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Morning Commentary: Fifth Third preps offering; Capital One up; PS Business Parks lower
By James McCandless
San Antonio, Sept. 12 – The preferred space started Thursday with mixed movements as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 0.02%.
In primary activity, Fifth Third Bancorp plans to price an offering of $25-par series K non-cumulative perpetual preferred stock.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and UBS Securities LLC are the joint bookrunners.
The preferreds are redeemable on or after Sept. 30, 2024 at par. Prior to that, they are redeemable after a regulatory capital event.
Leading early secondary trading, Capital One Financial Corp.’s recent 5% series I fixed-rate non-cumulative perpetual preferred stock was moving higher.
The preferreds, trading under the temporary symbol “COFOL,” were up 5 cents to $24.75 on volume of about 226,000 shares.
Sector peer JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds were trading slightly lower.
The preferreds (NYSE: JPMPrC) were down 1 cent to $28.27 with about 31,000 shares trading.
Meanwhile, real estate investment trust PS Business Parks, Inc.’s 5.25% series X cumulative preferred stock was under water early in the session.
The preferreds (NYSE: PSBPrX) were losing 18 cents to $26.30 on volume of about 56,000 shares.
Insurance provider American International Group, Inc.’s 5.85% series A non-cumulative perpetual preferreds received a boost on Thursday morning.
The preferreds (NYSE: AIGPrA) were up 8 cents to $26.62 with about 34,000 shares trading.
In communications, Qwest Corp.’s 6.75% notes due 2057 started on the positive side.
The notes (NYSE: CTDD) were up 1 cent to $25.21 on volume of about 27,000 notes.
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