Primary market busy; Public Storage preferreds improve; Ally Financial declines

By James McCandless

San Antonio, June 17 – As the preferred primary space continued to be busy on Wednesday, the secondary saw top traders diverge.

In primary activity, Horizon Bancorp, Inc. priced a $60 million offering of $1,000-par fixed-to-floating rate subordinated notes due July 1, 2030 at par.

Also, First Midwest Bancorp, Inc. priced $110 million of $25-par 7% series C non-cumulative perpetual preferred stock at par.

Discover Financial Services price a $500 million offering of $1,000-par series D fixed-rate reset non-cumulative preferred stock with a dividend of 6.125%

Saratoga Investment Corp. priced a $37.5 million offering of $25-par fixed-rate notes due June 30, 2025 with a coupon of 7.25% at par.

Leading the pack, REIT Public Storage’s recent 4.625% series L cumulative preferred shares ended with an improvement.

Elsewhere, in the finance space, Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined.

Sector peer United Community Banks, Inc.’s 6.875% series I non-cumulative preferreds were also under pressure.

Meanwhile, telecom giant AT&T, Inc.’s 4.75% series C perpetual preferred stock was lifted as the afternoon ended.

Retirement services provider Athene Holding Ltd.’s 6.375% series C fixed-rate reset perpetual non-cumulative preference shares dropped.

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