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Morning Commentary: W.R. Berkley launches baby bond offering; broader preferred market down
By Abigail W. Adams
Portland, Me., March 19 – While trading volume remained light in the preferred space early in Monday’s session, the primary market was active with a new baby bond offering expected to price after the market close.
W.R. Berkley Corp. plans to price $100 million of $25-par subordinated debentures due 2058 after the market close on Monday with price talk for a coupon in the 5.75% area, according to a market source.
While the offering was announced as $100 million there is some room for a slight upsize depending on demand, the source said.
In the secondary space, the market was down, according to market indicators.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.16% early in Monday’s session. The U.S. iShares Preferred Stock ETF was down 0.21%.
New paper from TriState Capital Holdings Inc. did not trade early in Monday’s session.
TriState’s depositary shares representing the company’s 6.75% perpetual fixed-to-floating rate series A non-cumulative preferred stock, which freed for OTC market business on Friday under the temporary ticker “TSCLL,” remained at Friday’s closing price of $25.30.
TriState priced $35 million, or 1.4 million shares, of the 6.75% preferreds after the market close on Thursday.
Apollo Global Management LLC’s 6.375% $25-par perpetual preferred shares, in contrast, continued to see active trading.
The 6.375% preferred shares once again dropped below par early in Monday’s session. They were seen trading at $24.95, a decrease of 5 cents or 0.20%.
Apollo’s preferred shares wavered between just below par and just above par on Friday before closing the day at par.
Apollo priced $300 million, or 12 million shares, of the investment-grade preferreds after the market close on March 12.
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