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Morning Commentary: Dominion Energy preps preferred offering; Capital One active, flat
By James McCandless
San Antonio, Dec. 2 – The preferred space started the week on a downward push with the Wells Fargo Hybrid & Preferred Securities Financial index lower by 0.15%.
In primary market movement, Dominion Energy, Inc. announced plans to price an offering of $1,000-par series B fixed-rate reset cumulative redeemable perpetual preferred stock.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey, Inc. are the joint bookrunners.
Dividends are payable on June 15 and Dec. 15 each year, commencing on June 15, 2020.
The preferreds are redeemable on or after Dec. 15, 2024 at par. Prior to that, the preferreds are redeemable within 120 days after a ratings event at 102.
In the secondary, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was active but level so far this morning.
The preferreds (NYSE: COFPrI) were holding at $24.85 on volume of about 131,000 shares.
Elsewhere in the finance space, AXA Equitable Holdings, Inc.’s 5.25% series A fixed-rate non-cumulative perpetual preferreds were losing ground.
The preferreds (NYSE: EQHPrA) were falling 13 cents to $24.83 with about 119,000 shares trading.
Sector peer Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferreds were also under water.
The preferreds (NYSE: CFGPrE) were off by 18 cents to $24.86 on volume of about 83,000 shares.
Integrated energy name Entergy Louisiana, LLC’s 4.875% collateral trust mortgage bonds due 2066 were following the trend.
The bonds (NYSE: ELC) were dipping 25 cents to $25.27 with about 61,000 bonds trading.
Middle market investor Compass Diversified Holdings LLC’s 7.875% series C cumulative preferred shares started on negative footing.
The preferreds (NYSE: CODIPrC) were declining by 2 cents to $25.09 on volume of about 61,000 shares.
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