First Mid, Signature Bank price; Public Storage gains; Bank of America preferreds boosted

By James McCandless

San Antonio, Oct. 1 – Closing out the Thursday session, the preferred space saw blanket positivity throughout the day.

Coming down the primary pipeline, First Mid Bancshares, Inc. priced a $96 million offering of $1,000-par 10-year fixed-to-floating rate subordinated notes with an initial coupon of 3.95% at par.

Also, Signature Bank priced a $375 million offering of fixed-to-floating rate subordinated notes due 2030 with an initial coupon of 4%.

At the top of secondary activity again, Public Storage’s new 3.875% series N cumulative preferred shares gained.

Elsewhere, in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferreds were boosted.

Sector peer Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock followed the upward track.

Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities picked up steam.

Meanwhile, utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares dipped.

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