Regions Financial tops par; Energy Transfer new units better; SoCal Edison preferreds up

By James McCandless

San Antonio, April 24 – Top-trading preferred shares were higher on Wednesday, mirroring the broader market.

On its first trading day, Regions Financial Corp.’s new $500 million 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock closed above par.

Elsewhere in finance, U.S. Bancorp’s series B non-cumulative perpetual preferreds saw a late boost.

KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares followed the positive trend.

Oil and gas name Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also pushed upward.

Meanwhile, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.45% fixed-to-floating rate cumulative trust preference securities gain.

Regions tops par

Regions Financial’s new $500 million 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock ended its first day above par.

The preferreds, trading under the temporary symbol “RXFCL,” closed the day at $25.28 on volume of about 4.4 million shares.

The deal priced on Tuesday.

Elsewhere in the finance space, U.S. Bancorp’s series B non-cumulative perpetual preferreds saw a boost late in the session.

The preferreds (NYSE: USBPrH) picked up 23 cents to close at $19.48 with about 3 million shares trading.

KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares followed Wednesday’s positive trend.

The preferreds, trading under the temporary symbol “KEYLL,” added 13 cents to close at $24.95 on volume of about 1.2 million shares.

On Tuesday, the preferreds were level.

Energy Transfer rises

In the oil and gas space, Energy Transfer’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units also pushed upward.

The preferreds, trading under the temporary symbol “ETPEP,” rose 10 cents to $24.98 with about 1.5 million shares trading.

On Tuesday, the preferreds lost 2 cents.

SoCal Edison gains

Meanwhile, in utilities, Southern California Edison’s 5.45% fixed-to-floating rate cumulative trust preference securities gained by the close.

The preferreds (NYSE: SCEPrK) picked up 3 cents to close at $23.53 on volume of about 952,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at the end of the session, reversing the 0.06% gain in early trading.

The iShares US Preferred Stock ETF was up 3 cents to $36.67.

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