Synovus taps market; Priority Income plans add-on; Annaly Capital preferreds positive

By James McCandless

San Antonio, June 24 – The preferred space opened up with a negative tone on Monday.

In the primary space, Synovus Financial Corp. priced an upsized $350 million offering of $25-par series E fixed-rate reset non-cumulative perpetual preferreds at par with an initial dividend of 5.875%.

The deal, announced Monday morning, was upsized from an initial $300 million and came in below talk for a dividend of 6% to 6.125%.

BofA Securities, Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

Priority Income Fund, Inc. continued with its program to price up to $200 million via four series of preferred stock. The most recent offering is expected to price on July 1 and settle on July 3.

The secondary market saw Annaly Capital Management, Inc.’s new 6.75% series I fixed-to-floating rate cumulative redeemable perpetual preferred stock improve slightly.

The preferreds, trading under the temporary symbol “ACAXP,” picked up 1 cent to close at $24.74 on volume of about 1.2 million shares.

Meanwhile, in shipping, Triton International Ltd.’s new 8% series B cumulative redeemable perpetual preference shares were moving lower.

The preferreds, trading under the temporary symbol “TTONF,” dropped 5 cents to close at $25.25 with about 488,000 shares trading.

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