| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Iberiabank Corp. > News item |
Morning Commentary: Preferreds weak on China’s yuan devaluation; National General notes on tap
By Stephanie N. Rotondo
Phoenix, Aug. 11 – The preferred stock market was trending downward in line with the broader markets on Tuesday as investors reacted to news that China had devalued its currency.
The 2% drop in the yuan resulted in a higher dollar and increased fears of a currency war. The devaluation also raised concerns about Greece’s pending bailout deal.
The Wells Fargo Hybrid and Preferred Securities index was off 4 basis points at mid-morning.
Late Monday, National General Holdings Corp. announced plans to sell $25-par subordinated notes due 2055. Come early Tuesday, a trader said price talk on the issue was around 7.625%.
He expected the issue to price later in the afternoon.
“They are hovering right around $24.60” in the gray market, the trader said.
Morgan Stanley & Co. LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. are the joint bookrunning managers. JMP Securities LLC is the co-manager.
As for the New York-based insurance company’s outstanding preferreds, the 7.5% series B noncumulative perpetual preferreds (Nasdaq: NGHCO) were off 23 cents early in the day, trading at $24.97. The 7.5% series A noncumulative perpetual preferreds (Nasdaq: NGHCP) were down 27 cents, or 1.07%, at par.
Meanwhile, Global Indemnity plc’s $100 million of 7.75% $25-par notes due 2045 were pegged “right around” $24.85.
That deal priced Aug. 5.
And, IberiaBank Corp.’s $75 million of 6.625% series B fixed-to-floating rate noncumulative perpetual preferreds – a deal from July 29 – traded up to $25.21 early in the day, according to a trader, though he noted that the most recent bids were around $25.10.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.