Valley National frees, deal deemed ‘on fire’; Annaly Capital active but lower; UMH lists

By Stephanie N. Rotondo

Seattle, July 28 – The preferred stock market was trying to finish the week on a firm note, based on readings of market indicators.

The Wells Fargo Hybrid and Preferred Securities index firmed 12 basis points, after being up 5 bps at mid-morning. The U.S. iShares Preferred Stock ETF ticked up 23 bps. It was up 3 bps earlier in the day.

Valley National Bancorp’s new $100 million of 5.5% series B fixed-to-floating rate noncumulative preferreds freed to trade in the early afternoon, trading under the temporary ticker “VLYYP.”

A market source said the deal was “on fire,” moving up to a $25.80 to $25.90 context by the end of the day.

Keefe Bruyette & Woods Inc. is the bookrunner.

The dividend rate will be fixed until Sept. 30, 2022, at which time it will float at Libor plus 357.8 bps.

Of the week’s other new issues, Annaly Capital Management Inc.’s $700 million of 6.95% series F fixed-to-floating rate cumulative redeemable preferreds – a deal priced Tuesday – remained actively traded.

But while the market was slightly positive for the day, the new issue was trading off, losing 3 cents to trade at $24.82.

Meanwhile, UMH Properties Inc.’s $125 million of 6.75% series C cumulative redeemable preferred stock were admitted to the New York Stock Exchange on Friday under the ticker symbol “UMHPrC.”

That issue firmed a penny to $25.17.

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