Midday Commentary: BB&T, Regions new issues underperforming; PrivateBancorp lists on NYSE

By Stephanie N. Rotondo

Phoenix, Oct. 26 - New issues from BB&T Corp. and Regions Financial Corp. were not performing so well in Friday trading, according to a trader.

The trader saw BB&T's new $450 million of 5.2% series F noncumulative perpetual preferred stock - a deal that priced Wednesday - at $24.70.

Regions' $500 million issue of 6.375% series A noncumulative perpetual preferreds were pegged at $24.75 bid, $24.87 offered.

That deal priced Thursday and freed early in Friday's session.

The trader said the lackluster performance of both issues was due in part to it being on the edge of the weekend, but also noted that disappointing earnings and election nerves were playing a role.

Meanwhile, PrivateBancorp Inc.'s 7.125% subordinated debentures due 2042 were admitted to the New York Stock Exchange on Friday.

The ticker symbol is "PVTD." The paper was trading at $25.33, down from opening levels of $25.45.

The $125 million issue priced on Oct. 11.

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