Hancock sells $25-par notes; Brighthouse Financial rises; JPMorgan preferreds better

By James McCandless

San Antonio, May 26 – On the first day of a holiday-shortened week, the preferred market closed with a positive push.

The primary space saw Hancock Whitney Corp. sell an upsized $150 million offering of $25-par subordinated notes due June 15, 2060 at par with a coupon of 6.25%.

Leading secondary trading, Brighthouse Financial Inc.’s 6.75% series B non-cumulative perpetual preferred stock rose.

The preferreds (Nasdaq: BHFAO) were up 36 cents to close at $25.36 on volume of about 1 million shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock ended better.

The preferreds (NYSE: JPMPrJ) improved by 14 cents to close at $24.85 with about 510,000 shares trading.

The primary space saw Hancock Whitney sell an upsized $150 million offering of $25-par subordinated notes (Baa3/BBB-) due June 15, 2060 at par with a coupon of 6.25%.

There is a $22.5 million greenshoe.

The deal, announced on Tuesday morning, was upsized from an original $100 million and came at the low end for a coupon in the 6.25% to 6.275% area.

Morgan Stanley & Co. LLC, BofA Securities, Inc., Piper Sandler & Co., UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.

© 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.