Midday Commentary: Primary market picking up as JPMorgan, Synovus, Customers added to calendar

By Stephanie N. Rotondo

Phoenix, July 22 - Preferred stocks were firm to kick off the week, though a trader said activity was lackluster as of midday.

The calendar continued to heat up, however, as more deals were added.

JPMorgan Chase & Co. was said to be talking an offering of $1,000-par noncumulative perpetual preferreds. Few details had emerged as of midday, and a trader said he had not seen any markets for the paper.

Price talk was 6.125% to 6.25%, according to the trader.

Synovus Financial Corp. meantime launched a $130 million offering of series C fixed-to-floating rate noncumulative perpetual preferreds. A trader said he had heard there was no selling group on the deal, seeing a less 12-cent bid in the gray market.

Synovus will use the proceeds from the sale to redeem preferreds held by the U.S. Treasury Department.

Also, Customers Bancorp Inc. announced a $25 million offering of $25-par senior notes due 2018.

A trader had not heard any talk on that deal, likely due to its small size.

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