Peapack-Gladstone prices notes; Monmouth preferreds lead dip; Signature Bank down

By James McCandless

San Antonio, Dec. 22 – Moving into Tuesday of the holiday-truncated week, the preferred space continued to see weakness.

In primary activity, Peapack-Gladstone Financial Corp. priced a $100 million offering of fixed-to-floating rate subordinated notes due 2030 with an initial coupon of 3.5%.

Leading the day’s secondary market, REIT Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock dipped.

Meanwhile, in the finance space, Signature Bank’s recent 5% series A non-cumulative perpetual preferreds were pushed down.

Sector peer Wells Fargo & Co.’s 4.7% series AA and 4.75% series Z non-cumulative perpetual preferred stocks were both on the negative side.

Retirement services name Athene Holding Ltd.’s new 4.875% series D fixed-rate perpetual non-cumulative preference shares were also lower.

Elsewhere, in communications, Qwest Corp.’s 6.5% notes due 2056 were under pressure, going along with the overall trend.

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