Allstate preferreds improve; Ally Financial loses; Public Storage below par

By James McCandless

San Antonio, Nov. 6 – The preferred market was under pressure for most of Wednesday with pockets of positivity.

The primary market was active with Synchrony Financial pricing a $750 million offering of $25-par series A non-cumulative perpetual preferred stock at par with a dividend of 5.625%.

Secondary trading was marked by an improvement for Allstate Corp.’s new 4.75% series I fixed-rate non-cumulative perpetual preferred stock. The preferreds were up 1 cent to close at $24.90 on volume of about 1.1 million shares.

Meanwhile, in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities declined by 9 cents to close at $26.34 with about 637,000 shares trading.

Sector peer Synovus Financial Corp.’s 5.875% series E fixed-rate reset non-cumulative perpetual preferreds were also under water, losing 14 cents to close at $26.12 on volume of about 528,000 shares.

REIT Public Storage’s new $225 million 4.7% series J cumulative preferred shares finished its first trading day under par.

Elsewhere, asset manager Northern Trust Corp.’s recent 4.7% series E non-cumulative perpetual preferred stock gained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.