The preferreds (NYSE: MSPrK) were shedding 8 cents to $25.97 with about 30,000 shares trading.
Sector peer OceanFirst Financial Corp.’s recent 7% series A fixed-to-floating rate non-cumulative perpetual preferred stock was relatively active but rigid so far.
The preferreds, trading under the temporary symbol “OCFSL,” were holding level at $24.80 on volume of about 29,000 shares.
In communications Qwest Corp.’s 6.5% notes due 2056 were rising.
The notes (NYSE: CTBB) were gaining 4 cents to $23.10 with about 35,000 notes trading.
Meanwhile, asset manager Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds were under water.
The preferreds (NYSE: NLYPrI) were losing 1 cent to $21.78 on volume of about 21,000 shares.
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