Primary space bustles; Associated Banc-Corp under par; Public Storage lower

By James McCandless

San Antonio, June 10 – In the middle of the week, the preferred space saw an extension Wednesday of the previous day’s activity.

In a busy primary space, Great Southern Bancorp, Inc. priced a $75 million offering of $1,000-par 10-year fixed-to-floating rate subordinated notes with an initial coupon of 5.5% at par.

Also, ConnectOne Bancorp, Inc. priced a $75 million offering of $1,000-par 10-year fixed-to-floating rate subordinated notes with an initial coupon of 5.75% at par.

Sempra Energy priced a $900 million $1,000-par offering of series C fixed-rate reset cumulative redeemable perpetual preferred stock with a dividend of 4.875% at par.

On top of the secondary, Associated Banc-Corp’s new $100 million 5.625% series F non-cumulative perpetual preferred stock finished below par.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock also slipped.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the trend.

REIT Public Storage’s new 4.625% series L cumulative preferred shares were pushed to lower levels by the close.

Meanwhile, telecom services name AT&T, Inc.’s 4.75% series C perpetual preferreds finished with an improvement.

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