Midday Commentary: Primary quiet as month closes out; U.S. Bancorp's new issue frees to trade

By Stephanie N. Rotondo

Phoenix, April 30 - No new preferred stock issues were announced Tuesday as April came to a close.

From Monday business, U.S. Bancorp's $500 million of 5.125% series H noncumulative perpetual preferreds freed from the syndicate in early trading. At midday, a trader said the paper was offered at $25.12, though he had seen the issue trade in a range of $25.05 to $25.15.

Meanwhile, there was "not much action" in Zions Bancorporation's newly priced $100 million issue of 5.75% series H fixed-rate noncumulative perpetual preferreds.

The deal priced via an online auction on Monday. The auction was originally slated to go through Tuesday but was shortened to due to better-than-expected demand.

A trader saw the new issue offered at $24.84.

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