Wintrust ends under par; MetLife preferreds gain; Northern Trust better

By James McCandless

San Antonio, May 7 – Top traders in the preferred space ended Thursday on modest gains with a focus on new issuance.

On top of secondary activity, Wintrust Financial Corp.’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended below par.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock rose.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock followed the prevailing trend.

Meanwhile, insurance name MetLife, Inc.’s series A floating rate non-cumulative preferred stock gained ground.

Asset manager Northern Trust Corp.’s 4.7% series E non-cumulative perpetual preferreds saw better levels.

Wintrust below par

On top of the day’s secondary activity, Wintrust’s new $250 million 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock ended its first trading day below par.

The preferreds, trading under the temporary symbol “WTFNL,” were seen closing at $24.97 on volume of about 3.8 million shares.

The deal priced on Wednesday.

Elsewhere in the finance space, Bank of America’s 5% series LL non-cumulative preferred stock rose by the end of the session.

The preferreds (NYSE: BACPrN) tacked on 1 cent to close at $24.97 with about 393,000 shares trading.

Sector peer JPMorgan’s 5.75% series DD non-cumulative preferred stock rose with the rest of the market.

The preferreds (NYSE: JPMPrD) added 2 cents to close at $26.30 on volume of about 359,000 shares.

MetLife gains

Meanwhile, insurance name MetLife’s series A floating rate non-cumulative preferred stock gained ground.

The preferreds (NYSE: METPrA) improved by 8 cents to close at $22.02 with about 951,000 shares trading.

Northern Trust up

Asset manager Northern Trust’s 4.7% series E non-cumulative perpetual preferreds saw better levels as the day came to a close.

The preferreds (Nasdaq: NTRSO) moved up 1 cent to close at $24.72 on volume of about 566,000 shares.

Indexes mixed

The Wells Fargo Hybrid & Preferred Securities Financial index finished the day down by 0.06%, reversing a 0.19% rise from early Thursday trading.

The iShares US Preferred Stock ETF was up 19 cents to $34.05.

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