CNO, Trustmark tap market; SoCal Edison preferreds lifted; Brighthouse negative

By James McCandless

San Antonio, Nov. 18 – In a middle-of-the-week session, the preferred space was dragged down while top traders diverged.

In primary activity, CNO Financial Group, Inc. priced $150 million of $25-par subordinated debentures due Nov. 25, 2060 with a coupon of 5 1/8%.

Trustmark Corp. priced $125 million of $1,000-par fixed-to-floating rate subordinated notes due Dec. 1, 2030 with an initial coupon of 3.625% at par.

Atop the secondary market, Southern California Edison Co.’s 5.75% cumulative fixed-to-floating rate trust preferred securities and 5% cumulative trust preferred securities were both lifted.

The 5.75% preferreds were up 2 cents to close at $23.97 on volume of about 887,000 shares.

The 5% preferreds added 24 cents to close at $23.24 on volume of about 710,000 shares.

Meanwhile, insurance carrier Brighthouse Financial, Inc.’s new 5.375% series C non-cumulative preferreds shaved off 1 cent to close at $25.64 with about 650,000 shares trading.

Property owner Public Storage’s 3.9% series O cumulative preferred shares gained 11 cents to close at $24.95 on volume of about 479,000 shares.

Sector peer Invesco Mortgage Capital Inc.’s 7.5% series C cumulative redeemable preferreds lost 2 cents to close at $22.06 with about 318,000 shares trading.

AGNC Investment Corp., another REIT, saw its 6.125% series F fixed-to-floating rate cumulative redeemable preferreds pick up 11 cents to close at $21.74 on volume of about 267,000 shares.

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