Midday Commentary: BB&T revises talk, size of planned issue; PrivateBancorp, Urstadt to list

By Stephanie N. Rotondo

Phoenix, Oct. 24 - Trading in the preferred market was busy as of midday on Wednesday and trending toward the positive side.

BB&T Corp. announced plans to sell at least $150 million of series F noncumulative perpetual preferreds. Price talk was originally around 5.375% but was later revised to 5.2%.

A trader said the deal had already been increased to $450 million. He also noted that there was no selling group.

The trader pegged the issue at $24.75 bid, $24.82 offered in the gray market at midafternoon.

Meanwhile, PrivateBancorp Inc.'s $125 million of 7.125% $25-par subordinated debentures due 2042 were assigned a new trading symbol, a trader said, speculating that the securities could list as soon as Thursday.

The expected ticker symbol is "PVTD," he said. Paper was trading around $25.60.

The deal priced Oct. 11.

In other listings, Urstadt Biddle Properties Inc.'s $112.5 million of 7.125% series F cumulative redeemable perpetual preferred stock - a deal that came Oct. 17 - are expected to hit the New York Stock Exchange on Thursday.

The symbol is "UBPPF." A trader saw the issue at $25.65 bid.

Elsewhere, a trader said Texas Capital BancShares Inc. had released earnings, which he deemed generally "positive." However, he said he had expected the company's $100 million issue of 6.5% $25-par subordinated notes due 2042 (Nasdaq: TCBIL) to gain more ground than they had as of midday.

The notes were holding in at $25.70.

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