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Published on 3/29/2018 in the Prospect News Investment Grade Daily.

Jernigan Capital registers more series B preferreds; Allstate’s $500 million issue active

By James McCandless

San Antonio, March 29 – Traders reported an active day in the preferreds market with newer issues leading the way to close a holiday week.

Jernigan Capital, Inc. registered an at-the-market offering for up to $45 million of its 7% series B cumulative redeemable perpetual preferred stock on Thursday.

Allstate Corp. closed the week with its new $500 million of $25-par perpetual preferred series G shares seeing much the of the day’s secondary activity.

Bank of America Corp.’s preferreds continued to move on news that it would redeem all series M and some series K preferreds.

Jernigan offers more series B

Late in the day, Jernigan Capital registered to sell up to $45 million more of its 7% series B cumulative redeemable perpetual preferred stock via an at-the-market offering.

B. Riley FBR, Inc. is the sales agent.

The original pricing in January was for $37.5 million, or 1.5 million shares.

The series B preferreds rose 37 cents on the day to close at $23.20.

Allstate active

Allstate’s new upsized $500 million of $25-par series G perpetual preferred shares closed an active but short week on Thursday, traders confirmed.

Traders saw the preferreds, listed under “ALLPrG” on the New York Stock Exchange, trade north of par again, landing in the $25.05 range.


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