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Wells Fargo, Fulton Financial price; Flagstar on tap; U.S. Bancorp preferreds end lower
By James McCandless
San Antonio, Oct. 22 – During the Thursday session, the preferred space saw positivity, a reversal of the previous day’s losses.
Coming down the primary pipeline, Wells Fargo & Co. priced a $1.17 billion offering of $25-par series AA non-cumulative perpetual class A preferred stock with a dividend of 4.7% at par.
Also, Fulton Financial Corp. priced a $200 million offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock (Baa3) with a dividend of 5.125% at par
Flagstar Bancorp, Inc. plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030.
Leading in the secondary market, U.S. Bancorp’s 3.75% series L non-cumulative perpetual preferred stock drifted lower.
Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock improved.
REIT Public Storage’s 4.625% series L and 3.875% series N cumulative preferred shares both rose.
Telecom services provider AT&T, Inc.’s 4.75% series C perpetual preferred stock ended the session in a better position.
Meanwhile, insurance carrier MetLife, Inc.’s 4.75% series F non-cumulative preferred stock picked up steam.
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