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Regions Financial sells preferreds; KeyCorp preferreds active; Energy Transfer declines
By James McCandless
San Antonio, April 23 – Newer issues were treading water on Tuesday against an overall positive shift in the preferred space.
Regions Financial Corp. priced an upsized $500 million of $25-par series C fixed-to-floating rate non-cumulative perpetual preferred stock with an initial dividend of 5.7%.
The deal, announced Tuesday morning, was upsized from an initial $300 million and came in under talk for a dividend in the 5.875% area.
Leading trading, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares were level.
The preferreds, trading under the temporary symbol “KEYLL,” closed the session level at $24.82 on volume of about 4.5 million shares.
Elsewhere in finance, U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds were pushed upward.
The preferreds (NYSE: USBPrM) picked up 4 cents to close at $26.82 with about 199,000 shares trading.
Meanwhile, Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.
The preferreds, trading under the temporary symbol “ETPEP,” slipped 2 cents to close at $24.88 on volume of about 1.6 million shares.
In communications, Qwest Corp.’s 6.5% notes due 2056 were moving higher in the session.
The notes (NYSE: CTBB) added 9 cents to close at $22.90 with about 227,000 notes trading.
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