Citizens prices $300 million preferreds; Dynagas, DCP Midstream gain; JPMorgan recovers

By Cristal Cody

Tupelo, Miss., Oct. 22 – The preferred stock market closed better on Monday with the Wells Fargo Hybrid and Preferred Securities index up 0.09%. The U.S. iShares Preferred Stock ETF also ended the day 0.80% better.

In primary market activity, Citizens Financial Group, Inc. sold $300 million, or 300,000 shares, of fixed-to-floating rate noncumulative perpetual preferred stock (BB+/BB-) with a 6.375% dividend.

The issue has a fixed-rate dividend to but excluding April 6, 2024 and will carry a floating rate of Libor plus 315.7 basis points thereafter.

The Providence, R.I.-based banking and financial services company does not intend to list the preferreds on any exchange.

Elsewhere, Dynagas LNG Partners LP’s 8.75% series B fixed-to-floating rate perpetual preferreds closed up 3 cents, or 0.12%, to $24.70. The preferreds trade under the temporary symbol “DGAGF.”

DCP Midstream, LP’s $100 million of 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (B1/B/BB-) gained. The preferreds (NYSE: DCPPrC) rose 4 cents, or 0.19%, to $24.82.

In other trading, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock improved 33 cents, or 1.35%, to close at $24.83. The average trading volume was 2.41 million shares during the session.

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