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Morning Commentary: BB&T plans preferreds; Deutsche Bank mixed; SoCal Edison rises
By James McCandless
San Antonio, July 22 – Preferreds were mixed in trading to open the week with the Wells Fargo Hybrid & Preferred Securities Financial index down 0.05%.
In primary activity, BB&T Corp. announced plans to price an offering of $1,000-par series N fixed rate reset non-cumulative perpetual preferred stock with a dividend in the 5% area.
Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the joint bookrunners.
The preferreds are redeemable on any dividend payment date on or after Sept. 1, 2024. Prior to that, they are redeemable within 90 days after a regulatory capital treatment event.
Meanwhile, in the banking and finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities and Deutsche Bank Contingent Capital Trust V’s 8% trust preferred securities were mixed at the open.
The 6.55% preferreds (NYSE: DXB) were down 13 cents to $24.17 on volume of about 97,000 shares.
The 8% preferreds (NYSE: DKT) were up 2 cents to $25.25 on volume of about 53,000 shares.
Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferreds were slightly better as the session started.
The preferreds (NYSE: USBPrH) were gaining 2 cents to $20.11 with about 69,000 shares trading.
JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was also trending on the positive side.
The preferreds (NYSE: JPMPrC) were higher by 2 cents to $27.42 on volume of about 34,000 shares.
Elsewhere, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.375% cumulative fixed-to-floating rate trust preferred securities pushing upward.
The preferreds (NYSE: SCEPrJ) were better by 12 cents to $24.40 with about 27,000 shares trading.
Communications name Qwest Corp.’s 6.5% notes due 2056 were also on a positive path.
The notes (NYSE: CTBB) were up 2 cents to $24.04 on volume of about 27,000 notes.
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