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Midday Commentary: PNC Financial announces $1,000-par deal, possible $25-par issue rumored
By Stephanie N. Rotondo
Phoenix, May 2 - After a quiet couple of days in the primary market, new preferred stock issues started to kick out again on Thursday.
PNC Financial Services Group Inc. announced plans to sell at least $500 million of $1,000-par series R fixed-to-floating rate noncumulative perpetual preferreds.
Price talk is around 4.9%, a trader said, seeing the issue quoted at 99.75 bid, 100.5 offered in the midday gray market.
The trader also noted that PNC is planning a $25-par deal, but details on that have not yet been published.
Meanwhile, Gamco Global Gold, Natural Resources & Income Trust by Gabelli said it would sell series B cumulative preferreds, with price talk around 5.125%.
"It'll be a small deal," a trader said, "probably 4 to 5 million shares."
The trader said the preferreds were already at par in the gray market.
Saratoga Investment Corp.'s planned offering of up to $40.25 million of $25-par notes due 2020 is expected to price later in the day's session. A trader said the deal is expected to come at 7.5%, with $35 million to $40 million notes being sold.
In new listings, CYS Investments Inc.'s $200 million of 7.5% series B cumulative redeemable preferreds hit the New York Stock Exchange under the ticker symbol "CYSPB." Paper was trading at $24.80 at midday, down a dime from the open.
The deal priced April 23.
Teekay Offshore Partners LP's $150 million of 7.25% series A cumulative redeemable preferreds also listed on the NYSE. The ticker symbol is "TOOPA."
The preferreds were trading at $25.49 at midday, versus opening levels of $25.05. That issue also came April 23.
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