Citizens Financial prices; TriState on tap; Brighthouse preferreds negative

By James McCandless

San Antonio, May 28 – The Thursday preferred market saw an extension of recent positivity, with most top traders ending at higher levels.

In primary activity, Citizens Financial Group, Inc. priced a $400 million offering of $1,000-par series F fixed-rate reset non-cumulative perpetual preferred stock with a dividend of 5.65%.

Also, TriState Capital Holdings, Inc. said it plans to price an add-on to its fixed-to-floating rate subordinated notes due May 15, 2030 with a coupon of 5.75%.

Leading volume in the secondary space, insurance name Brighthouse Financial Inc.’s 6.75% series B non-cumulative perpetual preferred stock ended slightly negative.

Meanwhile, in the finance space, Pinnacle Financial Partners, Inc. new $120 million 6.75% series B fixed-rate non-cumulative perpetual preferred stock closed below par on its first day.

Sector peer JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock declined while its 6% series EE non-cumulative preferreds tracked higher.

Stifel Financial Corp.’s 6.125% series C non-cumulative preferred stock finished the session improving.

Elsewhere, REIT Pennsylvania REIT’s 7.2% series C cumulative redeemable perpetual preferred shares followed the trend.

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