NiSource, Synovus price new issues; RenaissanceRe’s new issue leads declining market

By James McCandless

San Antonio, June 12 – The preferred market was active with two new issues coming to market.

NiSource, Inc. completed a $400 million sale for $1,000-par series A fixed-rate reset cumulative redeemable perpetual preferreds.

Synovus Financial Corp. priced $200 million $25-par series D fixed-to-floating rate non-cumulative perpetual preferred stock.

RenaissanceRe Holdings Ltd.’s new $250 million series F preference shares dominated volume in preferred trading.

MetLife, Inc.’s recent $805 million pricing of 5.625% series E non-cumulative preferred stock remained active in the secondary market.

Bank of America Corp.’s recent 6% series GG non-cumulative preferred stock declined.

AT&T Corp.’s 5.35% global notes due 2066 were lower to end the session but strengthened in after-hours trading. The moves followed a judge’s ruling approving AT&T’s $85 billion takeover of Time Warner Inc. over the objection of federal regulators.

The 5.35% $25-par notes fell 13 cents, or 0.51%, to $25.27 during the regular session and were quoted up 68 cents, or 2.69%, to $25.95 in after-hours trading.

NiSource completed a $400 million sale for $1,000-par series A fixed-rate reset cumulative redeemable perpetual preferred stock (Ba1/BBB-) with an initial dividend of 5.65%.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG, Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the joint bookrunners.

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