Midday Commentary: AgriBank plans offering; F.N.B. to tap market; First Republic listing soon

By Stephanie N. Rotondo

Phoenix, Oct. 29 - Preferred stocks were moving back up on Tuesday after falling in the previous session.

As of midday, the Wells Fargo Hybrid and Preferred Securities index was up 8 basis points.

A market source said two new deals hit the tape early in the day, though neither was getting much play - one because it was a Rule 144A offering.

That offering was being done by AgriBank FCB, which planned to sell at least $100 million of series A fixed-to-floating rate noncumulative perpetual preferreds.

The preferreds will be $100-par paper.

F.N.B. Corp. also announced a deal, an offering of at least $75 million of series E fixed-to-floating rate noncumulative perpetual preferreds.

Price talk on the AgriBank deal was around 7% and on the F.N.B. issue around 7.375%.

Meanwhile, First Republic Bank's $200 million of 7% series E noncumulative perpetual preferreds - a deal that priced Oct. 21 - is slated to list on the New York Stock Exchange on Wednesday, according to a trader.

He pegged the preferreds at $24.92 bid, $25.02 offered.

The ticker symbol will be "FRCPE."

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