Stifel, BNY Mellon tap $25-par market; Modular Medical on deck; Citigroup slides

By James McCandless

San Antonio, May 12 – By the end of the Tuesday session, the preferred market saw overall negativity.

The primary market was bustling as Stifel Financial Corp. priced a $200 million offering of $25-par series C non-cumulative preferred stock at par with a dividend of 6.125%.

Bank of New York Mellon Corp. came in with a $1 billion offering of $1,000-par series G non-cumulative perpetual preferred stock with a dividend of 4.7%

Also, Modular Medical, Inc. announced plans to price an offering of up to $50 million $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 13%.

Leading in the secondary, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock slid lower.

Elsewhere in the finance space Wintrust Financial Corp.’s new 6.875% series E fixed-rate reset non-cumulative perpetual preferred stock also declined.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved, going against the trend.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred stock and its 5% series A cumulative perpetual preferreds stock were both negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.