TriState, United Community tap market; Atlantic Union tops par; Medley rises

By James McCandless

San Antonio, June 3 – In the midpoint of the week, the preferred market was largely positive as more new issuance came down the pipeline.

In the primary, TriState Capital Holdings, Inc. settled a $37.5 million add-on to its $1,000-par fixed-to-floating rate subordinated notes due May 15, 2030 with an initial coupon of 5.75% on Wednesday. The issue priced on May 29.

Also on Wednesday, United Community Banks, Inc. priced a $100 million offering of $25-par series I non-cumulative preferred stock with a dividend of 6.875% at par.

Leading the secondary on its first day, Atlantic Union Bankshares Corp.’s new $150 million 6.875% series A perpetual non-cumulative preferred stock ended above par.

Elsewhere in finance space, Truist Financial Corp.’s 5.25% series O non-cumulative perpetual preferred stock was under pressure.

Sector peer Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was lifted.

Meanwhile, asset manager Medley LLC’s 7.25% senior notes due 2024 saw a boost by the end of the session.

REIT Ashford Hospitality Trust, Inc.’s 7.375% series G cumulative preferred stock improved as the day closed.

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