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Morning Commentary: State Street; CMS Energy, New Mountain on tap; secondary weakens
By James McCandless
San Antonio, Sept. 20 – State Street Corp., CMS Energy Corp. and New Mountain Finance Corp. emerged with offerings of $25-par securities on Thursday while recent preferred issues dipped in early secondary trading.
State Street said it plans to price $1,000-par series H fixed-to-floating rate non-cumulative perpetual preferred stock.
Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The preferreds are redeemable on or after Dec. 15, 2023.
If the preferreds are not redeemed by Dec. 15, 2023, the dividend will convert to Libor plus a spread.
Meanwhile, CMS Energy plans to sell $25-par junior subordinated notes.
BofA Merrill Lynch, Morgan Stanley and Wells Fargo are the joint bookrunners.
Citigroup Global Markets Inc. and RBC Capital Markets, LLC are the lead managers.
The notes are redeemable after five years.
Separately, New Mountain Finance said it plans to price $25-par notes due Oct. 1, 2023.
Keefe, Bruyette & Woods, Inc. is the bookrunner.
Janney Montgomery Scott LLC, BB&T Capital Markets, William Blair & Co., LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are the lead managers.
The notes are redeemable after two years.
In the secondary market, Associated Banc-Corp’s new $100 million of $25-par 5.875% series E non-cumulative perpetual preferred stock was seen trading below par on its first day of trading.
The preferreds, trading under the temporary symbol “ABCCL,” was spotted at $24.60 on volume of about 142,000 shares.
JPMorgan Chase & Co.’s new $1.48 billion 5.75% series DD non-cumulative preferred stock fell in early trading.
The preferreds, trading under the temporary symbol “JPMLL,” were down 4 cents to $24.96 with about 69,000 shares trading.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.11% in early trading, adding to the 0.29% decline at market close Wednesday.
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