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Morning Commentary: Northwest Bancshares on tap; Wells Fargo rises; eBay $25-pars trail
By James McCandless
San Antonio, Sept. 2 – The preferred space started the middle of the week in the red with the Wells Fargo Hybrid & Preferred Securities Financial index beginning down by 0.12%.
This morning’s primary market saw Northwest Bancshares, Inc. announce plans to price an offering of $1,000-par fixed-to-floating rate subordinated notes due 2030.
Piper Sandler & Co. is the bookrunner.
After five years, the coupon converts to a floating rate equal to the three-month SOFR plus a spread.
The notes are redeemable after five years at par. Prior to that, the notes are redeemable after a tax event, a tier 2 capital event or if the company is required to register as an investment company at par.
Leading early secondary trading volume, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was seen rising.
The preferreds (NYSE: WFCPrZ) were gaining 6 cents to $24.81 on volume of about 75,000 shares.
Elsewhere in the banking and finance space, Bank of America Corp.’s 6% series GG non-cumulative preferred stock was active but unchanged so far.
The preferreds (NYSE: BACPrB) were holding level at $27.65 with about 72,000 shares trading.
E-commerce name eBay Inc.’s 6% notes due 2056 were trailing as the morning started.
The notes (Nasdaq: EBAYL) were sliding 13 cents to $26.00 on volume of about 49,000 shares.
Real estate investment trust New Residential Investment Corp.’s 6.375% series C and 7.125% series B fixed-to-floating rate cumulative redeemable preferred stocks were both dipping.
The series C preferreds (NYSE: NRZPrC) were shedding 9 cents to $19.64 with about 47,000 shares trading.
The series B preferreds (NYSE: NRZPrB) were losing 9 cents to $21.82 with about 33,000 shares trading.
Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 were also being pushed to lower ground.
The notes (NYSE: CTBB) were falling 8 cents to $25.22 on volume of about 30,000 notes.
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