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AT&T improves after anti-trust victory; Synovus’ new preferred stock dominates trading
By James McCandless
San Antonio, June 13 – New issues dominated the preferred market as the secondary market saw a lighter day.
AT&T Inc.’s $25-par notes improved after a judge ruled on Tuesday that the company could go forward with its proposed merger with Time Warner Inc.
Synovus Financial Corp.’s new $200 million $25-par series D fixed-to-floating rate non-cumulative perpetual preferred stock shot up, leading volume.
RenaissanceRe Holdings Ltd.’s new $250 million series F preference shares continued to trade in the millions.
First Republic Bank’s recent series I noncumulative perpetual preferred stock was active but level.
Chicken Soup for the Soul Entertainment, Inc. started a $25 million public offering for series A cumulative redeemable perpetual preferred stock.
AT&T’s 5.35% global notes due 2066 were higher a day after a judge ruled that the company could move forward with its proposed merger with Time Warner. The government had challenged the merger, citing anti-trust laws, on the grounds that the new company would harm consumer choice.
The baby bonds (NYSE: TBB) were up 3 cents to $25.30.
Meanwhile, Synovus’ new $200 million 6.3% series D fixed-to-floating rate non-cumulative perpetual preferred stock dominated trading on its first day on the market with 2.72 million shares trading.
The preferreds, trading under the temporary ticker “SYNVP,” traded up 60 cents to $25.60.
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