Preferreds up; Southern Co. prices 5.25% notes on tight side of talk; Two Harbors flat

By Cristal Cody

Tupelo, Miss., Nov. 17 – The Southern Co. brought $450 million of 5.25% $25-par series 2017B junior subordinated notes due Dec. 1, 2077 to the primary market on Friday.

Pricing action in the preferred stock market has been steady over the week with deals from issuers including Two Harbors Investment Corp., MB Financial, Inc. and Ladenburg Thalmann Financial Services Inc.

NuStar Energy LP also announced plans earlier in the week to price series C fixed-to-floating rate cumulative redeemable perpetual preferred units.

Preferreds ended Friday stronger.

The Wells Fargo Hybrid and Preferred Securities index jumped 58 basis points.

The U.S. iShares Preferred Stock ETF rose 31 bps.

Two Harbors Investment’s $275 million of 7.25% series C fixed-to-floating rate cumulative redeemable preferred stock that priced on Thursday was freed to trade on Friday under the temporary symbol “TWWHP.”

The preferreds ended flat at $25.00.

Two Harbors plans to apply to list the securities on the New York Stock Exchange under the symbol “TWOPrC.”

In other trading on Friday, Wells Fargo & Co.’s 8% series J non-cumulative perpetual class A preferred shares (NYSE: WFCPrJ) closed 6 cents better at $26.04.

The preferreds went out on Thursday up 37 cents, or 1.44%, at $25.98 in heavy trading.

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