Northwest prices $1,000-par notes; Duke Energy declines; AT&T preferreds diverge

By James McCandless

San Antonio, Sept. 2 – As the week hit the midpoint, the preferred space was pulled in multiple directions.

The primary space saw Northwest Bancshares, Inc. price a $125 million offering of $1,000-par fixed-to-floating rate subordinated notes due Sept. 15, 2030 with an initial coupon of 4% at par.

Leading the secondary market, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were down 18 cents to close at $28.07 on volume of about 316,000 shares.

Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferreds gained 11 cents to close at $25.53 while its 5% series A cumulative perpetual preferreds chalked off 3 cents to close at $26.68 with about 165,000 shares trading.

Meanwhile, in the finance space, PNC Financial Services Group, Inc.’s 5.375% series Q non-cumulative perpetual preferred stock closed on an upward trend.

Sector peer JPMorgan Chase & Co.’s 6.1% series AA and 6% series EE non-cumulative preferred stocks were both weighed down.

Elsewhere, retirement name Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares picked up steam.

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