Ford, Customers sells $25-par notes; AXA preferreds rise; Fortress improves

By James McCandless

San Antonio, Dec. 4 – The preferred market saw blanket gains on Wednesday as new issuance continued to roll out.

The primary market saw Ford Motor Co. price an upsized $800 million offering of $25-par 40-year notes at par with a coupon of 6%.

Also, Customers Bancorp, Inc. announced that it sold $65 million of $25-par 15-year subordinated notes at par with a coupon of 5.375%.

In the secondary, AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferred stock rose.

Elsewhere in finance, SVB Financial Group’s new 5.25% series A fixed-rate non-cumulative perpetual preferred stock dipped.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds were also seen improving.

Transport leaser Fortress Transportation & Infrastructure Investors LLC’s 8% series B fixed-to-floating rate cumulative perpetual redeemable preferred shares followed the trend.

Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferred stock moved into a better position.

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