Regions Financial sells preferreds; KeyCorp preferreds active; Energy Transfer declines

By James McCandless

San Antonio, April 23 – Newer issues were treading water on Tuesday against an overall positive shift in the preferred space.

Regions Financial Corp. priced an upsized $500 million of $25-par series C fixed-to-floating rate non-cumulative perpetual preferred stock with an initial dividend of 5.7%.

The deal, announced Tuesday morning, was upsized from an initial $300 million and came in under talk for a dividend in the 5.875% area.

Leading trading, KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares were level.

The preferreds, trading under the temporary symbol “KEYLL,” closed the session level at $24.82 on volume of about 4.5 million shares.

Elsewhere in finance, U.S. Bancorp’s 6.5% series F non-cumulative perpetual preferreds were pushed upward.

The preferreds (NYSE: USBPrM) picked up 4 cents to close at $26.82 with about 199,000 shares trading.

Meanwhile, Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units declined.

The preferreds, trading under the temporary symbol “ETPEP,” slipped 2 cents to close at $24.88 on volume of about 1.6 million shares.

In communications, Qwest Corp.’s 6.5% notes due 2056 were moving higher in the session.

The notes (NYSE: CTBB) added 9 cents to close at $22.90 with about 227,000 notes trading.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.