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Morning Commentary: Preferred stock investors eye week’s new deals; market looks to end firm
By Stephanie N. Rotondo
Phoenix, July 31 – New issues continued to be in focus in the preferred stock market on Friday, according to a trader.
TriplePoint Venture Growth BDC Corp.’s $50 million of 6.75% $25-par notes due 2020 – a deal that came late Thursday via Keefe Bruyette & Woods Inc. and Deutsche Bank Securities Inc. – were seen offered at $24.80 early in the day.
However, a trader said he was not sure if the paper had freed to trade.
From Wednesday’s business, IberiaBank Corp.’s $75 million of 6.625% series B fixed-to-floating rate noncumulative preferreds were again quoted wide at $24.60 bid, $24.80 offered.
That issue came upsized from $50 million, with BofA Merrill Lynch and UBS Securities LLC leading the deal. On Thursday, the preferreds were assigned a temporary symbol, “IBBRP.”
The Charles Schwab Corp.’s $600 million of 6% series C noncumulative perpetual preferreds meantime continued to be a fan favorite.
The preferreds priced Monday and were soon trading at or above par. In Friday trading, the issue – which was assigned the temporary symbol “CSABP” on Wednesday – was pegged at $25.12 bid, $25.25 offered.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities and Wells Fargo Securities LLC ran the books.
Going back to the previous week’s deals, JPMorgan Chase & Co.’s $1.1 billion of 6.15% series BB noncumulative preferreds – a deal priced July 22 via J.P. Morgan Securities LLC – were seen at $24.90 bid, par offered.
The paper began trading with a temporary symbol, “JMPRP,” on Monday.
Overall, the preferred stock market had a positive tone in early Friday trading.
The Wells Fargo Hybrid and Preferred Securities index was up 7 basis points at mid-morning.
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