Morning Commentary: CenterPoint, Gladstone on tap; U.S. Bancorp improves; TCF drops

By James McCandless

San Antonio, Aug. 14 – CenterPoint Energy, Inc. and Gladstone Investment Corp. emerged with preferred stock offerings on Tuesday.

CenterPoint Energy plans to price $1,000 par series A fixed-to-floating rate cumulative redeemable perpetual preferred stock.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are the joint bookrunners.

The preferreds are redeemable after five years.

Meanwhile, Gladstone Investment said it will price $25-par series E cumulative term preferred stock due 2025.

BMO Capital Markets Corp., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.

The preferreds are redeemable after two years.

In the secondary market, U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock improved.

The preferreds, trading under the temporary symbol “USBLL,” were up 3 cents to $25.09 on volume of about 165,000 shares.

TCF Financial Corp.’s 5.7% series C non-cumulative perpetual preferred stock declined in early Tuesday trading.

The preferreds (NYSE: TCFPrD) were down 16 cents to $24.08 with about 135,000 shares trading.

TCF is a Wayzata, Minn.-based financial services firm.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in early trading after gaining 0.09% at market close on Monday.

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