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Morning Commentary: Arch Capital to reopen 5.45% preferreds; preferred stocks weaken
By Cristal Cody
Tupelo, Miss., Nov. 29 – Arch Capital Group Ltd. announced plans Wednesday to price a reopening of its 5.45% series F non-cumulative preferred shares.
Deal action has been steady in the the first two sessions of the week with new supply also priced on Monday and Tuesday.
Andeavor Logistics LP tapped the preferred stock market on Tuesday with a $600 million offering of fixed-to-floating rate cumulative redeemable perpetual preferred units.
On Monday, E*Trade Financial Corp. priced $300 million of fixed-to-floating rate non-cumulative perpetual preferred shares, while NuStar Energy LP sold $150 million of fixed-to-floating rate cumulative redeemable perpetual preferred units.
In the overall market, preferreds continued to slide over the morning after weakening on Tuesday.
The Wells Fargo Hybrid and Preferred Securities index dropped 43 basis points.
The U.S. iShares Preferred Stock ETF was down 39 bps by mid-morning.
Arch Capital plans add-on
Arch Capital plans to price a reopening of depositary shares that represent a 1/1,000th interest in its 5.45% series F non-cumulative preferred shares, according to a 424B2 filed with the Securities and Exchange Commission on Wednesday.
BofA Merrill Lynch and Wells Fargo Securities, LLC are the bookrunners.
The company originally issued the securities on Aug. 17. As of Nov. 29, there were 9.2 million existing depositary shares outstanding.
Proceeds will be used to redeem the company’s series C non-cumulative preferred shares and for general corporate purposes.
Arch Capital is an insurance, reinsurance and mortgage insurance provider based in Hamilton, Bermuda.
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