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Morning Commentary: M&T Bank frees to trade; Schwab slips; People’s deal still firm; Ally declines
By Stephanie N. Rotondo
Seattle, Oct. 26 – The preferred stock market was losing ground as the midweek session got underway.
The Wells Fargo Hybrid and Preferred Securities index was off 6 basis points at mid-morning.
A trader said M&T Bank Corp.’s $500 million of 5.125% $1,000-par series F fixed-to-floating rate noncumulative preferreds – a deal priced Tuesday – had freed to trade early in the day.
He pegged the paper at 101.125 bid, 101.375 offered.
Price talk was 5.25%.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets and UBS Securities LLC are running the books.
When declared, dividends will be fixed and payable semiannually through Nov. 1, 2026. After that date, the rate will begin to float at Libor plus 352 bps and will be paid on a quarterly basis.
The Buffalo, N.Y.-based bank plans to use the proceeds for general corporate purposes, which may include the redemption of the 6.875% series D noncumulative perpetual preferred stock.
From Monday’s business, Charles Schwab Corp.’s $600 million of 4.625% $1,000-par series E fixed-to-floating rate noncumulative preferreds were pegged at 100.125 bid, 100.25 offered.
That compared to levels around 100.5 at Tuesday’s close.
People’s United Financial Inc.’s $250 million offering of 5.625% $25-par series A fixed-to-floating rate noncumulative preferreds were meantime quoted at $26.15 bid, $26.35 offered.
Away from recently priced issues, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities (NYSE: ALLYPA) were trading off a little in the wake of the company’s earnings release.
The results came in below expectations.
The preferreds were down a nickel at $25.54 in mid-morning trading.
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