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Stifel, BNY Mellon tap $25-par market; Modular Medical on deck; Citigroup slides
By James McCandless
San Antonio, May 12 – By the end of the Tuesday session, the preferred market saw overall negativity.
The primary market was bustling as Stifel Financial Corp. priced a $200 million offering of $25-par series C non-cumulative preferred stock at par with a dividend of 6.125%.
Bank of New York Mellon Corp. came in with a $1 billion offering of $1,000-par series G non-cumulative perpetual preferred stock with a dividend of 4.7%
Also, Modular Medical, Inc. announced plans to price an offering of up to $50 million $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 13%.
Leading in the secondary, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock slid lower.
Elsewhere in the finance space Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock also declined.
Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved, going against the trend.
Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferreds stock were both negative.
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