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Morning Commentary: Northern Trust sells preferreds; Citizens declines; Allstate lifted
By James McCandless
San Antonio, Oct. 30 – The preferred space was off to a tepid start as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.02%.
The primary market saw Northern Trust Corp. price an upsized $400 million offering of $25-par series E non-cumulative perpetual preferred stock at par with a dividend at 4.7%.
There is no greenshoe.
Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after Jan. 1, 2025 at par. Prior to that, the preferreds are redeemable after a regulatory capital treatment event at par.
Early Wednesday, the preferreds, trading under the temporary symbol “NTREL,” were moving above par at $25.12 on volume of about 1.5 million shares.
Meanwhile, in the finance space, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock started the session on the negative side.
The preferreds (NYSE: CFGPrE) were declining by 1 cent to $24.98 with about 84,000 shares trading.
Sector peer Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were also slightly weaker.
The preferreds (NYSE: DKT) were off 1 cent to $25.81 on volume of about 48,000 shares.
Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock were seen improving as the morning started.
The preferreds (NYSE: COFPrI) were adding 2 cents to $25.07 with about 31,000 shares trading.
Insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were also being lifted.
The preferreds (NYSE: ALLPrH) were up 3 cents to $26.22 on volume of about 38,000 shares.
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