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Regions Financial tops par; Energy Transfer new units better; SoCal Edison preferreds up
By James McCandless
San Antonio, April 24 – Top-trading preferred shares were higher on Wednesday, mirroring the broader market.
On its first trading day, Regions Financial Corp.’s new $500 million 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock closed above par.
Elsewhere in finance, U.S. Bancorp’s series B non-cumulative perpetual preferreds saw a late boost.
KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares followed the positive trend.
Oil and gas name Energy Transfer Operating, LP’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units were also pushed upward.
Meanwhile, in utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.45% fixed-to-floating rate cumulative trust preference securities gain.
Regions tops par
Regions Financial’s new $500 million 5.7% series C fixed-to-floating rate non-cumulative perpetual preferred stock ended its first day above par.
The preferreds, trading under the temporary symbol “RXFCL,” closed the day at $25.28 on volume of about 4.4 million shares.
The deal priced on Tuesday.
Elsewhere in the finance space, U.S. Bancorp’s series B non-cumulative perpetual preferreds saw a boost late in the session.
The preferreds (NYSE: USBPrH) picked up 23 cents to close at $19.48 with about 3 million shares trading.
KeyCorp’s new 5.625% series G non-cumulative redeemable preferred shares followed Wednesday’s positive trend.
The preferreds, trading under the temporary symbol “KEYLL,” added 13 cents to close at $24.95 on volume of about 1.2 million shares.
On Tuesday, the preferreds were level.
Energy Transfer rises
In the oil and gas space, Energy Transfer’s recent 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units also pushed upward.
The preferreds, trading under the temporary symbol “ETPEP,” rose 10 cents to $24.98 with about 1.5 million shares trading.
On Tuesday, the preferreds lost 2 cents.
SoCal Edison gains
Meanwhile, in utilities, Southern California Edison’s 5.45% fixed-to-floating rate cumulative trust preference securities gained by the close.
The preferreds (NYSE: SCEPrK) picked up 3 cents to close at $23.53 on volume of about 952,000 shares.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% at the end of the session, reversing the 0.06% gain in early trading.
The iShares US Preferred Stock ETF was up 3 cents to $36.67.
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