Associated Banc-Corp, Pacific price; Public Storage ends above par; JPMorgan declines

By James McCandless

San Antonio, June 9 – The preferred market closed Tuesday with declines, ending a multiday positivity streak that began last week.

In new primary issuance, Associated Banc-Corp priced an upsized $100 million offering of $25-par series F non-cumulative perpetual preferred stock with a dividend of 5.625% at par.

Also, Pacific Premier Bancorp, Inc. priced a $150 million offering of $1,000-par fixed-to-floating rate subordinated notes due June 15, 2030 with a coupon of 5.375% at par.

Leading the secondary space, REIT Public Storage’s new $500 million 4.625% series L cumulative preferred shares ended above par, closing at $25.08 on volume of about 4.6 million shares.

The deal priced on Monday.

Elsewhere, in the finance space, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock declined.

Sector peer Atlantic Union Bankshares Corp.’s 6.875% series A perpetual non-cumulative preferred stock tacked on 2 cents to close at $25.00 on volume of about 222,000 shares.

Pinnacle Financial Partners, Inc.’s 6.75% series B fixed-rate non-cumulative perpetual preferreds dropped 15 cents to close at $25.87 with about 218,000 shares trading.

Meanwhile, retirement services provider Athene Holding Ltd.’s new 6.375% series C fixed-rate reset perpetual non-cumulative preference shares shed 21 cents to close at $25.39 on volume of about 300,000 shares.

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