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Morning Commentary: Truist sells preferreds; PNC declines; Qwest $25-par notes improve
By James McCandless
San Antonio, July 31 – A positive tone gripped the preferred market on Friday as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.15%.
In primary activity, Truist Financial Corp. priced a $925 million offering of $25-par series R non-cumulative perpetual preferred stock (Baa2/BBB-/BBB/DBRS: BBBH) on Thursday with a dividend of 4.75%.
BB&T Capital Markets, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the bookrunners.
The preferreds are redeemable on or after Sept. 1, 2025 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital treatment event at par.
On Friday morning, the preferreds, trading under the temporary symbol “TSTFL,” were seen above par at $25.12 on volume of 5.5 million shares.
Elsewhere in the finance space, PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferred stock was taking a dive.
The preferreds (NYSE: PNCPrQ) were falling 50 cents to $25.30 with about 111,000 shares trading.
On Friday morning, the company announced the redemption of all $480 million outstanding of the series Q preferreds on Sept. 1.
Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities began with a modest rise.
The preferreds (NYSE: ALLYPrA) were adding 1 cent to $23.96 on volume of about 71,000 shares.
Communications name Qwest Corp.’s 6.5% notes due 2056 were following the morning’s upward trend.
The notes (NYSE: CTBB) were tacking on 7 cents to $24.48 with about 31,000 notes trading.
Meanwhile, telecom company AT&T, Inc.’s 5.35% global notes due 2066 were relatively active but unchanged early on.
The notes (NYSE: TBB) were holding level at $26.49 on volume of about 27,000 notes.
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