AXIS Capital preferred stock offering on deck; recent issues active; Deutsche Bank higher

By Christine Van Dusen and Stephanie N. Rotondo

Atlanta, Oct. 31 – AXIS Capital Holdings Ltd. moved forward with an offering of preferred stock on a Monday that saw some activity in recent issues as investors primarily focused on the upcoming U.S. elections.

PNC Financial Services Group Inc.’s $525 million of 5% $1,000-par series S fixed-to-floating rate noncumulative preferreds that freed to trade on Friday were seen on Monday at 99¾ to 100¼, a trader said.

The deal came Thursday, upsized from $500 million and in line with the revised 5% talk. Initial price talk was 5.125%.

Also from last week, People’s United Financial Inc.’s $250 million offering of 5.625% $25-par series A fixed-to-floating rate noncumulative preferreds were pegged at $26.10 on Monday after closing Friday at $26.18.

And Charles Schwab Corp.’s $600 million of 4.625% $1,000-par series E fixed-to-floating rate noncumulative preferreds – also priced last week – were quoted Monday at 99 5/8, flat to Friday. Meanwhile, Deutsche Bank AG’s trust preferreds were up on Monday after the troubled German bank reported a surprise third-quarter profit on Thursday.

The 8.05% TruPs (NYSE: DKT) traded on Monday morning at $24.82, up 13 cents, before finishing the session at $24.73. The 7.6% TruPs (NYSE: DTK) on Monday morning moved to $24.34, up 2 cents, before closing at $24.29.

The company reported a profit of €278 million, which compared to a loss of €6 billion the year before.

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