New York Community, Gladstone sell preferreds; Hartford improves; JPMorgan edges higher

By James McCandless

San Antonio, Nov. 1 – The preferred primary space stayed active as the secondary saw moderate volume and mixed results.

New York Community Bancorp Inc. priced $300 million of 10-year split-rated fixed-to-floating rate subordinated notes (Baa2/BB/BBB-) at par with an initial fixed coupon of 5.9%.

Initial price talk on the notes was in the 5.875% to 6% yield area.

The notes are callable at par on Nov. 6, 2023. If not called, the notes will convert on Nov. 6, 2023 to a floating rate of Libor plus 278 basis points.

Gladstone Capital Corp. priced an upsized $50 million offering of $25-par notes due Nov. 1, 2023 with a coupon of 6.125%.

The deal was announced Thursday morning, coming in above size talk of $40 million and matching yield talk of 6.125%.

In the secondary, Hartford Financial Services Group, Inc.’s new $300 million 6% series G non-cumulative perpetual preferred stock improved.

The preferreds, trading under the temporary symbol “HIGJL,” were up 7 cents to close at $25.15 on volume of about 572,000 shares.

Meanwhile, MetLife, Inc.’s 5.625% series E non-cumulative preferreds also gained.

The preferreds (NYSE: METPrE) were up 12 cents to close at $24.88.

In the financial space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) ended 1 cent higher at $24.89.

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